The Basics of Securing SR-22 Insurance Coverage in Texas
Securing SR-22 insurance in Texas can be, at times, an overwhelming process, so it’s important to have an understanding of the basics. Knowing the answers to the following questions is a great place to start. What is SR-22 insurance? What does an SR-22 entail? What are the requirements and regulations of filing an SR-22 in Texas?
An SR-22 (or proof of financial responsibility) is the state’s way of verifying that you are insured and can be financially responsible for any damage you cause in an accident. It’s a document, usually provided by your insurance company, that’s filed electronically with the Texas Department of Transportation. This document verifies that you have an insurance policy that is in effect and allows the state to track your insurance coverage.
If you don’t have an existing policy, you can obtain an SR-22 through a provider or an insurer. It’s important that you keep your SR-22 in effect, since failure to do so could result in a suspension of your license and other legal repercussions. Typically, SR-22s must be in effect for three years from the date of the conviction, but it is based on the conviction and the severity of the charge.
SR-22 insurance coverage requirements depend on the type of conviction. In some cases, you can purchase just a liability coverage, while in others, higher levels of coverage may be mandated. In most instances, liability insurance will suffice and typically covers bodily injury or property damage of others if youre found to be at fault in an accident.
Texas SR-22 requirements also may mandate a certain amount of uninsured motorist coverage. This type of coverage will help pay for any damages and medical bills that occur in an accident with someone who carries no insurance. It’s important to know that not all insurance providers offer this type of coverage, so it’s important to inquire with your provider to confirm if this coverage is required.
Qualifying for SR-22 insurance also requires understanding the requirements and regulations for filing in Texas. Depending on the severity of the violation, an SR-22 can remain active for up to three years. During this time, insurers may require that you keep your policy in place in order to remain licensed. If you let your policy lapse before your three-year window is up, the Texas Department of Transportation may impose fees or suspend your license.
Being charged rates for SR-22 insurance can also be overwhelming. Based on the severity of the violation, you may receive higher than average rates. Additionally, if the violation is severe enough, some providers may refuse coverage completely. Shopping around for quotes can be beneficial to find the most competitive rates.
In conclusion, understanding the basics of SR-22 insurance coverage in Texas is of the utmost importance to remain in good standing with the state. It’s critical to know that SR-22s must remain in effect for a minimum of three years, and failure to have a valid policy in effect could result in a suspension of the license. Additionally, depending on the severity of the violation, the rates charged for SR-22 insurance coverage could be high. Understanding these basics of SR-22 insurance in Texas can help you save time and money in the long run.