SR22 insurance indicates that you are a high-risk driver. It’s important to note the changes within your SR22 insurance status, and how to respond when your SR22 insurance lapses. Our team members at SR22 Bond of Ohio are experts in this area of insurance. And in this latest post, we’ll explain what happens if your SR22 insurance lapses.
In protecting your liability on the road as a driver with SR22 insurance, you’re required to make regular payments to your insurance company. If your insurance lapses, you are no longer covered while driving and this can lead to serious fines and other significant penalties, including the confiscation of your license and vehicle. The DMV will determine your eligibility to drive, but the vast majority of SR22 drivers with lapsed policies will be found to be in violation and penalized.
How to respond
If you find that your SR22 insurance policy lapses, it’s important you call an expert such as SR22 Bond of Ohio immediately. The expert can help to guide you in choosing a new policy to achieve coverage directly or in catching up with your payments so that your current policy is reinstated. In completing a new SR22 filing, you may have to apply to have your license reinstated, with the fee paid to the DMV. All due fees must be paid before you’re able to drive again.
New filing means filing period begins again
If you were told you must hold SR22 insurance for a period of three years, this three year period will begin again if you allow your policy to lapse and have to get it reinstated. This could mean that, even if you have already held SR22 insurance for two years, you will be required to hold it for a period of three more years if you allow your policy to lapse.
Our team at SR22 Bond of Ohio is here to help you understand the regulations regarding SR22 insurance. To discover more about the options available to you, please call us directly today.