Information about how to get SR22 Insurance Ohio Quotes under $7/month
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You might be a responsible driver but, as they say, even diamonds have flaws. So if you were driving around in the state of Ohio in an inebriated state or met with an accident, chances are that your driving license would be cancelled and you would need to pay a huge medical bill. How do you get your licence back? You need an SR22 insurance Ohio!
The state of Ohio requires you to fulfill some legal obligations
through an auto insurance company
to prove your financial responsibility to the Ohio Bureau of Motor Vehicles. This is where a SR22 insurance Ohio comes handy. The Ohio Bureau of Motor Vehicles (BMV) issues a certificate to certify this accountability which has to be obtained by drivers in case they do not want to go for an insurance policy.
What is SR22 Insurance/SR22 Bond Ohio?
It is an agreement issued by an auto insurance company which guarantees that you fulfil the state minimum liability cover on your vehicle in Ohio. The DMV more often than not requires you to carry valid auto insurance on you and proof of financial responsibility. If you carry a SR22 insurance, know that it pays out only if you (the beneficiary) are at fault. In other words, you have be the cause of the accident or physical damage caused to the other person or his car. Additionally, since this bond only covers the minimum state liability cover, you can get it for a cheaper price (the usual cost is a one-time filing fee of 20-25$) than a regular insurance policy. As car insurance depends from person to person, you will have to get a personal quotation from a reputed insurance company.
How Much Does This Insurance Bond Pay Out
If you happen to crash your car in an accident and you have been smart enough to file for a SR22 insurance bond in Ohio, you can expect a maximum cover of $32,500 in a single accident. Explicitly, this bond will pay up to:
- $12,500 for one person’s injuries;
- $25,000 if 2 or more persons have been injured;
- $7,500 for repairs/replacements to the other driver’s car or personal goods in the car.
Beyond this, you will be held responsible for the damage done and the compensation will come out of your own pocket.
The Risks Associated with an Ohio SR22 Bond
Compared to a regular insurance policy, one of the risks of SR22 insurance Ohio is that it only covers for damages when you are directly responsible. Say you loaned out your car to a close pal who happened to crash it when he was coming home from a late night binge. This policy will not pay for the damages done.
Another major disadvantage of the SR22 Bond is that it might not be able to protect you completely. Major car accidents can be financially disastrous with the medical bills crossing $130,000 and the bond only covers a maximum of $32,500. The remainder will again come out of your wallet. So a lot of folks prefer buying auto insurance policy above the recommended minimums which covers them and their families appropriately.
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