Keeping a few things in mind is important for anyone in need of an SR22 bond. Understanding the difference between regular auto insurance versus an SR22 is critical for drivers. An SR22 bond ensures that a driver has the minimum amount of liability coverage. The bond will only pay out if the driver is at fault in an auto accident while causing property damage or bodily injury.
Here are a few more things to consider if you need SR22 insurance.
Does it make sense to purchase an SR22 bond instead of traditional auto insurance if it’s not required?
An SR22 bond will not cover liability for anyone but yourself, and you assume all risk if there is any damage to your car. You will also not receive any coverage other than the state minimum liability. Reaching out to a company that offers SR22 bonds is important to determine the best option for your situation.
What are the benefits of buying an SR22 bond instead of regular auto insurance?
SR22 insurance is much cheaper than traditional car insurance. However, it’s important to remember that it only covers the state minimum coverage, and it doesn’t offer any coverage on your vehicle. Keeping these things in mind is important if you are considering an SR22.
What happens if you are late on a payment?
Making a late payment will often result in a late fee. Many companies offer a grace period for late payments, but it’s usually no more than ten days. However, every insurance provider has various policies regarding late payments. Failure to make a payment in a timely manner may cause a lapse in your insurance and force your license to be suspended again.
How long will I need to carry a state filing?
Typically, the amount of time for needing SR22 insurance is around three years. However, this time period will depend on the severity of the violation. Failure to make a payment will force you to restart the time period for needing SR22 insurance. Usually, it only takes one business day for the BMV to process an SR22 bond. You may even save additional time by visiting the BMV in person.