Assignment of Monies or Securities for Financial Responsibility - dol wa 2025

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For example, Californias financial responsibility law requires auto insurance companies to provide a minimum standard of $15,000 for a single injury or death, $30,000 for injury to, or death of, more than one person in a single accident, as well as $5,000 for property damage.
An SR-22 certifies that an individual has vehicle insurance that meets the states minimum liability requirements and is needed to maintain driving privileges. The Certificate of Financial Responsibility is sometimes known as SR-22 insurance, but its important to clarify that its not a type of auto insurance.
The Department of Licensing (DOL) could suspend your license if the accident injured anyone or caused at least $1,000 in property damage. You can read the law about this at RCW 46.52. 030 and WAC 446-85-010.
The minimum financial responsibility requirements are: $25,000 for bodily injury to, or the death of, one person in one accident. $50,000 for bodily injuries to, or the deaths of, two or more persons in one accident, and.
An SR-22 is a certificate of financial responsibility required for some drivers by their state or court order. An SR-22 is not an actual type of insurance, but a form filed with your state. This form serves as proof that your auto insurance policy meets the minimum liability coverage required by state law.
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Financial responsibility law (commonly associated with vehicles) requires an individual or business to prove that they have enough money or assets to pay for damages resulting from an accident.
The insurance policy must have limits of at least: $25,000 of bodily injury or death of 1 person in any 1 accident. $50,000 of bodily injury or death of any 2 people in any 1 accident. $10,000 of injury to or destruction of property of others in any 1 accident.

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