If you’ve been informed that you have to carry SR-22 insurance after a traffic violation, you probably have questions. In fact, SR-22 insurance isn’t a type of insurance at all – it’s a document that is filed by your insurance provider, stating to the courts that you are carrying the required amount of car insurance. This misconception is just one of the many questions that people often have about this type of insurance coverage. Here’s what you need to know about SR-22 insurance rates in Chicago, as well as a few other key pieces of information:
SR-22 Does Impact Insurance Costs
The SR-22 insurance rates in Chicago can vary depending on where you get your insurance and other factors about your insurance. However, it’s important to know that being legally obligated to carry the SR-22 certificate does make your insurance rate higher. The reason is that being legally obligated to carry this certificate means that at some point in the past, you broke a traffic law or were in an accident. This makes you a high-risk driver, which is what makes the insurance cost go up.
SR-22 Insurance Does Have a Limit
You typically only have to have the SR-22 insurance certificate for a few years. If you carry insurance during that time and don’t have any more traffic violations, you will have the certification requirement removed.
You Cannot Let Your Insurance Coverage Lapse while You Carry an SR-22
One big no-no for anyone who carries SR-22 insurance is letting their coverage lapse. Even if you are shopping for new coverage, you must be sure that you are always covered by a policy at all times. You can see your SR-22 penalty and fines increase if you fail to do so.
The Way You Pay SR-22 Insurance Rates in Chicago May Change
Because this certification labels a driver as high risk, some insurance companies may require that an SR-22 customer pay their insurance policy six months to a year in advance, rather than allowing for monthly payments.
As you can see, having this certification on your driving record will definitely make a difference when it comes to your insurance premium rates. However, it doesn’t have to be a disaster on your wallet Contact us at Business Name to learn more about affordable SR-22 insurance by calling our office at 773-838-3900.