ABOUT SR22 BONDS
An SR-22 bond is a minimum-limit liability insurance policy that covers only the individual named on the policy. To file an SR-22 bond, the individual must contact an insurance company licensed to do business in Ohio, apply and pay for the policy. The insurance company will then file the SR-22 bond with the Ohio Bureau of Motor Vehicles (BMV). Many insurance companies file SR-22 bonds electronically, which usually process within 72 hours of receipt.
You may purchase an SR-22 Bond on your license if you own a vehicle however no one else is permitted to operate that vehicle.
What is financial responsibility in Ohio?
In Ohio, it is illegal to drive any motor vehicle without insurance or other proof of financial responsibility (FR). It is also illegal for any motor vehicle owner to allow anyone else to drive the owner’s vehicle without FR proof. To comply with the FR requirements, individuals must maintain insurance or get a bond.
No financial responsibility? Start walking!
If you are caught driving without financial responsibility you will soon be walking. The penalties include: • Suspension of driver’s license for 90 days (up to one year for repeat offenders)
- Impoundment of your license plates and / or your automobile
- Court costs
- No driving privileges during suspension To get your license and tags back, you will:
- Pay a reinstatement fee of $75 (up to $500 for repeat offenders)
- Prove that you have become financially responsible through insurance or bond
- Have your agent or company file a proof of financial responsibility form (SR-22) with the BMV
- Pay an impound fee to get your car back
When do I have to show proof of financial responsibility?
Ohio law requires you to show your insurance I.D. card:
- On the road: Any police officer who stops you for a traffic violation or safety check will ask for your card
- In court: Take the card to court if you’re cited for a traffic ticket or have been in an accident
The BMV is also allowed to randomly request verification of your insurance card. Your insurance company must give you an “insurance identification card.” Your card shows when your liability insurance coverage starts and when it expires.
Carry the card!!!!!
Keep your insurance I.D. card in the car’s glove box. Make sure everyone who drives the car knows where it is!
When I obtain insurance, what is required?
Ohio law requires the following for insurance coverage:
- A motor vehicle liability insurance policy — insurance cards are issued by an insurer to the policyholder for each motor vehicle insured under a motor vehicle liability insurance policy
- A certificate of proof of financial responsibility on a form prescribed by the Ohio Bureau of Motor Vehicles (BMV)
When I purchase auto insurance to demonstrate financial responsibility, what are the minimum coverage requirements in Ohio?
In Ohio the required minimum limits for bodily injury liability coverage is $25,000 per person injured in any one accident and $50,000 for all persons injured in any one accident.
The required minimum limit for property damage liability coverage is $25,000 for injury to or destruction of property of others in any one accident.