SR22 auto insurance provides high-risk drivers with coverage, and proof that they have coverage. If you're required to have SR22 insurance in place, here are four things to know about the form and policy.
3 Types of SR22 Insurance
When you purchase SR22 insurance, you'll have a choice between three different types of high-risk auto insurance policies:
- Owner SR22 Insurance: An owner policy is required if you intend to drive your own vehicle. This policy type provides coverage while you're driving your vehicle.
- Operator SR22 Insurance: An operator policy is required if you intend to drive a rental vehicle or a friend's vehicle. This policy provides coverage while you're driving others' vehicles, but doesn't cover your own vehicle.
- Owner/Operator SR22 Insurance: An owner/operator policy is required if you intend to drive your vehicle, and rent or drive a friend's/family members' vehicles. This is the most robust type of SR22 insurance policy.
An operator policy might be more affordable than an owner/operator policy, but it's only suitable if you won't drive your own vehicle for the entire duration that you need SR22 insurance. Unless you don't own a vehicle, you probably need either an owner or owner/operator policy.
State-Specific High-Risk Auto Insurance
While SR22 insurance is the most common form of high-risk auto insurance, some states have slightly different high-risk auto policies. For example:
- FR44 insurance proves financial responsibility in Virginia and Florida
- SR21 insurance proves liability coverage in Arkansas
- SR50 insurance proves coverage in Indiana
Whether you need any of these similar insurances depends on your situation and the state that you're licensed to drive in. An auto insurance agent who's licensed in your state should be able to help you determine whether any other insurance documents are needed.
Minimum Required Time to Maintain SR22 Insurance
If you're told you need SR22 insurance, you'll have to maintain the high-risk auto insurance for a minimum amount of time. Usually, the time is measured in years.
The state that you're licensed in determines how long you have to maintain SR22 insurance. An insurance agent who operates in your state will know what the minimum requirement for you is.
Filing Fee and Premium
Purchasing SR22 insurance involves two separate fees. The department of motor vehicles will charge a small fee for filing the SR22 document. Your insurance company will charge premiums for the coverage. The premiums you pay will be calculated by your chosen insurer.