What is SR-22 Insurance?
An OWI does not have to be the end of the world. These things happen, but it is important to make the right choices moving forward. As far as insurance is concerned, having a conversation with your agent is a great start. They can inform you as to what to expect (insurance-wise) in the future. If an SR-22 is required, your agent can help you with that as well. But what is SR-22 insurance and why are you required to have it?
What’s SR-22 Insurance?
An SR-22 is a financial responsibility filing stating that you carry the proper auto insurance in your state. It can be either attached to your current auto policy, or it can be a separate policy if your current carrier does not offer it.
There is no additional coverage provided with an SR-22, and an underlying auto policy is required to be kept in effect with the proper liability limits.
States require an individual to carry SR-22 insurance in cases such as an OWI or getting into an accident while you were not insured. The state sees your driving as a high risk, so requiring you to have the proper insurance protects other drivers as well. The length of time required to carry the SR-22 varies, but it must be kept in effect for the entire duration of time. *
*Note: In case of a non-payment cancellation there is a small window of time to get the policy reinstated before the carrier reports to the state. Make sure to stay up to date on all insurance payments.
*Related reading: Common Insurance Terminology
SR-22 and Insurance
It is true that getting an OWI does cause your insurance rates to increase significantly. However, this is where having a CRG agent is a huge asset. Your agent has access to carriers that do not charge as much as others in these situations.
The insurance carriers CRG does business with are hand-selected to be competitive in different situations. So instead of being at the mercy of your insurance company’s rates, your agent will do their best to keep your premium manageable.
Your insurance company reserves the right to not renew your insurance policy in the case of poor driving history or several claims in a short period of time. Often times, an OWI can trigger a non-renewal. If your carrier decides to do this, you will receive a notice several months in advance notifying you of the decision. Again, in a situation like this, your agent can find a different carrier that will insure you.
There is a possibility that you won’t need an SR-22 for the duration of the policy period. In this case, be sure to communicate with your agent so they can cancel the SR-22 to avoid unnecessary coverage. The length of time you are required to carry this filing can range from a few months to several years, so keeping your agent informed regarding this is very important.
The CRG Difference
Having a trusted CRG agent is a huge benefit. No matter what you have on your driving record, your agent will offer you the best rate they can with the proper coverage. They also have experience with difficult situations and can recommend ways to keep your insurance rates affordable. Regardless of your situation, your local CRG agent will always be keeping your best interests in mind.