SR22 Insurance By UltraCar Insurance
If you’ve lost your drivers license due to a traffic offense or or violation of drunk driving laws, one of the penalties include filing an SR22 Colorado certificate with the DMV if you are eligible for license reinstatement. Many questions may come to mind, such as:
Why do I need SR22 insurance?
The term SR22 stands for “safety responsibility”. It’s a financial responsibility document that guarantees that you are covered by the legally required amount of liability insurance. So to be precise, it is not an actual insurance policy, but is evidence of having an insurance policy.
The most common reason for a driver to purchase Colorado SR22 high risk insurance is to reinstate their license after a suspension or revocation due to an alcohol related conviction, excessive points from traffic violations, unpaid traffic tickets, including parking tickets, unpaid child support, operating a vehicle without insurance and sometimes a legal judgment, among other situations.
If you own a vehicle, the filing is attached to your auto insurance policy (this is owners SR22); and if you don’t own a car, the document that is filed indicates that you are covered by liability insurance if you drive a non-owned auto (non owners SR22).
Do I need it if I already have auto insurance?
Yes – if the state of Colorado requires you to have SR22 insurance, the certificate has to be endorsed to your existing auto insurance policy. However, you need to keep in mind that not all insurance companies are capable of doing that.
What if I don’t own a car?
Even people who don’t own a vehicle still have a drivers license, and if it is suspended for any of the reasons indicated above while driving another person’s car, you will be required to obtain and file a non-owner certificate to reinstate your driving privileges.
How long do I need to carry it?
You’ll be required to keep this insurance in force for 3-5 years (depending on the seriousness of the offense). If you miss even one premium payment, your insurance provider is required to file an SR26 with the Colorado DMV, which cancels your policy and results in license suspension until you file another certificate. It’s important to know that if you filed through one insurance provider and you later change to a different company, you’ll need to file a new certificate through the new company before the other policy expires. There cannot be any lapse of coverage in between the policies.
How much will I have to pay?
Insurers consider a number of things about you when they provide an insurance rate quote, even personal factors. Some of the most common things that can reduce or increase your premiums include:
- Your driving record. This includes how many moving violations you’ve had over a period of time, any at-fault accidents you’ve been involved in, and if you’ve had DUI or DWAI charges or convictions. In Colorado, the BAC for DWAI charges is between 0.05 and 0.07, and for DUI the BAC is over 0.08.
- Where you live in the state. For example, rates in highly populated areas such as Denver, or high crime areas will have higher rates than in rural areas or less populous cities such as Littleton.
- How many miles you drive. You’ll pay more if you drive a lot than if you drive very little, because there is less chance of accidents.
- The car you drive. Your premiums may be higher if you drive a car with a high-performance engine, because owners of these vehicles tend to be risker; and if you own a very expensive vehicle they are much costlier to repair or replace.
- Personal factors that can be considered are your credit score, occupation, age and marital status. Good credit results in lower rates; bad credit results in higher rates. If your job requires lots of travel, you may pay higher rates. If you’re under age 25, you’ll likely have a higher rate, while those age 50 to 65 usually have lower rates. Women and married people are considered a lower risk for accidents, etc. than men and single people.
Do I still need to keep this insurance if I move out of state?
If you move to another state and your Colorado requirement is still in effect, you will need to plan ahead to maintain continuous coverage. You’ll need to find an insurance company that’s capable of doing an across-state filing. This involves filing a new SR22 in the state you’re moving to, and at the same time file a new certificate in Colorado. Both policies should overlap a few days to avoid a lapse in coverage. The insurance company that submits the filings must be licensed in both states, and not all companies can do this. UltraCar Insurance is licensed in 34 different states, and can handle a majority of these cases.
Can I get a broad form in Colorado?
Like a non owners policy, an SR22 can be endorsed on a broad form policy. See more information about Broad Form insurance here. A broad form will cover you when driving any non owned vehicle on an occasional basis. Unlike a non owner policy, it will cover you liability wise on any owned vehicle, as long as you are the only driver. In other words, it will not extend to anyone else. Therefore, there is no coverage if someone else drives the car. A broad form policy is generally a little more expensive than a non owners policy, but is not offered in every state, or by every company.
Below are the minimum coverage standards required by Colorado. Additional or higher coverages can be purchased if desired.
- $25,000 maximum bodily injury per person paid by the policy
- $50,000 total the policy pays for bodily injury to all persons *
- $15,000 total amount the policy pays for property damage
* If there are several persons injured, those who file a claim first receive payment until the total of $50,000 is reached. After $50,000 in payments have been made, any other Injured persons would have to pursue other legal recourse from the policyholder.
UltraCar Insurance agents provide competitive Colorado SR22 insurance quotes and knowledgeable advice about owner and non owner policies. Our agents are licensed in Colorado and are ready to provide quick filing to satisfy the state’s requirement.Tags: Broad Form Insurance, Colorado, Colorado DUI, Colorado DWAI, Colorado High Risk Insurance, Colorado SR22 Insurance, Colorado SR22 Insurance Quotes, SR22 Colorado, SR22 Insurance