Has Oregon DMV advised you that you need a SR-22 insurance filing to reinstate your license but you do not own a car. Then a Oregon Non Owner SR-22 Insurance Policy may be what you need. Find important information on these policies and who should or should not purchase them.
Will A Oregon Non Owner SR-22 Insurance Work For Me?
Well that depends on your vehicle situation. If you have a private passenger vehicle in your name the answer would be no. The reason is you will sign insuring documents that state you understand there is no coverage when driving vehicles you own. Not only does it exclude coverage on your vehicle but on a spouses vehicle as well. The policy can also exclude coverage from any vehicle that is registered at the same physical address as you. The Oregon Non Owner SR-22 policy will cover when you drive other peoples vehicles not living with you. The insurance coverage is secondary over the vehicle you borrow. Which means the borrowed cars insurance would pay first and if exhausted then the Non Owner Policy will pay second.
What If I Obtain A Vehicle?
If you are carrying a Non Owner SR-22 and you purchase a vehicle you must endorse the policy to a Owner Operator policy. If the insuring company you have only does Non Owner Insurance then you will need to purchase a new policy. Expect premiums to increase when you make this change as now you have a car the risk has increased for the insurance company.
What Is A SR-22?
The SR-22 filing or SR-22 certificate is an extra form that an insurance company provides to Oregon DMV on your behalf. It obligates the insurance company to notify the DMV at policy inception and when it cancels or lapses. When DMV receives a SR-22 that a policy has started they will offer license reinstatement if all other requirements and fines have been met. If DMV receives a SR-26 that a policy has cancelled or lapsed they will suspended if the SR-22 requirement is still needed. You can contact the Oregon DMV here to find more information on your license status.
Time Requirement For Oregon Non Owner SR-22?
The sr22 requirement for both non owner and owner operator policies is 3 years. Do not make the mistake of waiting several years before filing the sr22 the requirement does not go away if you wait. The three years will start from the date you first file after becoming eligible to reinstate your license. And remember to keep that policy in force to keep your license valid.
What Coverage Is Required?
The State of Oregon requires at least the following coverage to issue a SR-22 Insurance Policy,
- $25,000 per person for bodily injury liability
- $50,000 per accident for bodily injury liability
- $25,000 property damage liability
- $15,000 Personal Injury Protection
- $25,000 per person Uninsured Motorist bodily injury liability
- $50,000 per accident Uninsured Motorist bodily injury liability
Please keep in mind these are the minimum limits and if you have large assets you should increase the limits.
What Companies Sell Oregon Non Owner SR-22 Insurance?
There are many options when shopping for a SR-22 policy. Do not make the mistake of filling out a form for a lead generation company that will sell your information to as many agents or insurance companies as they can. When on a website click on the about us tab and find out who you are dealing with before sharing your personal info. A good option can be getting rate’s through a licensed insurance broker who can check multiple SR-22 insurance companies on your behalf.
Is Oregon Non Owner SR-22 Insurance Expensive?
A non owner policy is the most inexpensive type of SR-22 insurance you can buy. The price is often half that of a owner operator policy. The reasoning is that since you do not own a vehicle there is less risk exposure than if you owned a vehicle. Another reason is when you borrow other peoples vehicle’s the coverage is secondary over their existing insurance.