SR22 insurance is often required for high-risk drivers in Ohio. An SR22 bond is a guarantee that you have the minimum liability coverage if you are involved in an accident that causes property damage or bodily injury to another driver. However, SR22 insurance doesn’t cover your own vehicle. Keeping a few things in mind is always important before you purchase SR22 insurance.
Here are a few of the most common questions related to SR22 insurance.
What are the minimum limits in Ohio?
An SR22 bond will pay up to $12,500 per person for injuries and up to $25,000 total if you are at fault in an accident. The policy will also pay up to $7,500 for property damage if the accident causes damages to the other vehicle. You will be held responsible for the rest of the damage if the accident exceeds these limits.
What is the advantage of buying an SR22 bond instead of regular auto insurance?
Purchasing an SR22 bond is much cheaper compared to traditional insurance if you only want the minimum amount of coverage and you do not want any coverage for your vehicle or anyone else.
What happens if I’m late on making a payment?
You will most likely pay a late fee for not paying on time. However, if you go beyond ten days, your policy will lapse. Some companies will also cancel your policy if you are one day late, as it’s important to always make payments on time.
How long am I required to carry a state filing in Ohio?
The amount of time you will need an SR22 bond is dependent on the severity of your crime. However, you will usually need to carry SR22 insurance for three to five years.
What happens if I let my SR22 bond lapse?
An auto insurance company will notify the Ohio BMV if you let your policy lapse. This will often cause your license to be suspended, and you will most likely have to restart the license reinstatement process again. You will also most likely have to pay a late fee to reinstate the bond.
SR-22 Bond of Ohio Can Help
SR-22 Bond of Ohio works with a wide range of clients in helping them obtain SR22 bonds. Our team members also have many years of experience in the industry. Contact our teamtoreceive a free quote today!