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By Ed Sneineh
Saving Money And Heart Ache On SR22 Insurance In The Chicago Metro Area
by Ed Sneineh
Some people wrongly assume that auto insurance and SR22 insurance are not the same. In fact, the elements of SR22 coverage and car insurance coverage are the same. The difference is the mechanism of handling the policies.
SR22 insurance is a method of structuring auto liability policy, according to which the insurance company is required to file the policy that the insured has with the State. SR22 or ‘Financial Responsibility’ insurance was found to monitor drivers with troubled driving history.
States may vary in in their definitions and procedures of the SR22 filing. In Illinois, SR22 fling is Financial Responsibility Insurance and is required in Illinois from operators with safety responsibility suspensions, certain unsatisfied judgment suspensions, certain revocations, mandatory insurance supervisions and people who receive three or more convictions for mandatory insurance violations.
SR22 is a certificate of insurance showing active coverage. SR26 is the cancellation of the SR22 certificate. The Sr22 certificate must be filed by the insurance company for a period of time ranging between 1 to 3 years. If the Insured fails to maintain the insurance, then the insurance company will cancel this certificate and will inform the State, at which point the State may suspend the driving privileges of the insured through the SR26 process.
To make it short: SR22 is a an auto liability policy that must be filed with the State. The SR22 must maintain liability limits that conform with the minimum limits set by the state. It is not extra insurance.
Limits of SR22:
States vary in their minimum requirements for the SR22. In Illinois the SR-22 policy must meet certain minimum liability requirements. The minimum amount of coverage must be issued for a minimum of $20,000 for one person killed or injured, $40,000 for two or more people killed or injured and a maximum of $15,000 for property damage. There are higher limits of course.
As you get your Sr22 policy:
Some tips:
A. Keep in mind that the SR22 is NOT additional auto insurance. If you have an exisiting auto policy you may ask your insurance agent to ‘file’ it with the state as an SR22 certificate. Some standard and preferred insurance companies do not offer the service, but others companies may file it with or without extra charges.
2. If your present insurance company does not offer SR22, try to get multiple quotes with scheduling your vehicle on the new policy and without a vehicle (as non-owner). There are no specific rules if you will save more on SR22 filing with / without scheduling your vehicle (all depend on your ZIP codes, age, vehicle type, marital, driving records, etc.) The best choice is to run a comparison. Many agencies offer free instant quotes for car and non-owner SR22 insurance.
After You Get Your SR22:
Treating your SR22 the same way as your regular car insurance can be even more costly. While driving under a canceled auto policy can bring very unpleasant consequences in the event of accidents, driving under a canceled SR22 policy can be very heart aching even without an accident. When SR22 insurance get canceled (for non payment, failure to comply with certain requirements, etc.) the insured’s driving privileges get suspended again, which my result in arresting the driver and impounding the vehicle for any routine traffic stop.
Best advice for people with SR22 filing is to pay their policy in full, or to make sure that they pay their monthly premiums in timely manner (perhaps automatic drafts or similar arrangement.)
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Source: isnare.com
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