SR22 insurance, as its often known as, is not in fact a type of Florida auto insurance. Simply put, SR22 is the name of the document which is used by vehicle insurance companies to acknowledge that a driver has an insurance policy maintain the limits of liability.
SR22 form is submitted by your car insurance company to the Florida’s Bureau of Financial Responsibility, in case of course you are required to file such evidence of liability insurance. Driving under the influence, too many points on your license for traffic violations, driving uninsured are some of the reasons why you may be required to have SR22.
Florida No Fault insurance 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. Bodily Injury Liability (BIL) is added in addition to the minimum Florida No Fault requirements if you need SR22 Insurance. In Florida, SR22 will require minimum Bodily Injury Liability limits of $10,000 per person and $20,000 per accident. Combined single limit of liability, $30,000, will also be sufficient to fulfil this requirement.
The amount you will pay for BIL will be the same regardless of the fact that you are required to file a SR22 form. The only additional cost to you is a $15 filing fee.
Still, if you are required to file a SR22 form you will pay more for your auto insurance. Its not because of the SR22 filing, but rather because of the reasons stated above – DUI, suspension for too many points, driving uninsured.
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, in addition to the filling fee, reinstatement fees will apply.