An SR-22 addendum is mandatory in some situations and covers high-risk drivers. A lot of people are misinformed about SR22 insurance, and this can steer them in the wrong direction. This article will address the common myths about this document so you'll know what to expect when applying for one.
Myth #1: You Do Not Need Auto Insurance to Get an SR-22
This is a misleading notion because an SR-22 is not an insurance policy but an endorsement of your auto insurance policy. It proves that you are the person you claim to be and have insurance coverage with an insurance company. It, therefore, means that you must first have insurance before applying for SR-22 coverage.
Myth #2: SR-22 Is Costly
Unlike what most people think, SR-22 Insurance has a one-time fee and is quite cheap. The only expense you need to look out for is your car insurance rates that are likely to increase due to the high-risk nature of your driving.
Myth #3: You Can Cancel Your Policy Once You Get Your License Reinstated
Many people assume that once they get their license back, they can save the annual fee by canceling their SR-22 policy. This is however not the case because the Department of Motor Vehicles uses this to ensure you have auto insurance.
Myth #4: You Do Not Need an SR-22 Form Once You Move To a Different State
If you hold an SR-22 document, this makes you a high-risk driver regardless of the state you are in. Do not buy into the idea that once you move to a different state, you have the flexibility to drive around without an SR-22.
You must have your SR-22 document at all times until notified that the time is up, otherwise you may be building problems for yourself.
Myth #5: It Is Possible To Have Dualistic Insurance
You may have heard someone say that they can get SR-22 insurance from a
different company other than their insurer. As required by the law, your auto insurance company must be the one to file this crucial document on your behalf.
Myth #6: You Need to Make Monthly Payments to Keep an SR-22 Active
Many people avoid getting SR-22 Insurance because of the misconception that monthly payments have to be made to keep it active. An SR-22 only requires a one-time fee payable when you renew your policy.
Separating the facts from the myths is vital if you need an SR-22 policy. If you are a high-risk driver, talk to your insurance provider to get the right information because an SR-22 document is what you need.