Q: What’s an SR22 bond? How is it different to regular car insurance?
A: Before you consider taking out Ohio Sr22 Bonds, it is important to know the differences between an SR22 Bond or regular auto insurance. An SR22 bond is a guarantee that a driver has minimum liability coverage. The bond is only valid if the driver named in the bond is responsible for an accident that results in bodily injury or property damages to another driver or their vehicle. The insured and their vehicle are not covered by the bond. This bond does not provide coverage for your vehicle or your passengers. You should instead take out regular auto insurance policies. If the Ohio BMV requires that you file this bond it can be easily attached to regular car insurance policies.
Q: What are Ohio’s minimum state limits?
A: The SR22 bond can pay $12,500 per person, up to $25,000 in total, if you are at fault in an accident. It will also pay $7500 to property damage if there is damage to another vehicle. The maximum amount this bond will pay for a single accident is $32,500. You could be held responsible if the damage you cause exceeds the policy limits.
Q: Is it possible for someone without a state filing to purchase an SR22 bond instead of traditional auto insurance?
A: Yes, but only if the following applies:
1. Any vehicle that you drive is not required to have the minimum state liability coverage.
2. All risks, including injury to yourself or your passengers, are yours. You also take all responsibility for any damage to your vehicle.
3. If you lend your vehicle to someone else, traditional insurance will cover the vehicle. An SR22 bond does not cover you for any liability. An SR22 Bond might be the best option if you are able to understand these three things and the associated risks.
Q: What are some of the benefits of purchasing a bond over regular car insurance?
A: An SR22 bond can be significantly cheaper than traditional insurance if a driver only wants to purchase the absolute minimum coverage for themselves and not on their vehicle.
Q: What happens to me if I’m late on a payment
A: Most companies will charge a late fee. However, as long as you don’t go over 10 days late, you should be okay. Your policy will be canceled if you are more than 10 days late (or 2 week with some companies). WARNING! WARNING! If payment is not received by the due date, some companies will cancel your bond. Check with your agent for details about your bond.
Q: What happens to my bond if it is cancelled?
A: If the Ohio BMV required you to file a state filing, the company must notify the Ohio BMV about the cancellation of your policy. Your license will be suspended again and you might have to restart the licensing process. To reinstate your bond, you may also have to pay a late and reinstatement fee.
Q: How long does the Ohio BMV insist that I keep a state filing?
R: It depends on how severe the law violation was that led to a filing requirement. However, most filing requirements last between 3 and 5 years.
Q: When I no longer have to file a state report, will this bond expire?
A: No! A: No! Because there are additional fees associated to a state filing requirement, this is crucial. People have paid unnecessary state filing fees for extended periods of time because they didn’t request the filings to be stopped. You can find out how long you have to keep filing with the BMV. Keep the expiration date in your mind.
Q: How long will it take to get covered by an SR22 bond for me?
A: It takes only minutes in many cases.
Q: How long will it take for the BMV (Bond Processing Unit) to process my bond?
A: In general, within one business day. We can also print the paperwork and email or fax it to your address right away. If you want to save time, you can take the paperwork directly to the BMV.
Q: Is my license automatically restored after I have paid my SR22 bond?
A: Most often, no! A: Usually no! In many cases, you will also have to pay a reinstatement fee. In any case, I recommend that you contact the BMV before you resume driving. Only the BMV can confirm that your license is valid once more. It is better to be safe that sorry!
