Getting an SR-22 requirement makes you a risk in the eyes of your insurance company.
SR-22 requirements come from a variety of driving charges, depending on where you live. Among these might be multiple tickets, wrecks, DUI charges, and the failure to carry insurance.
If driving charges require you to get an SR-22, you have to contact your insurance company. The insurance company will then issue the SR-22 certificate and send it to your state DMV.
SR-22 certificates are not insurance policies. They simply verify for your state that you have car insurance. These certificates usually stay on your insurance policy for about two years. However, SR-22 certificates do impact your insurance coverage, and how you interact with your insurance provider.
Why SR-22s Impact Car Insurance Prices
If you get an SR-22, you can expect the requirement to probably impact how much you pay for car insurance. An SR-22 designates you as a high-risk driver. This means that you pose a higher financial risk to your insurance company.
To continue to insure you, your company might increase your car insurance premiums. Some companies may offer forgiveness for first instances of SR-22s. However, this practice is not common.
How SR-22s Increase Coverage Requirements
Most states, including Missouri, require drivers to carry minimum levels of car insurance. These requirements in Missouri are:
$25,000 per person for bodily injury
$50,000 per accident for bodily injury
$10,000 per accident for property damage
The law also requires you to have uninsured motorist coverage of: $25,000 for bodily injury per person and $50,000 for bodily injury per accident.
Manipulating your coverage levels means you may see cost changes in your policy. You might choose to voluntarily increase your coverage levels when you activate an SR-22 certificate. Increasing your coverage levels may increase your costs. However, it can also can provide an added layer of protection for you for the duration of the SR-22 and beyond.
When you get an SR-22, ask your insurance agent how you can maximize cost savings. Your agent may be able to increase your deductible or offer limited discounts. These actions may reduce costs.
We’ve got you covered. If you need SR-22 insurance, Auto Insurance Discounters can help you get a fast, free quote. Call us at 866-288-6545 for more information.