Insurance & Financial Responsibility Flashcards

What is an SR-22 in the context of Florida's financial responsibility laws?

Answer: A certificate filed by an insurer verifying a driver carries required coverage

An SR-22 is a certificate of financial responsibility filed by an insurance company with the FLHSMV to verify that a high-risk driver carries the minimum required insurance.

How long is a driver typically required to maintain an SR-22 filing in Florida after a qualifying violation?

Answer: 3 years

Florida generally requires drivers to maintain an SR-22 filing for three years from the date their driving privilege is reinstated.

Which of the following violations would most likely trigger an SR-22 requirement in Florida?

Answer: Driving under the influence (DUI)

A DUI conviction is one of the most common triggers for an SR-22 requirement because it classifies the driver as high-risk.

If a driver's SR-22 policy is cancelled before the required period ends, what action will the FLHSMV take?

Answer: Immediately suspend the driver's license again

If the SR-22 coverage lapses or is cancelled during the required period, the FLHSMV will suspend the driver's license until coverage is reinstated.

What is the reinstatement fee for a first-time license suspension due to a lapse in required Florida insurance?

Answer: $150

The reinstatement fee for a first offense insurance lapse suspension in Florida is $150.

As an alternative to purchasing auto insurance, a Florida vehicle owner may demonstrate financial responsibility by depositing what amount with the State Treasurer?

Answer: $30,000

A Florida vehicle owner may deposit $30,000 with the State Treasurer as a cash alternative to purchasing a standard auto insurance policy.

Under Florida's no-fault law, PIP coverage must also pay what percentage of lost wages for an insured injured in a covered accident?

Answer: 80%

Florida PIP coverage pays 80% of lost gross income and replacement services resulting from a covered accident.