The difference between SR-22 and regular insurance is that SR-22 insurance is for high-risk drivers who are convicted of major moving violations, while regular insurance is for anyone who drives a car. The underlying insurance coverage is the same, but the SR-22 designation will make that coverage more expensive. An SR-22 is a form that an insurer files with the state to show that a driver has the legally required amount of insurance. Regular insurance does not require any sort of form.
Key Differences Between SR-22 Insurance and Regular Insurance
Average Cost Per Year
$741 - $1,465
Who Needs It?
Anyone who drives a car
Where Is It Required?
39 States and the District of Columbia
Every state, though some allow you to forgo it by showing proof of financial responsibility
How Long Is It Required?
1 to 5 years, on average
As long as you own and drive a car
People who drive under the influence, drive without insurance, or are habitual traffic law violators may end up needing an SR-22 to help reinstate their license or meet their state’s legal requirements. SR-22 insurance usually costs significantly more than regular insurance because of the high-risk designation that comes along with offenses such as DUI and reckless driving.
SR-22 insurance covers the cost of other people’s injuries and property damage after accidents that you cause, and it does not cover damage to your own vehicle. If the court or state tells you that you need SR-22 insurance certification, your minimum coverage requirements are still the same as for any other resident.… read full answer
SR-22 is actually the name of the form the court or state requires from drivers convicted of certain violations, such as DUI/DWIs, reckless driving, and driving without a license or insurance. The SR-22 must be filled in by your insurance company and certifies that you have the legally required coverage.
What SR-22 Insurance Covers Depending on State
Many states only require liability insurance. In these states, SR-22 insurance covers the costs of the other driver’s injuries or property damage if you’re at fault in an accident. Some states, like Florida and Michigan, also require Personal Injury Protection, which pays medical expenses for you and your passengers. States such as New Jersey and New York mandate uninsured or underinsured motorist protection, as well. This kind of insurance pays for your losses if another driver is at fault and either has no/low liability insurance or is a hit-and-run driver.
SR-22 Insurance Limits
Like all insurance, SR-22 insurance policies are written with limits. These limits are the maximum amounts the insurance company will pay out for losses. The coverage limits for your SR-22 insurance policy will follow the requirements of the state in which you were convicted or now live, whichever are higher.
Even though it’s minimal, SR-22 coverage can be expensive. The violation you committed will put you into the insurance company’s high-risk pool of drivers. This can raise your insurance costs 25% or more.
SR-22 insurance is so expensive because it’s mainly required for high-risk drivers who have recently been convicted of a major moving violation, like DUI or reckless driving. Drivers considered to be high-risk will inevitably pay higher premiums due to their increased likelihood of filing a claim.
On average, SR-22 insurance costs between 3% and 278% more than a standard policy, depending on the state and the specific offense that leads to the SR-22. For example, a DUI conviction raises premiums by an average of 105%, while a reckless driving offense raises premiums by an average of 91%.… read full answer
Even though SR-22 insurance is expensive, you’ll only need to have it for 1-5 years, depending on your state. After that, your rate will start to go back down again. To learn more, check out WalletHub’s guide to SR-22 insurance.
SR-22 insurance costs an average of $62 to $122 per month, depending on the insurer and the offense that led to the SR-22 requirement. The DMV in your state will also charge a one-time fee to file the necessary paperwork.
It costs $25 to $50 to file an SR-22 form with the DMV, depending on the state. In addition to proving you have enough coverage to drive legally, the SR-22 flags you as a … read full answerhigh-risk driver, which explains why your insurer will charge you more than the average policyholder for coverage.
Premiums vary based on infraction, company, state, and individual driver. How much coverage you buy also makes a difference in cost. For instance, if you only buy the minimum amount of insurance required by your state, you can fulfill your SR-22 requirement for a lower price than if you purchased a full coverage policy. And since you only need to have an SR-22 for 1-5 years, depending on the state, your premium will eventually go back down.
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