Although it is sometimes referred to as a type of auto insurance, the SR-22 is simply a document that high-risk drivers sometimes have to submit via their insurance company to prove they have the minimum legally required auto insurance coverage. Not everyone will need to file an SR-22. In general, they are required for those who are ordered by their state.
If you find yourself struggling to find auto insurance (whether for court-issued reasons or otherwise), consider one of CNBC Select’s top picks of auto insurance companies for high-risk drivers.
Our best comprehensive insurance company for high-risk drivers is State Farm, which offers affordable rates for situations like DUIs or DWIs and those with at-fault accidents. In addition, they are characterized by a high degree of customer satisfaction. For those with DUIs or DWIs, Progressive offers affordable rates and coverage. Progressive and State Farm both support SR-22 forms.
State Farm Auto Insurance
-
it costs
The best way to estimate your costs is to request a quote
-
The application is available
-
Politics highlights
State Farm is one of the largest auto insurance companies based on market share and has an excellent reputation for customer satisfaction. It offers 13 discounts, including discounts for safe driving and young drivers.
Progressive car insurance
-
it costs
The best way to estimate your costs is to request a quote
-
The application is available
-
Politics highlights
Progressive offers a number of insurance lines to allow for bundling and convenient tools to help you keep your coverage on budget.
Here’s what else you need to know about the SR-22 forms.
What is the SR-22 form?
The SR-22 is a form that your auto insurance company submits to your state that certifies that you have sufficient coverage to meet the minimum coverage required by law. Minimum car insurance coverage requirements vary by state, but you can depend on need Liability coverage in most cases (as opposed to full coverage insurance, for example).
It may also be called a Certificate of Financial Responsibility or an SR-22 bond. In Florida and Virginia, this form is called the FR-44, and it is similar but requires higher levels of auto insurance than the state minimum.
With both forms, you can expect to have to file with the state for at least three years, although the exact time will depend on the state you live in and the nature of your offense.
Who needs an SR-22?
Generally, you will find that you need the SR-22 during a court hearing, or with a letter from your state’s Department of Motor Vehicles.
There are some common reasons you will need to file an SR-22, including:
- A Single Identity Document (or DWI)
- Driving without adequate insurance
- Repeat traffic violations
- A fault accident where you do not have insurance
- Non-payment of child support
- Obtaining a hardship license after your license has been suspended or revoked
However, SR-22 laws vary by state, and different states have different requirements for SR-22 forms.
You may be required to have an SR-22 form on file even if you do not have a car. Form SR-22 for a non-owner auto insurance policy can help you stay in compliance even if you don’t own a car.
How much does the SR-22 cost?
The SR-22 model itself is relatively inexpensive – Insurance companies generally charge about $25 to submit the form. Only your insurance company can file an SR-22 on your behalf, and you will likely need to inform your insurance company that they have to file the form on your behalf.
However, how much you pay for your car’s basic insurance premiums depends on what made the SR-22 form required in the first place. If you were involved in multiple at-fault incidents or had a DUI or DUI on your record, you might pay more than someone who didn’t pay child support, for example.
However, it is still possible to make sure that you are getting the best possible rate for your situation. To do this, you’ll want to shop around for insurance. Get car insurance quotes from several different insurance companies and compare offers. To accurately compare insurance premiums, or how much you’ll pay for coverage, make sure the types of coverage offered, the limits available, and the deductible are the same.
Subscribe to the CNBC Select newsletter!
Money matters – so make the most of it. Get expert tips, strategies, news and everything else you need to make more money straight to your inbox. Register here.
minimum
The SR-22 is not insurance at all – it’s your form The auto insurance company needs to file with your state motor vehicle to verify your coverage. Depending on your situation, this may increase your car insurance costs, and there is generally a small fee to your insurance company for filing the form.
Follow CNBC Select’s in-depth coverage of credit cardsAnd Banking services And moneyAnd we followed Tik TokAnd FacebookAnd Instagram And Twitter to stay informed.
Editorial note: The opinions, analyses, reviews or recommendations expressed in this article are those of the editorial staff alone, and have not been reviewed, approved or otherwise endorsed by any third party.