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Common SR22 Insurance Myths Debunked

Common SR22 Insurance Myths Debunked

By LocalXR

When it comes to SR22 insurance, there are a lot of myths and misunderstandings that can steer you in the wrong direction. Following are the most common myths surrounding SR22 car insurance that merely are not correct.

 

SR22 insurance coverage replaces automobile insurance coverage

Most people believe that SR22 insurance is auto insurance coverage. Well, it isn’t! An SR22 is an endorsement of an automobile insurance policy. You must get the SR22 within a certain period of time. If you choose not to abide by the order, you could end up losing your license permanently. An SR22 is the official notification to the DMV that you are acting in a financially accountable way by having an existing auto insurance policy that meets the minimum insurance requirements for your state.

 

You can cancel your insurance once you get your SR22 filing

A lot of people believe that once you get your SR22 and your license back, it is safe to cancel your insurance policy. This, in fact, is not true since an SR22 is a way for the DMV to ensure you carry an active policy. If you cancel, it could lead to penalties or fines by the DMV. Insurance companies are required to report any cancellations of policies that have an SR22 filing attached.

 

SR22 is significantly more expensive than any other insurance

When filing for an SR22 endorsement of your policy, you will have to pay a small fee that is between $20 – $25. Apart from that, there is no additional cost you have to pay. But keep in mind that you will get charged for the violations or suspension in which the filing is required for but it would have been the same cost as if you had the same violations but didn’t require an SR 22 policy.

 

You don’t need SR22 coverage if you don’t own a car

Many drivers think they can get off by paying a small fee and obtain SR22 coverage. This simply is not true. Even when you don’t own a car, you can purchase a non-owners SR22 insurance policy. It will be enough coverage to meet the requirements set forth by the judge and also be sufficient to get your license reinstated.

 

You need to have full coverage to have an SR22

An SR22 is a way for the DMV to make sure that you are financially responsible towards those driving on the road with you. The DMV may consider you as a higher risk since you have had some violations and they want to make sure you are covered if you happen to cause an accident. Liability is all you need to obtain an SR22 filing form.

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