Being required to have what is commonly called SR22 insurance is something that prevents some motorists from obtaining cheap auto insurance in Illinois. But there is a lot of confusion surrounding this requirement, leading to questions like, what is SR22 insurance? or what is sr50 insurance? what is the difference between the two, and as a member of the driving public, when and why should I have them?
Drivers who are itching to get back on the road need answers to these questions, so we’ll try to provide them.
Reading: What is an sr50 insurance
what is an sr22?
what is called sr22 insurance is actually not insurance at all. Instead, an SR22 is a certificate attached to your insurance policy that is on file with the state government. the certificate shows you have enough auto insurance to meet the state’s 25/50/20 minimum liability requirement.
when do you need an sr22?
You will have to file an SR22 when ordered to do so by a judge or the state government. if ordered by the court, the judge will inform you of your request during a hearing. if ordered by the state, you will usually get a letter from the dmv.
Most drivers do not have to file an SR22 with the state, but it is typically required if you are caught driving without a valid license or insurance. Other reasons that require a motorist to file an SR22 with the state may include:
- dui/dwi conviction
- a conviction for driving without insurance
- being involved in an accident without insurance
- too many at-fault accidents or violations
- repeat violations in a short period of time
- a hardship or probationary license requirement
- a requirement to reinstate your driver’s license after a suspension or revocation
- a car accident for which bmv receives an accident report.
- a traffic violation within one year of receiving two other traffic violations.
- a serious accident, such as a misdemeanor or felony.
- a traffic violation committed by a driver previously suspended for failing to provide proof of financial responsibility.
how do you get an sr22?
to get an sr22, call your insurance company. If you already have auto insurance, you don’t have to buy a new policy. In fact, you can add the SR22 to your existing policy and your insurer will file the form with the state. you will also receive a copy of the sr22 certificate.
If you don’t have auto insurance, you’ll need to purchase a policy, but not all companies offer sr22 service. accurate insurance provides sr22 coverage and we will be happy to work with you to complete the process.
how much does an sr22 cost?
Insurance companies typically charge a one-time sr22 filing fee of around $25.
Unfortunately, the violation that requires the SR22, not the SR22 itself, will affect your insurance rates, and they may increase substantially since you are now considered a high-risk driver.
how long does sr22 last?
in illinois and indiana, the sr22 certificate lasts three years. If you cancel your auto insurance while SR22 is in effect, your company must notify the state. Your driving privileges will be suspended by the state and cannot be reinstated until you have renewed your insurance.
what is the indiana sr50?
This is where things get a bit confusing. While most states, including Indiana, have SR22 filings, Indiana is the only one that requires an SR50 filing. Like the SR22, the SR50 is a certificate attached to your policy that verifies that you have the state’s minimum liability coverage.
In Indiana, the Bureau of Motor Vehicles (BMV) must verify that all motorists have the state-mandated minimum 25/50/25 liability coverage when:
If an indiana motorist cannot provide proof of liability coverage at the time of the violation, their license may be suspended for one year. To get your driving privileges back, you’ll need to pay a reinstatement fee that will range from $150 to $300. Your insurance agent will also need to file an SR50 (Current Insurance Affidavit) form with the BVM.
Conversely, if convicted of certain court-related or insurance-related violations, an indiana motorist may be required to have their agent file an sr22 providing proof of liability coverage for the next few years. three years.
and that is the main difference between the sr50 and the sr22. the sr50 is proof of current liability coverage, while the sr22 is proof of current and future liability coverage.
the end result
if you need an sr22 or an sr50, don’t worry. At Precise Insurance, we’re here to help you figure out what you need and how to get it. We’ll introduce your sr22 or sr50 and do our best to provide affordable auto insurance in illinois or indiana that fits your budget.