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Saving Money And Heart Ache On SR22 Insurance In The Chicago Metro Area
SR22 insurance is not an extra insurance like many people think. SR22 is a way of structuring your auto insurance policy. The assumption that SR22 insurance is not the same as car insurance is wrong.
With the SR22 insurance, the insurance policy is built in the same way as your regular car insurance, but there is one more aspect to the SR22 policy that does not exist in the auto policy: While your regular auto insurance policy is not required to be filed with the state, your SR22 policy must be filed. SR22 insurance is normally required from people with troubled driving history as a proof of 'Financial Responsibility.'
States do vary in their process and definitions of the SR22 filing. In the Illinois, SR22 insurance fling is Financial Responsibility Insurance and is required from operators with safety 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.
In short SR22 insurance is a a car liability policy that must be filed with the State. It has certain minimum limits which are the same limits that the state sets for regular auto policy. 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.
Tip While Shopping:
a. Keep in mind that the SR22 certificate is NOT additional insurance. If you have an existing car policy you may ask your insurance agent to have it filed with the state as an SR22 certificate. Some 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:
If you treat your SR22 insurance the same way as you treat your regular car insurance things can be even more costly. Driving under a canceled auto policy can bring very unpleasant consequences in the event of accidents. But driving under a canceled SR22 policy can be very heart aching even without an accident. When SR22 certificate get canceled (for non payment, failure to comply with certain underwriting requirements, etc.) the insured's driving privileges get suspended, which my result in arresting the operator 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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