The SR-22 Insurance In Colorado

Traffic violations that result in your driver's license being suspended should not be ignored. You will likely need to carry SR22 insurance for a set period to reinstate your suspended license in Colorado. The state of Colorado requires SR-22 insurance to prove that you meet their insurance requirements and can provide financial coverage in case of a claim.

What Exactly Is SR-22 Insurance?

All drivers in Colorado are required to have liability insurance. The following are the minimum liability insurance coverage amounts:
  • $25,000 bodily injury per person
  • $50,000 for bodily injury for two or more people
  • $15,000 property damage
Following a license suspension or revocation, the Colorado Department of Revenue may require you to file an SR-22 form. Contrary to popular belief, an SR-22 is a certificate or rider filed with the Division of Motor Vehicles, not insurance. An SR-22 certifies that you will maintain the state-mandated minimum liability coverage. An SR-22 is not a type of auto insurance policy. Instead, "SR-22" refers to the form submitted by your auto insurance company to demonstrate that you meet your state's minimum liability coverage requirements. Insurance after a DUI can be expensive, but it is required for drivers who commit this serious offense. According to Colorado law, your auto insurer must file the SR-22 form electronically on your behalf, but you should check with your provider to see if they are willing to cover high-risk drivers.

Is It Required?

All drivers in the state don't need to obtain SR22 insurance quotes. There are two situations where an SR22 policy will be required, which include:
  • When you need to demonstrate compliance with the Financial Responsibility Act following an accident.
  • To regain your driving privileges after your license has been suspended.
It will depend on your situation, but SR22 insurance may allow you to avoid a suspension if you get it quickly enough. Essentially, it is one of the options available to you for meeting your Financial Responsibility Requirements following an accident. Other options include proof that you had insurance at the time of the collision, proof that the courts determined you were not liable for the accident's damages, and a Release From Liability form. If you use the SR-22 to satisfy your Financial Responsibility Requirements, you will need one more piece of documentation. This documentation may include:
  • A form that proves your insolvency following the collision.
  • Payment to any individuals to whom you are obligated following the collision.
  • A form that proves that you accept no responsibility for the collision.
  • A notarized Waiver of Financial Responsibility for Security.
  • A Notarized Promissory Note

How To Get SR-22 Insurance?

Colorado insurance agencies can provide SR22 insurance quotes. Because the government does not provide these forms to individuals, you must obtain them when you sign up for insurance. You will then be able to mail or drop off the form at your local Department of Motor Vehicles office. If you cancel your SR-22 policy for any reason, you must obtain a new one before the expiration of your current one. Your driving privileges will be suspended if you do not comply within the specified timeframe. You will then need to obtain a new policy and pay reinstatement fees.

How Much Is It?

When you notify your insurance provider of your SR-22 insurance requirement, they will charge you a filing fee of around $15-$35. However, this is not the only cost you will face due to an SR-22 requirement. After being convicted of a traffic violation and receiving an SR-22 filing requirement, your insurance premiums are bound to skyrocket. After a major traffic violation, Colorado drivers typically pay between $2,000 and $2,500 per year. If you need cheap SR22 insurance in Colorado, you should expect to pay a little more each month. But there is some hope. Your insurance rates may not remain high indefinitely because your SR-22 filing period will inevitably end. If you cancel your SR-22, your insurance rates may decrease slightly. However, this is not guaranteed because the severity of your traffic violation may ultimately determine whether or not your insurance premiums are reduced.

What Are The Consequences?

If the government has determined that you require an SR-22 policy, you will be unable to reinstate your driving privileges until you obtain that policy. If, on the other hand, your license was reinstated, but your policy was canceled, there will be a grace period during which you can obtain the necessary proof of insurance. Your driving privileges will be suspended if you do not file a new SR-22 form during this time. You have the legal right to appeal this suspension, but your privileges will not be reinstated if the DMV is notified of the policy cancellation. You can reinstate your driving privileges once you have obtained the necessary SR22 form.