Wisconsin SR-22 Auto Insurance Financial Responsibility Information
If you decide to satisfy the requirements of the Wisconsin Financial Responsibility Law by buying auto insurance, your policy must provide the following minimum liability coverage:
- $50,000 for injury or death of one person
- $100,000 for injury or death of two or more people; and
- $15,000 for property damage.
The law also requires uninsured motorist coverage of $100,000/$300,000 for bodily injury only.
You may want to protect your assets by purchasing more coverage than what is provided in the minimum policy required in Wisconsin. Higher limits are available for an additional premium.
Who are high-risk candidates?
They are individuals who exhibit poor driving habits interlaced with risky behavior. These habits are most often displayed when operating a motor vehicle while intoxicated or in an unsafe manner. Speeding, reckless driving and accumulation of at fault accidents, multiple citations for various violations indicate a high-risk level of behavior.
Statistics have shown that individuals with poor credit ratings tend to report more claims as well as those who have difficulty financially maintaining continuous auto insurance coverage.
Finally, education levels and environmental factors play a large part in defining high-risk individuals. Again statistics show that city residents tend to have more accidents due to high population levels than those who live in suburban or rural areas. Sex, age and gender also determine high-risk insurance needs. Younger males exhibit riskier behavior.
Women have fewer risk factors than men. Ultimately, the insurers and the DMV determine an operator’s requirement for SR-22 high-risk auto insurance.
What is High-risk SR-22 financial responsibility insurance?
An SR-22 insurance policy is a rider to a high-risk auto insurance policy. It is a guarantee, by the insurance company, that the driver has and will keep in effect at least the very basic mandatory liability insurance for a specific period of time. It is a mechanism for the State of Wisconsin to monitor the driver’s responsibility to obtain and maintain an SR-22 insurance policy. Not all insurance companies can or will provide SR-22 insurance coverage.
How can an operator reinstate a suspended license?
To comply with the State of Wisconsin’s requirement, a simple remedy would be to purchase liability insurance utilizing the Wisconsin minimum requirements in filing an SR-22 high-risk auto insurance form with the State DMV. These policies may be one of two types:
An owner policy – an insurance policy that provides liability coverage for the owner’s personal vehicle will be described in the insurance Declaration sheet. It can also be written and issued with collision and comprehensive coverage. Full coverage, uninsured motorist, underinsured motorist, medical payments, towing and rental car payments may also be covered with additional premiums.
A non-owner policy – also known as an operator policy can be purchased if there are no automobile registered in your name, and that applies to all states. However, a non owner policy can be purchased if there is a vehicle/s in the household, but not registered to your name. The exception to this rule is a husband and wife who own a vehicle. In that scenario, the vehicle has to be listed.
These policies are issued by an agent in cooperation with an acceptable insurance company licensed to operate in the State of Wisconsin. After the policy is issued, the insurer’s main office electronically files an SR-22 high-risk auto insurance form with the Wisconsin DMV Department of Financial Responsibility on the insured’s behalf. The issuing agent also files an SR-22 insurance form with the State of Wisconsin and the insured receives a copy of the SR-22 insurance form along with the policy and proof of insurance cards.
It is imperative to keep the policy in effect. The insurance company closely monitors the policy and if the policy lapses or is canceled, Wisconsin DMV will immediately suspend the license for this reason alone. Reinstatement fees and penalties are then assessed at a higher cost to the driver.
DO NOT ALLOW THE SR-22 HIGH-RISK AUTO INSURANCE TO LAPSE!
For additional information regarding Wisconsin financial responsibility SR-22 high-risk auto insurance contact:
Wisconsin Department of Motor Vehicles
4802 Sheboygan Avenue
P.O. Box 7910
Madison, WI 53707-7910
Phone: 608-266-2237
