If you owned a vehicle when you first bought SR22 insurance, do you still need SR22 if you sell your car? The answer is yes. If your state requires you to carry SR22 insurance, it doesn’t matter if you own a car or not. What matters is the length of time your state requires you to have SR22 insurance.
Why you need SR22 if you sell your car.
If your state still requires you to have SR22 insurance, you need SR22 if you sell your car to stay in compliance. If you stop making payments on your policy before your SR22 obligation is complete, the state will suspend your license again. So what should you do? You’ll need to file a new SR22 certificate with the state, which involves converting your SR22 auto insurance to a non-owner SR22 policy.
To stay in compliance, you still need SR22 if you sell your car.
SR22 is a monitoring system between the state and your insurance company. This communication ensures that high-risk drivers have continuous insurance coverage for three years, in most cases. Your goal is to have a smooth transition between the owner and non-owner policies. Since you’ll still need SR22 if you sell your car, here’s what to do before canceling your existing SR22 auto policy. Buy a non-owner insurance policy and file the SR22 certificate with your state DMV. This way, you can avoid a coverage lapse that leads to another license suspension. See also: Non Owner SR22 vs SR22 Insurance.
Not all insurance companies offer non-owner SR22 insurance. To keep your SR22 filing active, ask your insurance provider if they offer a non-owner policy with an SR22 endorsement. Non owner insurance coverage is for people who don’t own a vehicle and need an SR22 filing for license reinstatement or other reasons. If your current insurance provider doesn’t sell non-owner SR22 insurance, find one that’s licensed in your state. If If you need SR22 if you sell your car, you can find non owner SR22 insurance companies locally or online.
Does non-owner SR22 insurance cost less?
A number of factors affect how SR22 insurance costs are determined, whether you own a vehicle or not. You may notice a premium increase if you add an SR22 endorsement to an existing auto policy. Your insurance rate will decrease if you go from a policy that insures a vehicle to one that doesn’t. So when you need SR22 if you sell your car, you may have to switch your insurance company and shop around to get the best rate.
Sometimes SR22 insurance requirements can be complicated. UltraCar Insurance helps you simplify your initial SR22 filing or update it if your circumstances change. We specialize in high risk insurance, with or without a vehicle. Please speak with one of our expert, licensed agents today for a free no-obligation consultation.