Hello. This is Dan Lyles with Lyles Insurance. And in this video we're going to talk about SR22 filings. We're going to go over what an SR22 filing is. The type of auto insurance policy you need to attach it with. And also give you some pointers about how to find the best rate.
What is an SR22 filing? Well, first let me explain what an SR22 isn’t. An SR22 is not auto insurance. Nor is it any type of bond. It is simply a state filing that attaches onto some type of auto insurance policy. It lets your state BMV know that you're carrying at least state minimum liability auto insurance coverage.
An SR22 filing attached onto an auto insurance policy basically does two things: Number one, it lets your BMV know that you have taken out liability auto insurance. And here's the important part. It also lets the BMV know if you ever lapse, cancel or expire on your policy.
To better understand how an SR22 works, think of it as a “tattle-tale” clause. That is, when you have a policy that has an SR22 attached to it, if you ever cancel, lapse or expire on your policy, the company is required by law to notify the State DMV. And once that happens, your license gets suspended until you either reinstate your policy, or start a new policy with another SR22 attached.
It's very important that you set up your SR22 filing properly. And to do so it is very simple….. If you own a vehicle or have a vehicle registered in your name, you'll want to attach an SR22 onto a regular auto insurance policy……. If you do not own a vehicle, you need to take out what's called a named operator's. It's also known as a non owner's auto insurance policy. And it works just the same as regular auto insurance, as far as your SR22 filing reinstating your license. It's designed for people that need insurance but don't own a car. And also for drivers in the state of Ohio, another option besides the named operator policy is a Financial Responsibility Bond. You can choose either one. The financial responsibility bond is more popular in Ohio because it's cheaper. But either one will be fine as far as getting your license reinstated.
Quickly, I want to go over two special types of auto insurance filings, the FR44 and the SR50. These only apply to my customers in Virginia and Indiana. The FR44 is just a Virginia thing only. I believe the only other state that has FR44s is Florida, and of course, I don't sell in Florida. But in Virginia, it works exactly like an SR22 filing does. The only difference is you're required to carry double the state minimum liability auto insurance requirement.
In Indiana, no other state has the SR50 besides Indiana And it's no longer used. It's obsolete. It's been replaced now by the SR22 filing. However drivers that were charged before the law changed, they still get grandfathered into the old SR50 requirement. Just remember that an SR22 substitutes just fine for the SR50. In fact, you're much better to do so because most companies no longer write SR50 filings.
Another thing that comes up once in a while is out-of-state SR22 filings. This is for drivers that need an SR22 filing in one state, but have since moved to another state. What you need to do is purchase the policy from the state you're currently living in, and find a company that's willing to write out-of-state SR22s for the state that you need it in. Now, I can tell you right now that this is frustrating. It's hard to find companies that will do it, but it is doable because there are companies that will. In fact, I have several of them. For those of you who live in Ohio, Indiana, Michigan, Pennsylvania, West Virginia or Virginia…. I can help you with that. And also, between your former and current states, you have to go with whichever state has a higher level of state minimum auto insurance liability requirement.
Finally, let me give you a couple pointers about helping you find the lowest rate. You're going to find out, if you haven't already, that many auto insurance companies won't even write SR22 filings. And there are also some companies who will write SR22’s, but they charge a fortune to do so. So what you need to look for is to find an independent agent that specializes in high-risk auto insurance like myself. The companies that we carry, they go easy on drivers with SR22 requirements, even if they have dings on their driving record. And the good thing about it is efficiency. You get multiple quotes at one time instead of going to each company one at a time, which can take a long time to do. So let the independent agent do the dirty work for you, and do all the shopping around. And you'll find probably your lowest rate that way. I hope this has helped you understand how SR22 filings work. Thanks and have a great day!
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..