Secrets to Finding Cheap Sr22 Bonds in Ohio
If you have had your driver license suspended in Ohio, you are probably looking for the least expensive way to get it back. If your license was suspended because you did not carry auto Cheap Driver Medicals NORTHAMPTON insurance, you will need to file a SR22 with the Ohio Bureau of Motor Vehicles. Traditionally, this is accomplished by purchasing a minimum limits auto insurance policy; however, there is a less expensive way to get your license back.
An insurance bond in Ohio is designed to satisfy Ohio’s requirements for minimum liability coverage. When you purchase this type of bond, the bond agent will file a form, called a SR22, with the Ohio Bureau of Motor Vehicles. This form simply certifies that you have met Ohio’s financial responsibility requirements.
It is important to understand that a SR22 bond in Ohio is not the same as an insurance policy. It simply provides amounts to pay for the medical expenses, injuries, and property damage you cause to others if you are at fault in a car accident. Specifically, this bond will pay up to $12,500 for one person’s injuries; $25,000 for injuries to two or more people; and $7,500 to repair or replace the other driver’s car or personal property inside the vehicle. At most, it pays a maximum of $32,500 for one accident.
Although a bond can be inexpensive, it does not protect you. If the other driver’s medical and property damage expenses exceed $32,500, you can be sued for the remainder. Given that medical bills alone can easily exceed $100,000 for a serious accident, you could still end up owing a substantial sum of money.
Also, a bond provides no money for the medical expenses of you or your passengers. It also will not pay for any damage caused to your car, regardless of who was at fault in an accident.