Your All-Inclusive Guide to Acquiring SR-22 Insurance in Ohio
Are you wondering how to acquire SR-22 auto insurance in Ohio? Purchasing an SR-22 insurance policy in Ohio isn’t something you should take lightly, as the process can be complex and often involves a raft of federal, state, and court-mandated requirements. Don’t worry, though – your ultimate guide to obtaining SR-22 insurance is here! This comprehensive guide covers everything you need to know about acquiring SR-22 auto insurance in Ohio.
Firstly, let’s get some background information. In Ohio, SR-22 insurance is a financial responsibility form that certifies that a specific individual has minimum coverage in effect for the calculation of liability of their automobile insurance policy. It is a certificate that is normally issued by an insurance company and filed with the Ohio Bureau of Motor Vehicles (BMV). It is typically required when individuals have had various driving infractions, such as a DUI conviction or failure to provide proof of insurance after a traffic stop.
Next, understanding the legal requirements to file is important. Before you add SR-22 coverage to an existing car insurance policy – or create a new policy – you must have first completed all of the suspension hearings, pay any fines associated with the conviction, and obtained a reinstatement license.
The BMV must also have verified that your policy meets the state’s minimum coverage limits before they can release a reinstatement license. In Ohio, the minimum required coverage limits are $25,000 for one person hurt, $50,000 total for any one accident and $25,000 for property damages.
Once you have verified that your personal policy meets the requirements and have received your reinstatement license, its time to obtain an SR-22 insurance certificate. Generally, most of Ohios major insurers and independent agents are able to provide SR-22 coverage.
The cost of SR-22 insurance is another consideration. While some people may worry that adding SR-22 coverage to their existing policy could cause their insurance rates to skyrocket, this is not always the case. Generally, you can expect to pay more for SR-22 coverage over the life of the policy than you would with a traditional policy, but the amount varied depends on several factors such as your driving history, the type of vehicle you drive, where you live and more.
Now that you understand the basics behind acquiring SR-22 auto insurance in Ohio, let’s dig a little deeper. First, it’s important to know that although the SR-22 insurance company has to file the form with the Ohio Bureau of Motor Vehicles, they do not have to contact you when the SR-22 coverage ends. It is important to be aware of the expiration date of the policy and to contact your insurance company and the BMV when it ends.
Additionally, its important to know that the SR-22 form must be proof of future responsibility. Meaning that it must remain in effect for the entire length of the court order or suspension period. Lapsing or ending your SR-22 form before this time period will result in cancellation of your reinstatement license.
Finally, its essential to know that SR-22 coverage is considered a proof of financial responsibility and not as an actual insurance policy. This means that if you are involved in an accident or have another driving infraction, the SR-22 coverage will not cover your costs or fines. You must maintain a standard car insurance policy to be adequately covered.
When it comes to understanding SR-22 insurance in Ohio, knowledge is power. Do you know the differences between standard liability insurance and prove financial responsibility coverage? Knowing these basics will help you become an informed consumer and help you make the right choices when it comes to your insurance needs.
Standard liability insurance coverage is the coverage most drivers are familiar with. This type of coverage provides protection in the event of an accident or other covered claims. Liability coverage typically pays for damage to another persons property, any medical bills, legal fees associated with the claim and for any costs associated with the repair of the vehicle for damages, as a result of the claim. It is important to note, however, that liability coverage does not cover the costs of any repairs to the insured individuals vehicle.
In contrast, proof of financial responsibility insurance covers a driver for any situations they experience within a state that requires an individual to have such coverage. In Ohio, this includes some forms of vehicle-related convictions, such as a DUI. The most common form of this coverage is known as an SR-22 form. By having an SR-22 form, an individual shows they have the financial ability to pay for any damages caused by them driving their vehicle.
It is also important to understand the process for filing an SR-22 form in Ohio. As previously explained, it is usually the responsibility of the insurance company to file the form. However, in order to be granted a reinstatement license, the state must verify that the policy meets the minimum coverage limits of $25,000 for bodily injury to one person, $50,000 for bodily injury for the entire accident and $25,000 for property damage.
In addition to this, Ohio requires that the SR-22 insurance is continued for a minimum period of time. For most infractions, the SR-22 must remain in effect for three years. However, for more severe convictions such as a DUI, the court may increase the SR-22 requirement up to five years.
Furthermore, its important to be aware that insurance companies may charge more for SR-22 coverage than a standard liability policy. While it is possible to obtain cheaper rates, the form must be renewed within the specific period of time. Failure to do so could result in the suspension of your license and a reinstatement fee.
Now that you know the basics about SR-22 auto insurance in Ohio, lets talk about the best way to find the right policy for you. Shopping around is key when it comes to finding affordable SR-22 auto insurance. Start by contacting several insurance companies to compare rates and coverage options.
When talking to agents, make sure to ask questions such as: What is included in the policy? Are there any discounts I can take advantage of? Are there any payment plans available? Doing this will help you understand what to expect from your policy, and ultimately, help you find the best coverage for your unique circumstances.
Additionally, many insurance companies offer discounts for safe drivers, so make sure you highlight any safe driving history you have to the agent. Proving this to your insurance company and mentioning it during the application process can potentially lead to lower rates.
If you want to shop around even more, it may be possible to use an independent agent that works with multiple insurance companies. The benefit of using an independent agent is that they will have a better understanding of the offerings of multiple insurers, and be able to give you unbiased opinions about them.
Now that you have a better understanding of the basics and know the best ways to shop around for your SR-22 auto insurance in Ohio, its time to make an informed decision. With the right research, knowledge and patience, you can find the perfect policy for you.