Cheap Car Insurance for Lorain, Ohio Drivers
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A SR-22 is not an insurance policy; it’s simply a financial responsibility form proving that you have insurance coverage. The SR-22 is filed with your state by your insurance company and certifies that you carry the minimum liability coverage on your car insurance policy.
SR-22 for drivers that do not own a vehicle can be filed with a “non-owners” policy.
If you do not own a motor vehicle, you must purchase “non-owners” liability coverage. This policy provides liability to a vehicle you drive that you do not own. “Non-owners” policies typically are discounted. However, if you purchase a vehicle you must endorse your non-owners policy to an auto policy to remain covered and legal to drive.
The SR-22 must be submitted from an insurance company licensed in the state for which the SR-22 is required, and has the authority or “power of attorney” to issue an SR-22. Our office maintains a listing of authorized agents and companies.
An SR-22 requirement can be issued by the Secretary of State, or the Ohio BMV based on a judgement in a county court. Depending on the state you live in SR-22’s are usually required for 12-36 months. Some states require these to be consecutive months, meaning that if you are late on a payment you have to start the SR-22 all over. SR22, also known as high risk auto insurance, could be required of drivers for several different reasons, including:
Driving under the influence (DUI)
Driving with a suspended or revoked license
Having an at-fault accident while driving uninsured
Multiple moving violations or tickets within 12 months
Being behind on Traffic Citation Payments
Being behind on Child Support Payments
Other major moving violations, such as reckless driving
Unsatisfied judgment suspensions
Financial Responsibility Bond (FR-BOND)
FR Bonds Act Like Limited Automobile Insurance
If you are not able to buy auto insurance for any reason, you can establish financial responsibility through the purchase of a cash bond. This “FR bond” must be posted with the State Treasurer of Ohio. FR bonds are similar to automobile insurance because they provide both bodily injury and
property damage liability coverage for injuries and damages you cause. In other words, they cover you if you are at fault for injuries caused to another driver, passengers in another car, pedestrians, and damage to property other than your vehicle. No one else who operates your vehicle is covered by your FR bond — not even members of your household. FR bonds do not pay for injuries to you. They may pay for a passenger’s injuries if you are liable for an accident, but will not otherwise pay for passenger injuries. Such bonds do not cover damages to your vehicle. They provide restricted coverage only for bodily injury and property damage liability which you might cause while driving a vehicle.
FR Bond Facts
Below are general provisions of FR bonds. Your agent can give you specific details about the bond you want to buy.
• While a $30,000 bond is the minimum amount required, the bond is usually written for at least $32,500
• The bond must be issued by an authorized insurance company
•Your cost will depend on certain risk factors such as your age and your driving record — the same factors that are used to determine auto insurance rates.
• An FR bond does not provide coverage for any particular vehicle — it covers you and no one else.
• FR bonds are regulated by the Ohio Department of Insurance No FR? You’d Better Start Walking! If you are caught driving without proof of financial responsibility, you’ll soon be walking. The penalties, shown below, are severe.
• Suspension of your driving license for at least 90 days if it’s your first time
• Up to one year suspension for repeat offenders
• Impoundment of your license plates and certificate of registration
• Court costs
• No driving priviledges during suspension
• Getting Your License & Tags Back
If your license is suspended because you fail to prove FR, Ohio law specifies the steps you must take to have your driving privileges restored.
• Pay a reinstatement fee of $75. This fee could be as much as $500 for repeat offenders
• Prove you are now financially responsible through insurance or a bond
• File a form (SR-22) with the Ohio Bureau of Motor Vehicles
• Pay an impound fee to get your vehicle back