SR22 Financial Responsibility

Reader’s Question:

What is SR22 financial responsibility?

Sean

Bedford VA

An SR22  form is required by the Department of Motor Vehicles to remove the suspension on your driver’s license. An insurance company generally takes care of the SR22 filing. This filing will guarantee the state of Virginia’s DMV that a motorist has enough liability coverage based on the minimum requirements set by the state.

Filing for an SR22 Financial Responsibility can be made the same day your license is revoked. By using the Internet, you can view several SR22 insurance companies that can provide you with their online estimate of SR22 filing. You are only requested to fill up an online SR22 survey form and in an instant you get your free SR22 quote based on the information you entered. You may also call directly the hotline of the insurance company to speak with a stand by online insurance agent.

It usually takes around three years to keep an SR22 form. Such holding period can be prolonged depending on the gravity of the situation. The insurance company must notify the DMV if the SR22 is expired. At this time, your license gets suspended if the SR22 is no longer valid.

Basically, your driver’s license is invalidated if you do the following: driving while intoxicated, driving without legal insurance and getting several DMV points over a specific period of time. You need to have all your vehicles that are registered under your name to be covered with minimum liability coverage insurance. Non-owner liability coverage is for those individuals who don’t own the vehicle they are operating.

To get a faster transaction of your license reinstatement, contact ahead the DMV to reconcile any unpaid fines or DMV charges. Among these charges is your reinstatement fee. There are also some insurance companies that require you to get a Driving Record Report from the DMV. This is important for them to give you an accurate estimate of your SR22 insurance coverage price.

Will Uninsured Motorist Car Insurance Pay For Auto Accident?

Reader’s Question:

If I get involved in an accident here in Minnesota where the other driver has no car insurance, will my insurance company pay the damages? What if the costs incurred exceed the limits on my coverage?

Jill

Minneapolis, MN

Minnesota observes the no-fault act. This means that following an accident, individuals involved will have to file claims against their own insurance companies initially for benefits. This law has been adopted to minimize long court battles to determine who is at fault and who needs to shoulder the liability after the accident. Having the no-fault act also means that all motorists are required to obtain the no-fault insurance policy. This type of coverage actually means having Personal Injury Protection (PIP) where an amount up to $20,000 pays for bodily injuries and another $20,000 for funeral expenses and lost wages. Having this type of insurance coverage hinders the ability of a driver to sue the other. However, if medical costs exceeded the limit, the other driver reserves the right to sue the at-fault driver to pay any remaining amount that the PIP cannot cover.

Motorists who have extensive health insurance elect to have the minimum PIP policy. Make sure to read the declarations page on your car insurance policy. If excess medical expenses are stated then you will have to look to your health insurer first. Any amount remaining will be shouldered by your car insurance company. In your case, if you get hit by an uninsured driver, your PIP insurance will definitely assist you financially. But if costs exceed those stated in your coverage limits, then you can sue the other driver for the remaining amount.