SR-22 Insurance Colorado Springs

By: Lauren McKenzie| Licensed Agent at Learnandserve.org | Powered by A Plus Insurance

COLORADO SPRINGS SR-22 INSURANCE: WHAT IS IT?

Understanding SR-22 Insurance, Colorado Springs. An SR-22 is a certificate of financial responsibility that some individuals are required to obtain to reinstate their driving privileges after certain driving-related offenses or violations. It’s not an insurance policy itself, but rather a form that demonstrates to the relevant authorities that the individual has the necessary auto insurance coverage as mandated by law.

Individuals might be required to obtain an SR-22 if they have been convicted of serious traffic offenses, such as driving under the influence (DUI) or reckless driving. The SR-22 is typically issued by an insurance company and filed with the appropriate state agency. It serves as a way for the state to ensure that the individual carries the required insurance coverage and is financially responsible in case of future accidents or violations.

COMMON REASONS YOU MAY NEED TO CARRY SR-22 INSURANCE COLORADO SPRINGS

People may need an SR-22 for various reasons, primarily involving serious driving-related offenses or violations that indicate a higher level of risk to insurers and authorities. Some common reasons why someone might need an SR-22 include:

• DUI or DWI Convictions: Driving Under the Influence (DUI) or Driving While Intoxicated (DWI) convictions often lead to SR-22 requirements. These offenses involve operating a vehicle while under the influence of alcohol or drugs.
• Reckless Driving: Reckless driving, which typically involves willful and dangerous disregard for traffic laws or the safety of others on the road, can trigger an SR-22 requirement.
• Driving Without Insurance: If someone is caught driving without the required auto insurance coverage, they might be mandated to get an SR-22 as a way to demonstrate financial responsibility.
• Multiple Traffic Offenses: Accumulating a series of serious traffic violations within a short period could result in an SR-22 requirement. This might include offenses like speeding, running red lights, or causing accidents.
• Accidents Without Insurance: If a person is involved in an accident and does not have the necessary insurance coverage, they might be required to obtain an SR-22 to prove their financial responsibility for future incidents.
• Driving with a Suspended License: Operating a vehicle while your driver’s license is suspended or revoked can lead to an SR-22 requirement, often as part of the process to reinstate your driving privileges.
• Driving as an Uninsured Motorist: In some cases, individuals who are caught driving without valid insurance coverage might need to obtain an SR-22 to demonstrate their ability to meet insurance requirements moving forward.

COLORADO SPRINGS SR-22 INSURANCE: WHAT POLICY IS RIGHT FOR ME

There are several different types of Insurance policies offered, depending on the State you are required to obtain the SR-22 in, and the drivers circumstances. Drivers who may not be operating a vehicle (whether their licensed is suspended, or they do not own a vehicle), will still need to carry an SR-22 to comply with the State. The following policies are available, consult with an Agent to find the best fit for you.

Non-Owner’s Policy (Operator-Only Policy): A non-owner’s policy is for individuals who do not own a vehicle but still need to meet SR-22 requirements. It provides liability coverage when the individual drives a vehicle they do not own. This type of policy is common for those who frequently borrow or rent vehicles.

Broadform Policy: This type of policy is typically designed for individuals who need insurance, but may or may not own a vehicle. The Insurance follows the driver in any personal passenger vehicle, regardless of ownership. It covers the driver for Liability Only, if driving an owned vehicle, or borrowing a vehicle.

Standard Auto Policy: This policy insures a vehicle, along with a driver(s) listed on the policy as an operator. An SR-22 filing may be attached to this policy, if the company allows it. Some Insurance companies do not offer SR-22 filings, but it is still possible to add an SR-22 to an auto policy, if you contact the right company.

SR-22 INSURANCE: THE AVERAGE COST OF A VIOLATION

There is a common misconception that SR-22 Insurance is expensive! However, it is not the SR-22 that makes the insurance cost expensive, it is the violation that was received, NOT the SR-22. Most companies charge a small fee of $0-$25 for the SR-22 filing, over the course of the entire insurance term. That means your paying an average of only $25 for the SR-22, not hundreds. So why did your insurance premium sky rocket? The severity of the violation determines the increase in premium on your Insurance policy.

Driving Record	Annual Premium Increase	Monthly Increase
Reckless Driving	$587	$49
DUI	$755	$63
At-Fault Accident	$690	$57
Speeding	$431	$36

SR-22 INSURANCE COLORADO SPRINGS: EXPLAINED

SR-22 INSURANCE COLORADO SPRINGS: WHAT DOES THIS MEAN FOR ME?

Aside from the potential increase in premium on your Auto policy, or having to obtain a Broadform/Non Owners policy to comply with the SR-22 filing, there are several other negative impacts that this will have on you.

• Filing Fees: Most companies charge a filing fee of $0-$25 for the SR-22 for the policy term, whether that is a 6 month or 12 month term.
• Policy Cancellation: If you have Insurance with an Insurance company and are suddenly required to obtain an SR-22, you could face the possibility of a cancelled policy. Since some companies will not insure ‘high risk’ drivers, you may be forced to search for insurance elsewhere if your company does not offer SR-22 Insurance in Colorado Springs.
• Length of SR-22 Filing Required: Obtaining an SR-22 Insurance for a month, and cancelling will not fix your problems. The DMV will decide, based on the type of violation and other factors, the length of time you must carry the SR-22 filing. Most cases, it can range from 1 to 3 years. In more serious cases, you may be looking at up to 5 years. This means that your SR-22 must stay active for that entire time, if the SR-22 ever cancels, or lapses, you may have to RESTART your time all over.

SR-22 INSURANCE COLORADO SPRINGS: THE FIRST STEPS

You’ve just been notified by the DMV that you must obtain SR-22 Insurance. You may not understand what this means for you exactly. Our advice, speak to a professional to allow them to help navigate through this difficult time. We are here to make it easy on you.

Step 1: Find an Insurance company that provides coverage for SR-22 Insurance Colorado Springs. If you have a current auto policy, check with your provider first to see if they can offer you an SR-22.

Step 2: If you do not have Insurance currently, or your Insurance provider does not offer SR-22, or the prices are too high – Secure a policy that meets the State Minimum Liability Requirements or higher if needed.

Step 3: Once you have purchased your policy, Non Owners, Broad form or a Standard Auto policy, ask your insurance agent to file the SR-22 certificate with the DMV and provide you with a copy for your records.

Step 4: The filing usually takes a few business days for the State to obtain it, check with the DMV to make sure they have received the SR-22 (Financial Responsibility Filing), and pay any necessary fines to the DMV

Step 5: Make sure to keep the SR-22 filing active for the required amount of time. Avoid ANY lapses, or late payments on your insurance policy.

Last Updated on September 2, 2023 by Veronica Moss