MONDAY, FEBRUARY 27, 2023
The Illinois Secretary of State may require an SR-22 certificate, also called proof of financial responsibility, to show that your auto insurance policy meets the state minimum requirements for liability coverage.
Illinois drivers may be required to file an SR-22 certificate if they have any of the following:
- Safety responsibility suspension
- Driver’s license revocation
- Three or more convictions for mandatory insurance violations
- Unsatisfied judgment suspension
- Mandatory insurance supervision
When appropriate, the Secretary of State sends the driver a notice of the SR-22 certificate requirement. The form must be filled out and filed with the Secretary of State by your insurer within 90 days of receiving the notice. 
What Does SR-22 Compliant Insurance Cover?
The liability insurance you need to comply with state regulations may help cover third-party claims of bodily injury and property damage if you cause a car accident. Your agent may recommend purchasing more than the minimum coverage required to satisfy SR-22 requirements. If the damages for which you are legally liable exceed the limits of your liability policy, you may have to pay the remainder out of pocket.
Illinois also requires drivers to purchase uninsured motorist (UM) bodily injury coverage. This policy may help cover your medical costs if you are in an accident with an at-fault driver with no liability insurance coverage or if you are the victim of a hit-and-run.
Underinsured motorist (UIM) bodily injury insurance may also be required, depending on how much UM coverage you purchase. This policy helps pay for your bodily injuries after an accident with an at-fault driver whose liability coverage limits aren’t enough to cover your medical costs completely.
The Secretary of State accepts three types of SR-22 forms, including:
- Operator’s certificate—This form proves your coverage meets SR-22 requirements while driving any vehicle you do not own.
- Owner’s certificate—This form proves your coverage meets SR-22 requirements in a vehicle you own. The vehicle information is listed on the form.
- Operator-owner’s certificate—This form proves your coverage meets SR-22 requirements in any vehicle.
An Illinois driver who must file an SR-22 form has several alternatives to purchasing SR-22-compliant insurance. They may fulfill the financial responsibility requirements by depositing $70,000 in cash or securities with the state treasurer or filing a real estate or surety bond.
How to Get SR-22 Compliant Insurance In Illinois
Not every insurer will cover a high-risk driver, so it’s crucial to work closely with your agent to find a reputable insurance company to provide the coverage you need at a great rate. While Illinois requires liability and UM/UIM coverage, you may be required to purchase full coverage insurance if you have an auto loan or lease.
Contact Hanway Insurance in Oaklawn, Illinois, to get auto insurance that complies with SR-22 rules and meets your lender’s requirements.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
No Comments
Post a Comment |
|
Required
|
|
Required (Not Displayed)
|
|
Required
|
All comments are moderated and stripped of HTML.
|
|
|
|
|
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
|
Blog Archive
|
|