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Liability insurance covers bodily injury and property damage claims resulting from an accident that is primarily your fault. The limits in your policy are the maximum amounts your insurance company will pay for bodily injury and property damage claims. They are typically expressed as three amounts separated by slashes written as 25/50/25 or 25,000/50,000/25,000. Looking to buy Nationwide Insurance online?
Tennessee’s Financial Responsibility law requires you to maintain liability limits of at least:
$25,000 | Bodily Injury per Person
$50,000 | Bodily Injury per Accident
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PROOF OF FINANCIAL RESPONSIBILITY & PENALTIES
Under Tennessee law, you are required to provide documentary proof of Financial Responsibility in the following circumstances:
- At the request of a law enforcement officer at the time of an accident or traffic stop
- When registering a vehicle
Penalty for Failure to Comply with Tennessee’s Financial Responsibility Requirements:
Failure to maintain proper insurance could lead to the suspension of your driver’s license and a $100 fine. If your driver’s license is suspended, there may also be a STOP placed on your vehicle registration until you reinstate your license by showing evidence of Financial Responsibility and meeting all other requirements. If a STOP is in place, you may not be allowed to register or renew your vehicle.
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Certificate of Financial Responsibility (SR-22):
An SR-22 is a certification of proof of future Financial Responsibility issued by your insurance company to the Tennessee Department of Safety providing proof that you purchased liability insurance. The following circumstances may require a person to have an SR-22:
- To reinstate a license suspended after the person fails to pay an accident judgment
- To reinstate a license suspended after the person fails to maintain proof of Financial Responsibility
- To reinstate a license suspended for excessive points
- To reinstate a license suspended for Driving Under the Influence (DUI)
If you are required to maintain a certificate of Financial Responsibility, your insurance company must provide the Department of Safety with at least ten (10) days advance notice before termination.