When a driver has accumulated too many accidents on their record or has been convicted of intoxicated driving, there’s a very good chance their driving privileges will be revoked. However, this doesn’t necessarily mean it will be impossible for them to regain their driving license and insurance – but it will become more difficult.
In most states, including Ohio, the road back to being a legal driver involves obtaining an SR-22 bond, or SR-22 insurance. Let’s talk about what this means.
What Is An SR-22 Bond?
While this particular piece of paperwork is often called a “bond,” that’s a misleading term. It’s not a bond in the traditional sense. Instead, it’s a filing that simply indicates that a driver is considered high-risk and is attempting to rehabilitate their driving privileges.
SR-22 bonds usually have to be filed for at least three years. However, depending on the severity of a drivers’ offenses, that period can be extended indefinitely.
In most cases, filing an SR-22 bond only costs around $25. However, the costs will come further down the road.
What Is SR-22 Insurance?
Once a driver has an SR-22 bond filed, it will be a part of their record for a long time to come. Whenever they attempt to obtain insurance, the insurance companies will see that SR-22 filing and know that the driver is considered high-risk due to previous mishaps.
Many traditional insurance companies will outright refuse to cover SR-22 drivers. However, of course, having insurance is a requirement to legally drive in all 50 states.
So, some companies specialize in offering insurance specifically for people with SR-22s on record. They’re willing to take on the increased risk, counterbalanced with higher insurance premiums.
Is SR-22 Insurance Expensive?
We’re not going to lie – it’s going to be significantly more expensive than standard insurance. Once a driver has been convicted of a DUI/OWI or has been in multiple accidents, they’re seen as a major gamble by insurance companies. Their premiums have to be higher to make up for the increased risk of incident.
However, that doesn’t mean SR-22 insurance in Ohio has to be unobtainable. SR-22 insurance companies will work with drivers to understand their financial situation and attempt to provide a policy that – at least – satisfies the legal minimum requirements for insurance.