If you’ve recently been told that you must buy an SR22 bond, you’re probably arriving on this page with only a little background about the process. Fortunately, our team at SR22 Bond of Ohio is experienced in providing affordable SR22 bond coverage alongside comprehensive policies. In this new post, we’ll introduce you to the SR22 bond and answer some common questions about the process.
What is SR22 insurance?
An SR22 bond isn’t actually considered a type of insurance within the insurance marketplace. It’s a bond with liability for the other person only attached. The bond is to prove to the state authorities that you have auto coverage at the minimum required level.
What is an SR22 filing?
An SR22 filing is an endorsement on either a non-owner’s bond or on an insurance policy. The endorsement informs the DMV that you’re carrying the minimum level of insurance required for a driver’s license.
Who requires an SR22?
The SR22 bond is bond required by anyone considered to be a high-risk in the insurance marketplace. In the vast majority of cases, if you are being told to file for an SR22, you’ve been convicted of a driving offense such as DUI or injuring someone in a motor vehicle accident while not insured. The process helps protect the general public and limits the liability levels of insurance companies.
For how long is SR22 insurance required?
In the vast majority of cases, and SR22 bond is required to be held for three years. After which, you can remove the endorsement from your policy and return to traditional insurance options.
What happens if the policy lapses?
If the policy lapses during the term, you will lose your driving privileges and have to pay for the reinstatement of as the application to restart the bond if you wish to drive again.If you get caught driving again while suspended You will also face another three years of SR22 insurance payments, regardless of how far along in the process you were when the policy lapsed. Plus fines and fees due the BMV