SR22 insurance, as its frequently called, is not really a type of Florida auto insurance. In simple words, SR22 is the name of the form which is used by automobile insurance companies to prove an individual is compliment with the minimum limits of liability required.
SR22 form is submitted by your auto insurance company to the Florida’s Bureau of Financial Responsibility, only of course you are required to submit such evidence of liability insurance. Driving under the influence, suspension for too many points, driving without insurance are some of the reasons why you may be required to have SR22.
Florida’s No Fault Law indicates that the minimum requirements for an auto insurance policy are $10,000 of Personal Injury Protection and $10,000 of Property Damage Liability. For SR22 Insurance, Bodily Injury Liability (BIL) is added on top of the minimum requirements. $10,000 per person and $20,000 per accident are the minimum BIL limits for SR22 in Florida. The SR22 requirement can also be fulfilled with a single limit of liability – $30,000.
Regardless of the fact that you are required to file a SR22 form, the premium for Bodily Injury Liability will not be increase by your insurance company. A $15 filing fee is the only additional cost for you.
However, if you are required to file a SR22 form your insurance will become more expensive. Its not because of the SR22 form, but rather because of the reasons stated above – DUI, suspension for too many points, driving without insurance.
If you don’t comply if mandated by the Bureau of Financial Responsibility, vehicle license plate and or your driver’s license will be suspended. If this happens, you will have to pay reinstatement fees in addition to the filling fee. SR26 form will be filed by your insurance company if your let your insurance lapse.
