High-risk SR-22 and FR-44 insurance are certificates of financial responsibility that the state requires specific high-risk drivers to maintain. SR-22 insurance policies have the exact minimum coverage requirements as standard insurance. However, drivers who need FR-44 insurance will have higher minimum coverage requirements, which results in higher rates.
Still, finding an affordable SR-22 FR-44 insurance provider in Virginia is relatively easy if you know what to look for. Insurance companies like UltraCar Insurance, specializing in high-risk FR-44 and SR-22 insurance in Virginia, usually offer lower rates than most standard auto insurance providers.
Whether you need high-risk SR-22 or FR-44 insurance depends on why the state suspended your license. Let’s talk about SR22 and FR44 insurance and understand how to find an affordable Virginia SR-22 FR-44 insurance provider.
What is SR-22 Insurance?
SR-22 insurance is a policy specifically written to meet minimum coverage requirements. The state may require you TO get SR-22 insurance after a license suspension for certain traffic violations or other reasons. These circumstances can include the following:
- Driving without insurance
- Having multiple traffic violations on the DMV record
- Driving without a valid license or with a suspended license
- Specific court orders or legal judgments
What is FR-44 Insurance?
FR-44 insurance is a policy that meets higher minimum liability insurance requirements after more serious motor vehicle offenses involving alcohol or drug intoxication (DUI / DWI).
Please visit the Virginia DMV Financial Responsibility Certifications webpage for an inclusive list of why drivers must obtain SR-22 or FR-44 insurance.
What Are The Requirements For High-Risk SR-22 and FR-44 Insurance?
The Virginia DMV sets specific liability coverage limit requirements. Your auto or non-owner insurance policy must meet these SR-22 and FR-44 coverage requirements.
For an SR-22 certification, your minimum liability coverage must be at least $30,000 for bodily injury per person in case of an accident. For an FR-44, the required minimum coverage is twice this amount.
FR-44 certification is for drivers with more serious offenses, so the minimum coverage requirements for an FR-44 certificate are much higher than an SR-22 certificate. Higher coverage requirements mean that FR-44 insurance costs more than SR-22 insurance.
The minimum coverage requirements for Virginia FR44 are:
- $60,000 bodily injury per person
- $120,000 bodily injury per accident
- $40,000 property damage
- $20,000 uninsured motorist property damage
A specialized FR-44 insurance provider in Virginia, like UltraCar Insurance, is your best option for getting cost-effective FR-44 insurance.
Visit our Virginia SR22 FR44 Insurance page to see all the minimum coverage requirements in detail.
Now, let’s see how to identify an affordable high-risk SR-22 FR-44 insurance provider in Virginia.
How to Find an Affordable High-Risk SR-22 FR-44 Insurance Provider
Insurance companies write policies based on risk assessment. They use statistics to calculate the probability that they will have to pay claims for you and estimate your premiums accordingly. The lower the risk, the lower the premium you have to pay.
In an ideal world, every insurance company could accurately assess the risk of having to pay claims. An accurate risk assessment should allow a company to calculate the expected value of average annual claims, giving a reasonable estimate of costs.
Risk assessments always have some margin of error, or “standard deviation,” however. A significant standard deviation means that the company needs more data to predict annual claims costs confidently. The insurance company is also taking a risk when the standard deviation is high. The company minimizes this risk by charging high premiums for the policy.
A good insurance company has much data to work with to minimize the margin of error in its calculations and offer low rates. Listed below are qualities that can help you identify such companies.
1- Wide Service Area
An insurance company operating in a large area would have a more significant risk pool, allowing it to minimize its risk of loss and offer lower premiums. UltraCar Insurance provides high-risk insurance in 34 states across the U.S., making us an ideal choice.
2- Industry Experience
More experience means more accurate risk assessments, which translates to lower costs. We’ve been in business since 2012, and our agents have many years of experience providing high-risk auto insurance.
3- Specialty Services
A company specializing in high-risk SR-22 and FR-44 insurance can estimate risk far more accurately than a standard car insurance company. For instance, UltraCar Insurance is focused on high-risk car insurance policies, allowing us to offer better rates.
UltraCar Insurance is a leading SR-22 FR-44 Insurance provider in Virginia, offering policies tailored to your needs. Our agents can write your policy and, within 20 minutes, file your certificate with the DMV with no filing fee! Want your Virginia SR-22 or FR-44 insurance certificate at an affordable rate? Get a free quote now!
This article was last updated on April 18th, 2024 by UltraCar Insurance
