How to Pick the Right SR22 Insurance Provider?
The certificate of financial responsibility (CFR) is essentially a vehicle liability insurance document required by the Department of Motor Vehicles (DMV) or its equivalent in most states for insurance policies that are considered “high risk”.
The CFR holds a document number for easy identification. This number is mandatory for DMV for verification purposes. The following are the four most common forms associated with the certificate.
Here’s how to begin:
- Search for an authorized provider, as all companies are not licensed to provide SR-22 coverage. To be compliant as per law, you must have your SR-22 certificate filed by a company who is authorized to do it. Your local DMV should be able to provide you a full list of companies who offer SR-22 insurance.
- In case your current policy provider does not offer SR-22 services, you may have to terminate your previous insurance policy. If you had taken new insurance at the moment of your conviction, then that insurance company may cancel your policy.
- A Complete disclosure is mandatory while switching providers. It is also essential to inform both carriers (The old and the new insurer) about your SR-22 requirement. As per the law, it is illegal to hold dual policies. When moving out from the state where you originally received SR22, it is mandatory for you to first comply with the terms and requirements from the state where the adjournment occurred.
- It is important to understand the fees, next to the policy which is going to cost you a bit more than regular liability coverage. Few SR-22 insurance companies may charge anything between $20 and $50 (at times even more) for issuing your SR-22 certificate. Furthermore, you will also be liable to pay a reinstatement fee for your driver’s license, which is usually in the range of $50.
Recommended SR-22 companies
Below are some of the top insurance companies that offer SR22 insurance in most states:
- GEICO: The name says it all. Being a top-notch insurance company with a long history of satisfied customers, GEICO could be your number one choice if you are looking for SR22 insurance.
- Progressive: The company is well known for the great discounted deals that they offer. Most people instantly relate to Progressive due to their television commercial featuring Flo the Progressive girl.
- AARP: At times they have a slightly different underwriting system that could save you a few dollars. Whether or not they are on your preferred insurer list, ask them for a quote. You might be surprised!
- Allstate: They offer a top-class service, prompt filing and great support. You can be eligible for some perks if you were an Allstate customer before the SR-22 requirement.
- Nationwide: They strive to be the most competitively priced on the market, and most times successfully do so. Give them a definite try if you are shopping around for the best deals!
- Farmers Insurance: They’re preferred for a cheap and fast filing of the SR22. They have good rates and an overall recommended service.
- USAA: This companies services are exclusive only to the US Army personnel and their families. If you are or have been enrolled in the military then bingo! They have some of the cheapest rates across the market and a handful of unique privileges.
- State Farm: Analytics says that they are today’s largest car insurer, with a market share of more than 20% millions of vehicle owners this fact can’t be wrong!
- Esurance: What Esurance offers is worth every penny! Their online platform is extremely well-built and savvy to use that you won’t ever need to call an insurance agent. Again, they have the most competitive rates in the market and the SR-22 filing process is one of the quickest.