Did you recently learn that you have a requirement for an SR-22 for insurance coverage in Chicago? This is a confusing issue, and in order to help you understand your best “next steps”, let’s take a few minutes to first understand more about the SR-22 and then why you need a SR-22 for insurance coverage in Chicago.
What is the SR-22?
An SR-22 is “a form that is filed with the state, not a type of insurance…it is a certificate of financial responsibility verifies that the named individual is carrying at least the state-mandated amount of car insurance.” It is a way for your insurance company to assure the state that you are keeping enough coverage and that you are financially responsible if you should have any accidents. The insurance company is also responsible for letting the state know if you do not maintain the coverage.
Why would you need the SR-22 for insurance coverage in Chicago? Generally, you are going to find that your state demands you have an SR-22 if you have a DUI on your record. However, there are other reasons that it might be a necessity. In addition to DWI or DUI violations or convictions, you might find you need SR-22 insurance coverage in Chicago because of serious moving violations and convictions, too many traffic offenses in a short window of time, being caught driving without insurance, driving without a license, or as a requirement for license reinstatement or as part of probationary/hardship license.
And while you will find that there are standard fees associated with the SR-22, there are not standardized rates for those who require them. In fact, it is the violation that led to your legal requirement for the SR-22 that will determine the cost of your insurance coverage thereafter. For example, if you have a DUI conviction, it is that conviction that will cause your insurance rates to escalate. According to one expert, rates often jump by an average of 89% because of an SR-22 requirement. If the offense or violation is very serious, your rates can go up dramatically.
And if your current insurer does not offer it, you may find you have to shop around or pursue something known as a non-owner policy.
However, there is some good news. First, the SR-22 is not a permanent requirement and will expire after about five years. The second is that there are expert insurance providers able to help you find your best rates. Contact the team at Atlantic Insurance Agency to learn more about your options.