A financial responsibility form addresses the state’s need to ensure that high-risk drivers remain insured. Most states have financial responsibility laws requiring licensed drivers to carry minimum auto liability insurance coverage. In this case, financial responsibility means that you will reimburse others for damage or injury that you may cause while operating a vehicle. Drivers who carry standard auto insurance, SR22 insurance, or FR44 insurance are financially responsible.
The AAMVA financial responsibility form
All licensed drivers are responsible for paying the costs of personal injury or property damage if they cause an accident. Suppose an officer pulls you over, or you get in an accident. In that case, you must show proof of insurance coverage – your auto insurance card. If you drive without carrying minimum liability insurance, you face a fine or suspension of your driver’s license.
After a license suspension, you’ll require more than a standard auto insurance card. The SR22 financial responsibility form is a guarantee of insurance coverage. How is it a guarantee? Insurance policies tied to an SR22 certificate must remain current for a specific time. During this time, insurance underwriters monitor SR22 insurance policies to ensure they’re in good standing. If an SR22 policy lapses, the state will immediately suspend the driver’s license again.
How do I get SR22 insurance?
If you have a suspended license, you must file an SR22 certificate with your state Department of Motor Vehicles to reinstate your driving privileges. Your insurance provider attaches the SR22 financial responsibility form to an auto or non-owners insurance policy. They will file the certificate with your state DMV. This filing proves you carry the minimum liability insurance coverage the state requires to operate a vehicle.
Standard proof of insurance vs. SR22 proof of insurance
When the state suspends your license, your financial responsibility obligation (your insurance rate) usually increases for a while if you want to reinstate your license. Filing a financial responsibility form with the state addresses this increased requirement. A standard car insurance ID card proves that you have current insurance. An SR22 or FR44 filing costs more than standard car insurance because it guarantees that you meet the state’s minimum auto insurance requirements during a specified time.
Call UltraCar Insurance when you need to file an SR22 or FR44 financial responsibility form with your state. Our licensed agents will provide a quick SR22 or FR44 insurance quote and quickly file your certificate with the state.
This article was last updated on December 26th, 2021 by UltraCar Insurance