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Finding Answers to the Many Questions Created with the SR22 Insurance Requirement

Sep 10

Posted by admin in Sr22 Insurance Texas, Uncategorized | Comments off

When a person discovers that they are now required to carry SR22 Insurance in order to drive, there are a number of questions that come to mind. These questions often include what exactly is SR22 insurance, can I find cheaper SR22 insurance, and what are my responsibilities in keeping my insurance up to date? In order to help a person in answering all of these questions, the following addresses all of these concerns in order to educate the public and protect the best interests of drivers.

What exactly is SR22 insurance?

Simply put, SR22 insurance is a type of coverage that is required by the state when you have earned the title of a high-risk driver. The title of high-risk driver can be given based on any number of circumstances, but are most common when an individual is involved in a highly illegal traffic incident or has a large number of violations on their driving record. This insurance serves as protection to the public, requiring that you carry insurance in order to provide coverage in the event that you are involved in any form of traffic accident.

Can I find cheaper SR22 insurance?

Traditionally, this type of auto insurance coverage tends to be set at higher rates when compared to other insurance policies. By being appointed the title of a high-risk driver, it increases the odds that you will be involved in an accident where the insurance company will be required to pay for damages. Even with the common increase in price associated with this type of coverage, it is still possible to find savings when you take the time to comparison shop auto insurance companies. Make sure to take advantage of opportunities such as maintaining a higher deductible and seeking various discount programs to get the best value from your insurance investment.

What are my responsibilities in keeping my insurance up to date?

When you are required to get SR22 insurance, it helps the state in maintaining that you have insurance to protect yourself and the other drivers on the road in the event of an accident. The auto insurance company you get your policy from will notify the Secretary of State that you have the proper coverage to be driving. Your only responsibility as a driver is to maintain this coverage during the entire time required by the state and make sure you make your insurance payments on time. In the event of insurance cancellation or your stoppage of payments, the insurance company is required to immediately contact the Secretary of State to notify that you no longer carry insurance protection. This will often result in the suspending of your license.

For any individual who has been informed that they are now required to carry this insurance, there are many questions that can develop. The previously answered questions should help any driver, whether they are seeking knowledge on this type of coverage, looking for cheaper SR22 insurance rates, or wondering their role in this insurance requirement.

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Important Things to Know When Purchasing an Auto Insurance Policy

Sep 7

Posted by admin in Sr22 Insurance Texas, Uncategorized | Comments off

Auto Insurance isn’t just a good thing to have to protect you financially in the case of an accident – in many states it’s required.

When searching for car insurance in Dallas, Ft Worth, or Lubbock TX it is imperative that you find an insurance agency that represents a wide range of insurance companies and that can provide a wide range of automobileinsurance products at a fair price. When applying for auto Insurance, you’re usually asked whether you want collision and/or comprehensive coverage, how high you want your deductible to be, what liability limits you want, and whether you want any types of optional coverage. 

It is very important that you understand what these terms mean and how much coverage is right for you.  This way you will get the most value out of your insurance policy.

Standard and Preferred auto Insurance
High Risk auto Insurance (SR22)
Classic or Antique vehicles / High Valued automobiles
Special program for Mature/Elderly Drivers
Motorcycles
Recreational vehicles / Boats

Understanding Your Coverage options:

Collision and comprehensive (other than collision) coverages
Collision and Comprehensive (other than collision) coverage pays for damage to your vehicle. You can purchase either or both of these for each vehicle you own. If you have an auto loan you may actually be required to purchase both.

Collision coverage insures you against damage to your vehicle caused during an accident.
Comprehensive coverage insures you against all other physical damage to your car caused by such events as fire, theft, flood, and vandalism.

Collision and comprehensive (other than collision) coverage usually includes a deductible, which can range from 0 to ,000. If your car is damaged, the Insurance company pays only for the damage in excess of the deductible you selected. The higher your deductible, the lower your premium. 

Liability coverage
Liability coverage pays for injuries you cause to other people and damage you cause to other people’s property when you are at fault in an automobile accident. 

Medical Payments coverage
Medical Payments coverage pays medical expenses (up to a specified dollar limit) for you and passengers of your car who are injured in an automobile accident, no matter who is at fault. If you and your passengers have health Insurance, you may not need this coverage. 

Personal Injury Protection
Some states require Personal Injury Protection, which is also known as No-Fault coverage. This coverage pays for things like medical and rehabilitative expenses, replacement services, and funeral expenses. It also pays for loss of income if you are injured in an auto accident and are unable to work.

Uninsured/Underinsured Motorist coverage
This coverage pays if you are injured by a person who is completely uninsured or doesn’t have enoughliability Insurance to cover your injuries. It also covers you if you are in an accident with a hit-and-run driver.

