SR-22 Insurance Definition and Purpose
SR-22 insurance is a type of financial responsibility insurance required by the state of Colorado for drivers who have been convicted of certain traffic violations, such as driving under the influence (DUI) or driving without insurance. SR-22 insurance provides proof to the state that the driver has obtained the minimum amount of liability insurance required by law.
Circumstances Requiring SR-22 Insurance
In Colorado, drivers are required to obtain SR-22 insurance if they have been convicted of:
– Driving under the influence (DUI)
– Driving while ability impaired (DWAI)
– Driving without insurance
– Reckless driving
– Vehicular homicide
– Hit-and-run
Types of SR-22 Insurance in Colorado
In Colorado, there are two main types of SR-22 insurance: Operator SR-22 and Owner SR-22. Each type of insurance has specific coverage options and requirements:
Operator SR-22
- Required for individuals who have had their license suspended or revoked due to traffic violations.
- Covers the driver, regardless of the vehicle they are operating.
- Provides proof of financial responsibility to the Colorado Department of Motor Vehicles (DMV).
Owner SR-22
- Required for individuals who own a vehicle that has been involved in a traffic violation.
- Covers the vehicle, regardless of who is driving it.
- Provides proof of financial responsibility for the vehicle to the DMV.
Obtaining SR-22 Insurance in Colorado
To obtain SR-22 insurance in Colorado, follow these steps:
Eligibility: You must have a valid driver’s license and be required to file an SR-22 by a court order or the Colorado Department of Motor Vehicles (DMV).
Application Process:
- Contact an insurance company licensed to provide SR-22 insurance in Colorado.
- Provide your driver’s license number, court order (if applicable), and other required information.
- Pay the insurance premium and any applicable fees.
Fees:
SR-22 insurance fees vary by insurance company. Typically, they range from $25 to $100 per year, in addition to the regular insurance premium.
Filing an SR-22 Form
To file an SR-22 form with the Colorado Department of Motor Vehicles (DMV), follow these steps:
1. Obtain an SR-22 form from your insurance company. It is typically included in your insurance policy or can be requested separately.
2. Complete the form accurately and thoroughly. You will need to provide your personal information, insurance policy details, and the reason for filing the SR-22.
3. Sign the form in the presence of a notary public.
4. Mail the completed and notarized form to the Colorado DMV at the following address:
Colorado Department of Motor Vehicles
SR-22 Unit
1881 Pierce Street
Lakewood, CO 80214
Maintaining SR-22 Insurance in Colorado
To maintain SR-22 insurance in Colorado, drivers must continuously carry the required coverage for the entire period ordered by the court or DMV. Failure to do so can result in severe consequences.
The insurance company will typically file the SR-22 form with the DMV upon policy issuance. However, it’s the driver’s responsibility to ensure that coverage remains active throughout the required period.
Consequences of Failing to Maintain Coverage
- Suspension or revocation of driving privileges
- Additional fines and penalties
- Difficulty obtaining insurance in the future
Cost of SR-22 Insurance in Colorado
The cost of SR-22 insurance in Colorado can vary widely depending on several factors, including your driving record, age, gender, and the type of vehicle you drive. Generally, drivers with poor driving records or those who have recently been convicted of a serious traffic violation will pay higher premiums.
To find affordable SR-22 insurance, consider the following tips:
Compare quotes from multiple insurance companies
Don’t settle for the first quote you receive. Take the time to compare quotes from several different insurance companies to find the best rate. You can use an online insurance comparison tool to make this process easier.
Raise your deductible
Increasing your deductible can lower your monthly premiums. However, be sure to choose a deductible that you can afford to pay in the event of an accident.
Take a defensive driving course
Completing a defensive driving course can help you improve your driving skills and reduce your risk of getting into an accident. This can lead to lower insurance premiums.
Maintain a good credit score
Insurance companies use your credit score to assess your risk as a driver. A higher credit score can lead to lower insurance premiums.
Consider usage-based insurance
Usage-based insurance programs track your driving habits and reward you for safe driving. This can lead to significant savings on your insurance premiums.
SR-22 Insurance and Reinstatement of Driving Privileges
SR-22 insurance plays a crucial role in reinstating driving privileges after a suspension or revocation. It serves as a guarantee to the state that the driver will maintain financial responsibility and comply with all traffic laws.
The length of time required to maintain SR-22 insurance for reinstatement varies depending on the severity of the offense that led to the suspension or revocation. Typically, drivers must maintain SR-22 insurance for:
Duration of SR-22 Insurance for Reinstatement
- Three years for a first-time DUI offense
- Five years for a second or subsequent DUI offense
- One year for other traffic violations, such as reckless driving or speeding
Once the required time period has passed, the driver can request the removal of the SR-22 insurance requirement by filing a form with the Department of Motor Vehicles (DMV).
