When I got my kids a dog, I had no idea that it could affect my homeowners insurance. I happened to run into my insurance agent in the store when I was buying dog food and he asked me what kind of dog we had. When I told him, he said I should stop in the office the next day. I had no idea that things like this could affect premiums, so I started asking what else could do it as well. I created this site to help others understand some of the finer points of homeowners insurance and what they should think about to manage their rates.
SR-22 insurance is a document that proves an individual possesses the minimum required liability insurance coverage in their state. It is typically mandated for drivers whose licenses are suspended or revoked due to certain traffic violations or accidents. Some common myths around complying with SR-22 requirements need to be clarified for drivers better to understand the implications of this type of insurance.
Myth: SR-22 Insurance Is Only Necessary For Those Who Have Committed Serious Traffic Violations
A frequent assumption about SR-22 insurance is that it is only necessary for individuals who have committed severe traffic offenses. However, the truth is that there are various situations where SR-22 insurance can be required because different states set their criteria for when one must be filed.
For instance, an individual may need to file an SR-22 if they are caught driving without proper car insurance coverage or have been convicted of driving under the influence. Having multiple traffic violations within a short period can also lead to being required to obtain an SR-22 certificate.
Myth: Filing An SR-22 Means Paying Higher Insurance Rates Indefinitely
Another misconception about filing an SR-22 is that it forever guarantees higher car insurance premiums. While it is true that adding this certificate can increase your rates since insurers view you as high-risk coverage at first, this is not permanent.
The duration someone needs to maintain their SR-22 coverage varies depending on state regulations and the specifics of their situation. Usually, this period lasts for a period of a few years. Once this time passes and you have met all requirements, your insurer might reevaluate your risk level and lower your premiums, allowing you to move forward without the burden of increased costs.
Myth: Once Someone Files Their First SR-22, They Will Always Need One Even If They Do Not Have Any Violations In The Future
A driver's requirement for filing an SR-22 is based primarily on their current driving history and any past infractions or convictions within a specified time frame. If a driver maintains a clean record and remains consistently insured after their mandated period ends, they will not need to file another SR-22 certificate unless they have another qualifying incident.
Myth: Only Car Owners Need To Worry About Filing An SR-22
There is the myth that non-car owners are exempt from worrying about filing an SR-22. Contrary to this belief, individuals who drive but do not own cars may still be required to file one under what is known as non-owner policies. Non-owner insurance policies with added certificates exist specifically for situations where a person may be likely to drive a car despite prohibitions and a revoked license.
Speak to an agent to learn more about SR-22 insurance.
Share5 April 2023