Optional coverage
Optional or special coverage includes extras such as towing, rental reimbursement, and roadside assistance. None of these coverages are required.

How Much Coverage do I need?

Choosing the appropriate level of auto Insurance coverage depends on a number of factors, including assets you must protect (liability coverage), value of your vehicle (collision and comprehensive), the amount of money you can afford to pay out-of-pocket (deductibles), and your tolerance for risk. Finding a reputable and knowledgeable Auto Insurance Agent who can help find the best solutions for you is paramount when shopping for Auto Insurance.

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Ohio SR22 Bond FAQ’s: Things you MUST be aware of before buying

Sep 4

Posted by admin in Sr22 Insurance Texas, Uncategorized | Comments off

sr22
by GJC1

Q: What is an SR22 bond and how is it different from regular car insurance

A: If you are considering taking out an Ohio Sr22 Bond, you first need to understand the difference between an SR22 Bond and a regular auto insurance policy. An SR22 Bond is a guarantee that a driver has the state minimum liability coverage. The bond only pays out if the named driver is at fault in an accident and either causes bodily injury or property damage to the other driver or their vehicle. The bond does NOT cover the insured or their vehicle at all. If you want coverage on your own vehicle, or medical coverage on yourself and your passengers, this bond will not work for you. Instead, you should take out a regular auto insurance policy (and if the Ohio BMV requires you to file this bond, it can easily be attached to a regular car insurance policy).

 

Q: What are the state minimum limits in Ohio?

A:  If you’re at fault in an accident and you injure someone, the SR22 bond will pay up to ,500 per person for injuries, up to ,000 total. Also, if the accident causes damage to the other vehicle, it will pay up to 00 for property damage. Therefore, the most this bond will ever pay from a single accident is ,500. If the damages you caused exceed the policy limits, you may be held responsible for the remainder of the damage. (for more information on the shortcomings of Ohio’s state minimum requirement, please see my blog: “Is Ohio’s auto insurance state minimum liability coverage adequate?” at lylesinsurance.webs.com/apps/blog).

 

Q: Does it make sense for someone who does not require a state filing to buy an SR22 bond in lieu of traditional auto insurance?

A: Yes, but only if all 3 of the following apply:

1. You want no more coverage on any vehicle you drive other than the state minimum liability.

2. You assume all risk as far as injury to yourself and passengers and you also assume all risk if there is damage to your car.

3. Traditional insurance will cover your vehicle driven by another driver should you loan your vehicle to them. An SR22 Bond does NOT cover anyone for liability but YOU. As long as you understand these 3 things and the risks associated, then an SR22 bond might be the right option.

 

Q: What are the advantages of buying a bond instead of regular car insurance?

A: If a driver is only interested in buying the absolute state minimum coverage on theirself  and want no coverage on their vehicle or anyone else, then an SR22 bond is significantly cheaper than traditional insurance.

 

Q: What happens if I am late on a payment?

A: With most companies, you will most likely have to pay a late fee, but as long as you are not more than 10 days late, you will be fine. If you go beyond 10 days late (or 2 weeks with some companies), your policy will lapse. WARNING! Although all of my companies do allow this grace period, some companies do NOT! Some companies will cancel the bond if payment is one day late. Be sure to check with your agent about your bond.

 

Q: What happens if I let the bond lapse?

A: If you required a state filing by the Ohio BMV, then the company is obligated to notify the Ohio BMV that your policy has cancelled. This will result in your license being suspended again, and you may have to start the license reinstatement process again. In addition, you will probably have to pay a late fee and reinstatement fee on top of your payment in order to reinstate the bond.

 

Q: How long will the Ohio BMV require me to carry a state filing?

A: That depends on the severity of the law you violated that triggered a filing requirement in the fist place. But generally, requirements are usually in the range of 3-5 years.

 

Q: Will this bond expire when I am no longer required to carry a state filing?

A: No! In fact, the state filings will not cease until you notify the agent or company that the state filing is no longer required. This is important because there are additional fees associated with a state filing requirement. I have seen people who have needlessly paid additional state filing fees for long periods of time simply because they never requested the filings to stop. The BMV will tell you how long you need to continue filing. Be sure to keep the expiration date in mind.

 

Q: How long does it take for me to be covered on an SR22 bond?

A: In many cases it only takes minutes to be covered.

 

Q: How long does it take for the BMV to process my bond?

A: Generally, one business day. Of course, we can print your paperwork right away and email/fax it to you. To save time, you may take the paperwork to the BMV personally if you wish to speed things up.

 

Q: Once I pay for my SR22 bond, is my license automatically reinstated?

A: Usually No! In many cases, the Ohio BMV requires you to also pay a license reinstatement fee. In either case, I would highly recommend contacting the BMV before resuming driving. Only the BMV can officially tell you that your license is once again valid. It’s better to be safe than sorry!

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