Insuring yourself as a driver in Illinois may not be that simple. It’s not enough you have the standard policy. You also have to secure an uninsured insurance. It’s a coverage that protects you in case the offending party doesn’t have a policy. You also have the option to get an underinsured coverage. It may be necessary if the at-fault driver has insufficient coverage.
But do you know you may also need an SR22? If you haven’t heard about it yet, then today you’ll learn the basics.
What is SR22?
SR22 is proof of financial responsibility. It’s a legal document that says you’ve met the required minimum liability of the state. It’s not a type of insurance but rather a certificate. There are two types of these: operator’s certificate and owner’s certificate.
Not everyone needs to have this form. It’s necessary for high-risk motorists. These are individuals who have a bad driving history record. It could be driving under the influence or driving with an expired license. It’s also required for drivers who have met an accident and didn’t pay the other party or those whose license had been suspended before.
You can apply this form on your own, or you can get help from Oxford Auto Insurance. The website can connect you to insurers that can give you the proof as soon as possible. This way, you don’t need to wait a long time before you can drive.
What is the minimum liability requirement?
According to the state law, your minimum liability requirement for bodily injury is $25,000 per person. It is $50,000 per accident. The coverage for property damage is $20,000. If you have either an uninsured or underinsured policy (or both), the minimum is similar to that of the standard. That’s $25,000 for bodily injury per person and $50,000 for bodily injury per accident.
How do you use the certificate?
You need to bring the certificate with you anywhere you go. Moreover, it’s your responsibility to renew it before it expires. This document remains valid for around three years.
If you’re unsure if you need one, don’t be afraid to ask for a professional opinion from your insurer. It’s always better to get one than assume you don’t need to have it. The latter can get you into more trouble.