Florida SR22 Insurance Explained

Florida SR22 Insurance Explained

A Florida SR22 (the “SR” stands for “safety responsibility”) is a document that verifies that someone has automobile insurance. The Florida SR22 is prepared by an insurance company and then filed (by the insurance company) with the department of motor vehicles (DMV). It is not an insurance policy. It is evidence that you have a policy.

Typically, a Florida SR22 is required when a driver seeks to reinstate a driver’s license after being convicted of a DUI, reckless driving, driving without insurance, or some other driving violation that’s resulted in a suspension. The Florida SR22 may be required whether you own a vehicle (owner SR22) or not (non-owner SR22). The SR22 is usually required for a number of years – for example, five years following a DUI conviction. If the policy holder fails to pay the premiums, the Florida SR22 is cancelled and an SR-26 is filed with the DMV. When the DMV receives the SR-26, the policy holder’s license is suspended until a new Florida SR22 is filed.

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Insurance Coverage Requirements

The standards below indicate the minimum coverage required under law in Florida. Naturally, higher coverage can be acquired for policyholders concerned about liability.

$10,000	This is the maximum amount per person paid for bodily injury (“BI”) injuries.
$20,000	This the total amount paid by the policy for all bodily injury to all persons. Therefore if several people are injured, those who file first would receive payment as defined above, and once the total payment was reached, the remaining parties must pursue the policyholder for any sums over these amounts.
$10,000	This is the total amount paid for property damage (“PD”).

How are Premiums Determined?

An insurance company takes many factors into consideration when determining your insurance rates (premiums). Some factors may seem unfair. For example, drivers with higher education or who are married will generally receive better rates than a driver with a similar driving record. Below are the major factors affecting rates

• Driving record and accidents. Moving violations, DUIs, and accident claims trigger higher rates.
• Credit score. Bad credit scores trigger higher rates.
• Miles driven. Drive less, pay less.
• Occupation. Jobs involving driving or heavy commutes may trigger higher rates.
• Location. Higher crime rates in your neighborhood or a density of population (cities) will cause rates to rise.
• Age. Drivers under 25 pay more; drivers between 50 and 65 pay less.
• Gender and marital status. Women have fewer accidents and pay less than men. A married person is considered more stable and will receive a lower rate than a driver with a similar record.
• Type of car. The more powerful or expensive, the higher premium because high performance cars attract riskier drivers and expensive cars are more costly to repair.

A Florida SR22 is a form that certifies the insurance coverage includes bodily injury liability (BIL) and property damage liability (PDL). An SR22 is required for three years as the result of a Point Suspension, Habitual Traffic Revocation, Judgment involving a crash, or if you were the owner or operator of a vehicle that was involved in a crash and someone incurred injuries and you were not insured with BIL coverage at the time.

The SR22 certificate does not affect the cost of your insurance. However, the Florida SR22 is needed when you have a serious violation, which can affect your risk and which may result in higher insurance rates. The primary reason for the SR22 requirement is the failure to comply with your state’s financial-responsibility (insurance) law.

If the SR22-endorsed auto-insurance policy has expired or has been canceled, the insurer must file an SR-26, which is a cancellation of your Florida SR22 certificate. If the filing period has not expired, the state may suspend your driver’s license, and your license plates can be confiscated for failure to comply with the SR22 requirement. If your insurer has cancelled your insurance, you will need to find an insurer who is willing to issue a new Florida SR22 to have your license reinstated.

Florida SR22 policies vary widely in cost, but not as much in coverage. As with most things, using an Insurance Broker to shop the market for you will result in obtaining the lowest price based upon the severity of your violations, geography, age, gender, etc.

** All Information Provided By: www.MyFloridaSR22.com