Information On Ohio SR22 Insurance Requirements

June 22, 2017 · Posted in General Articles on Car Insurance 

Usually, the bond known as the SR-22 is a financial responsibility a person has to carry if they are caught driving drunk, or without auto insurance. Each US state has different policies regarding this type of bond. The Ohio SR22 insurance requirements are implemented to safeguard the financial safety of other drivers on the road. This makes sure that people who have practiced irresponsible driving are penalized.

This bond is only a limited amount of coverage. This is not comprehensive coverage at all. In fact, it does not cover a vehicle from damages caused by fire or theft. This bond is only in place to cover the damages of another vehicle in the event of an accident.

The required individual can not file this bond directly. They must first go through a licensed insurance company. This insurance company or broker will then file the bond on behalf of their customer.

Even if you move out of the state of Ohio while your suspension is still current, you must maintain this bond. It must be an Ohio bond issued by an insurance company licensed in Ohio State as well. If you cancel your policy before your suspension is over, the insurance company, by law, is required to notify the Bureau of Motor Vehicles.

Most insurance companies file these bonds electronically, so receiving a bond is fairly quick. It usually takes a few days for a paper copy of the bond to be in your hands, if not much earlier than this. Keep in mind that the process can be delayed if the information on the file is incomplete or inaccurate. It will get rejected by the state and sent back to the insurance company for correction.

In order to prevent the need or hassle for this type of bond, practicing safe and responsible driving habits will help. Do not drive while under the influence of alcohol. If you know you will be attending a party or gathering and you will be drinking, make sure to have a designated driver for the trip home. This can prevent unsafe driving.

If you do not have auto insurance on your car and are caught driving without coverage, this will be probable cause for issuing this type of bond. Avoid this, by purchasing at least minimum coverage for your vehicle. This will help safeguard your finances and the finances of others in case of an accident.

If you ignore these preventative measures you will most likely have to endure the disadvantages that come along with this type of bond. Once you are required to adhere to Ohio SR22 insurance requirements you will most likely have to pay higher rates for this bond. You will also not have a grace period once you receive your bill. Whatever date the bill is due on, is the date it has to get paid. Otherwise, you will be reported by your insurance company to the state. This can very well result in a suspension of your license.

 

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