Florida SR22 Insurance
What is Florida SR22 Insurance?
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). The SR22 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.
Florida SR22 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 - The maximum amount the insurance company will pay for a single injury.
- $20,000 The maximum amount the insurance company will pay for multiple injuries.
- $10,000 - The maximum amount the insurance company will pay for Property Damage.
Accidents Outside of Florida?
The good news is that most policies will increase to match the minimum requirements of the state in which the accident occurred. The 12 states with no-fault insurance systems require that your insurer pay for your damages (as if you had a no-fault policy).
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.
What is a Florida SR22 Certificate?
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.
What if Your Florida SR22 Policy is Canceled?
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.
What Does a Florida SR22 Cost?
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.