The average person has never even heard about an SR22 until they find themselves in a situation where they need one. If you're in this group and now you're looking for an SR22 component, make sure you know how to weed out the myths as they only cause more harm than good. Here are just some of the myths you want to avoid.
Myth: SR22 Is Insurance Coverage
It's best to think of an SR22 as more of a coverage component. Make sure you understand that it's not actual coverage. When you carry an SR22, your insurance provider files a record with the state to confirm that you have the necessary coverage, but it does not offer any additional protection.
Additionally, since it's not extra coverage, you generally won't be required to make any changes to your existing policy; however, there is a possibility that you might experience a rate increase. Some providers also charge an additional fee for an SR22 so don't forget to factor this in.
Myth: You Will Need To Carry This Component Forever
Although you may have a court order to carry SR22 coverage currently, it's likely that this is only a temporary order. You can typically expect to meet this requirement for a minimum of three years unless the court decides otherwise.
Typically, the period for which you are required to carry an SR22 is equal to the length of time the violation will also be on your record. Provided you do not incur any new violations, once the offense falls off, you will no longer be considered high-risk and therefore won't need this coverage component.
Myth: You Can Change Your Insurance At Any Time
Some people think they can cancel or downgrade their insurance policy once an SR22 form has been filed on their behalf. This is a costly mistake. When an insurance company files an SR22, they are required to inform the courts any time you are no longer covered or don't meet the minimum coverage requirements.
As soon as your policy drops below the threshold, the insurance provider will notify the state of this change. In return, you can face a number of penalties from the state, including a license reinstatement fee and a new few for another SR22.
When it comes to an SR22, your insurance provider should be your primary source of information. In addition to answering general questions about how this component functions, a representative will also be able to provide you with fee information and other important details. If you're interested in learning more about SR22 insurance, pop over to this website.