An SR22 bond is a great option for those who have recently completed a driver’s license suspension, or those who simply do not require more than the state minimum insurance coverage. However, if you are considering taking out an SR22 bond in Ohio, there are a few important pieces of information that you should know regarding your coverage, state limits, and other important factors.
SR22 Bond of Ohio is regarded as Ohio’s most trusted distributor of SR22 bonds. Our knowledgeable staff has broken down the answers to a few of the most frequently asked questions regarding SR22 bonds.
FAQs Regarding SR22 Bonds in Ohio
How does an SR22 bond differ from regular car insurance?
Drivers who obtain an SR22 bond in Ohio are only covered by the state’s minimum liability policy. What this means is that in the case of an accident, the bondholder, as well as their vehicle, are not covered, however, their insurance policy will cover damages done to another individual or their property. Conversely, a regular car insurance policy will cover the holder’s personal injuries and damages. Drivers who have a tarnished driving record may require both an SR22 bond and regular car insurance.
What is the minimum coverage limit in Ohio?
In Ohio, an SR22 bond will cover up to $12,500 for personal injuries caused to another individual, with a maximum of $25,000 coverage for multiple accident victims. The policy will also cover a maximum of $7500 of the victim’s property damage. The SR22 bondholder is expected to pay any additional costs.
What if someone else is driving my vehicle?
SR22 bondholders who lend their vehicle to another driver will be responsible for covering the cost of any damages done in the event that the driver is in an accident while borrowing their vehicle. SR22 insurance in Ohio only covers the individual driver.
Does obtaining an SR22 bond automatically reinstate my license?
In Ohio, drivers will have to submit their SR22 form to the Ohio Bureau of Motor Vehicles in order for it to be processed and for their driver’s license to be reinstated following a suspension. This filing will, however, make the process much easier than any other proof of financial responsibility.