Financial Responsibility Insurance (aka SR22) allows the Illinois Secretary of State to monitor the insurance of driver’s required to have SR22 insurance. If the driver’s insurance policy cancels or expires the Secretary of State will suspend their license. SR22 is the name of the form that an insurance company sends to the State to verify that the driver is in compliance with the Financial Responsibility law.
Types of SR22 Certificates
There are 3 types of SR22 certificates available in Illinois. The agents at Public Insurance Agency can help you determine which one is right for you.
|Certificate Type||What is Covered||Example|
|Operator's Certificate||Covers the driver while operating any Non-Owned Vehicle.||If you are required to have SR22 insurance but do not own a car, this type of policy will cover you while driving another persons' car.|
|Owner's Certificate||Covers the Cars Owned by the driver. The vehicles must be listed on the policy.||If you primarily drive a car that you own and never or rarely borrow a friends' car.|
|Operators-Owners Certificate||Covers all vehicles Owned and Non-Owned by the driver.||If you drive the car that you own, but frequently borrow and operate a car that you do not own.|
Submitting Your SR22
After you buy the SR22 car insurance policy, your agent will have the SR22 electronically filed with the Secretary of State’s office. After it is processed you will get a copy of the SR22 from your insurance company and a letter from the State.
Maintaining Your SR22
These are the main SR22 insurance requirements in Illinois:
- You must have an SR22 insurance policy for 3 years.
- If policy cancels or expires within those 3 years, your driver’s license will be suspended.
- Your driver’s license will be suspended until you reinstate your insurance policy.
- You must also pay a $70 driver’s license reinstatement fee to the Secretary of State.
Alternatives to SR22 insurance include making a $55,000 cash deposit (yikes) or filing certain types of bonds.