Although sometimes referred to as a form of car insurance, an SR-22 is simply a document that high-risk drivers are sometimes required to file with their insurance company to demonstrate that they have the minimum amount of car insurance coverage legally required. Not everyone will need to file an SR-22. Generally, they have been ordered by their state for those who need them.
If you find yourself scrambling to find car insurance (whether because of a court order or otherwise), consider one of CNBC Select’s top picks for car insurance companies for high-risk drivers.
Our best overall insurance company for high-risk drivers is State Farm, which offers affordable rates for situations like DUI or DWI and for at-fault accidents. Additionally, it boasts high customer satisfaction ratings. For those with a DUI or DWI, Progressive offers affordable rates and coverage. Both Progressive and State Farm support the SR-22 form.
State Farm Auto Insurance
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State Farm is the largest auto insurer based on market share and has an excellent reputation for customer satisfaction. It offers 13 discounts including for safe driving and young drivers.
Progressive Auto Insurance
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The best way to estimate your costs is to request a quote
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Progressive offers many lines of insurance to allow bundling and convenient tools to help you keep your coverage within your budget.
Here’s what else you need to know about the SR-22 form.
What is an SR-22 form?
An SR-22 is a form that your car insurance company files with your state to prove that you have enough coverage to meet the minimum coverage required by law. Minimum car insurance coverage requirements vary by state, but you can depend on what you 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, which is similar but requires a higher level of car insurance than the state minimum.
With both forms, you can expect to file them 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 crime.
Who needs an SR-22?
Typically, you will find out that you need an SR-22 at a court hearing or through a letter from your state’s Department of Motor Vehicles.
There are some common reasons you need to file an SR-22, including:
- A DUI (or DWI)
- Driving without adequate insurance
- Repeated traffic offences
- An at-fault accident where you didn’t have insurance
- Failure to pay child support
- Having 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 need to have an SR-22 form on file even if you don’t own a car. An SR-22 form of non-owner car insurance policy can help you stay compliant even if you don’t own the car.
How much does an SR-22 cost?
The SR-22 form itself is relatively inexpensive — Insurance companies usually charge about $25 to send the form. Only your insurer is able to send the SR-22 form for you, and you will probably need to tell your insurer that they need to file the form on your behalf.
How much you pay for your underlying car insurance premiums, however, will depend on what the SR-22 form requires in the first place. If you’ve been involved in several at-fault accidents or have a DUI or DWI on your record, you may pay more than someone who didn’t pay child support, for example.
It’s still possible to make sure you’re getting the best possible rate for your situation. To do this, you’ll want to shop around for insurance. Get car insurance quotes from different insurance companies and compare offers. To accurately compare insurance quote premiums, or the amount you’ll pay for coverage, make sure the types of coverage, available limits, and deductibles are the same.
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An SR-22 isn’t insurance at all – it’s a form that belongs to you The car insurance company must file with your state’s department of motor vehicles that verifies your coverage. Depending on your circumstances, this can increase your car insurance costs and there is usually a small fee for filing the form with your insurer.
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Editorial Note: The opinions, analyses, reviews or recommendations expressed in this article are those of the selected editorial staff alone, and have not been reviewed, endorsed or otherwise endorsed by any third party.