Do you anticipate having late SR22 payments during the pandemic? The economic measures states have taken to slow the pandemic’s spread has financially impacted millions of people. Many of us are having difficulty paying bills and keeping insurance payments up to date. When you have SR22 or FR44 insurance, it’s even more important to stay current with your payments to avoid policy cancellation and license suspension.
What happens if I have late SR22 payments during the pandemic?
Most state economies have been adversely affected by economic slowdowns caused by the existence of the virus. State Departments of Insurance have issued guidelines and procedures to assist customers by:
- Extending a payment grace period
- Waiving late payment fees
- Temporarily pausing policy cancellations
How are insurance companies helping customers during the pandemic?
With employees working from home and businesses reducing hours or closing entirely, there are far fewer vehicles on the road. With less driving, insurance companies have experienced savings by way of decreased claims. To pass on these savings, they may offer partial refunds, premium reductions, or payment deferral plans to help clients cope with reduced income.
Refund programs vary between insurance carriers. They may offer specific customer assistance measures at different times in different states. They can also suggest other measures to help reduce your payments.
What should I do if my SR22 payment will be late?
Be proactive about late SR22 payments during the pandemic. Contact your insurance company before your payment is due. Pursue any pandemic-associated relief that’s available to you. For instance, you may work from home now and have a significant decrease in mileage. Call your insurance carrier to see if you can get a low-mileage driver rate. Ask specifically what other types of assistance they can offer to you.
If your carrier defers payment, you’ll likely have to sign an Affidavit of No Loss (no accidents or vehicle damage) when you pay your premium.
A word of caution to our SR22 and FR44 insurance customers: don’t just stop paying your insurance premium. Unlike standard auto and non-owner policies, letting your high-risk insurance policy lapse will end up costing your driver’s license.
For late SR22 payments during the pandemic, call UltraCar Insurance. We’ll get you in touch with your insurance carrier to work out a plan. You can seek assistance whether you have an owner SR22 FR44 insurance policy or non-owner SR22 FR44 insurance.
This article was last updated on April 6th, 2023 by UltraCar Insurance