There are many misconceptions about SR22 Insurance that can steer you in the wrong direction. Here are the 6 most common myths.
You Can Get an SR22 Filing without Getting Insurance
A financial responsibility filing (SR22) is basically an endorsement on your auto insurance policy that’s filed with the DMV to let them know that you have a current and active policy. Since the filing is an endorsement on your auto insurance policy, it cannot be purchased on its own.
You Can Cancel Your Policy Once You Get Your License Back
Many people believe that once you get your filing and get your license back, it is safe to now cancel your policy. This is not true, since an SR-22 is a way for the DMV to ensure that you carry active auto insurance, companies are required to report any cancellations of policies that have a financial responsibility filing attached. This is done in the form of an SR26 that is sent to the department of motor vehicles immediately after the cancellation of a policy. The DMV will once again cancel your policy pending an active filing along with another driver’s license reinstatement fee that varies state to state.
SR-22 Insurance Costs More Than a Conventional Policy
The fee for a financial responsibility filing is usually a onetime fee of about $20. Other than that, there is no additional cost to have the endorsement on your policy. Now remember that you will get charged for the violations or suspension in which the SR22 is required for but it would have been the same cost as if you had the same violations but didn’t require a filing.
There is a Recurring Monthly Charge
You do not get charged each and every month. The fee charged is a onetime charge per policy and may be charged for each subsequent renewal of the policy term but there is not a recurring monthly fee.
If I Don’t Have a Vehicle Then I Can’t Get an SR-22 Policy
If your license got suspended and you need an SR22 Insurance policy but don’t own a vehicle then you can purchase a Non Owners SR22 Insurance policy. This type of policy will be sufficient to get your license reinstated.
You Need to Have Full Coverage
This is not true as this type of policy is a way for the department of motor vehicles to make sure that you are financially responsible towards those driving on the road with you. Since you have had some violations that make the DMV consider you a higher risk, they want to make sure that if you do happen to cause an accident that those you hit are covered. With that being said, liability insurance is all you need to obtain an SR-22 filing form.
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