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What Is A Financial Responsibility Form

What is a financial responsibility form?

Find out what a financial responsibility form is and when you need one. Get a low rate for SR22 insurance - start a quote now.

What is a financial responsibility form?

Last updated on December 11th, 2018 by

A financial responsibility form is a type of high risk insurance filing, also known as an SR22 or FR44 certificate. Filing this form is required to reinstate a suspended driver’s license, and allows the individual to drive on a restricted basis for a period of time. A financial responsibility form is considered a guarantee of future insurance coverage, since driving privileges will be terminated if the insurance policy tied to it lapses at any time.

Financial responsibility is a term used in connection with standard auto insurance, SR22 insurance and FR44 insurance. Financial responsibility means that you will reimburse others for damage or injury that you may cause while operating a vehicle. A financial responsibility form is a certificate of insurance that is filed with your state Department of Motor Vehicles proving you carry the required minimum liability insurance coverage required by the state. To reinstate your drivers license you will need to file an AAMVA uniform financial responsibility form.

All drivers must be held responsible for paying the costs of personal injury or property damage to others when they cause an accident. Every state has financial responsibility laws that require each driver to carry a minimum amount of auto liability insurance. Drivers are required to provide their financial responsibility form – their auto insurance card – if they are pulled over by an officer or involved in an accident. If a you do not carry the state mandated minimum liability insurance and cannot provide proof of financial responsibility, you face being fined or having your driver’s license suspended.

If your license has been suspended, your financial responsibility obligation will be increased for a period of time in order for you to operate a vehicle. This increased financial responsibility requirement means you must purchase a guarantee of insurance called a financial responsibility form and file it with your state. A standard car insurance ID card proves that you are currently insured. An SR22 or FR44 filing costs more than standard car insurance, because it’s a guarantee that you meet your state’s minimum auto insurance requirements during a future, specified time period.

Call UltraCar Insurance when you need to file an SR22 or FR44 financial responsibility form with your state. Our licensed agents will provide you with quick SR22 and FR44 insurance quotes and quick filing of your certificate.

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