If your driver’s license has been suspended in Ohio, an SR-22 bond is one of the most affordable ways to get it back. In addition, if your license was suspended due to a failure of carrying auto insurance, you are required to file one with the Ohio Bureau of Motor Vehicles. Although a minimum limits auto insurance policy is also an option, a bond is a much more affordable option.
Ohio Insurance Bonds
Purchasing an Ohio insurance bond is one option for automobile owners that need to satisfy the state’s requirements for minimum liability coverage. Also known as an SR-22, this form is a certification that you have met the state’s financial responsibility requirements. However, it’s important to note that this bond is not equivalent to an insurance policy. Rather, it designates the amount you must pay for certain expenses if you are involved in a car accident where you are deemed at-fault.
These expenses include:
- Medical expenses
- Property damage
In particular, SR-22 bonds pay as much as $12,500 for a single person’s injuries, $25,000 for injuries to two or more people, and $7,500 to replace or repair the other driver’s vehicle or personal property inside it. For one accident, the most that your bond can pay is $32,500.
Despite the affordable nature of many of these bonds, they do not offer completely protection. For example, if you get into an accident and the other driver’s property damage or medical expenses exceed $32,500, the other driver can sue you for the remaining balance. Depending on the nature of the accident, this balance can end up being steep. In addition, these bonds don’t pay for damage to your vehicle.
Getting an Affordable Bond
An Ohio bond is the most affordable way to meet your legal obligations and get back on the road. At SR-22 Bond of Ohio, our team has a combined 35 years of insurance experience with a special focus on suspensions. With state-of-the-art computer systems and connections to various insurance carriers, you can select from a variety of plans and get your bond in less than 5 minutes.
If you are interested in purchasing an SR-22 bond to get back on the road following a driver’s license suspension, our team can help. With affordable options for insurance protection, our team can help you save as much money as possible. Contact our team today at (216) 382-0050 today to learn more.