How much does SR22 bond insurance cost in Ohio?

​ If you need an Ohio SR22 filing to reinstate your license, there are many factors that come into play regarding costs. What type of policy you take out plays a big role in that, as does several other factors.


     This article is intended to give you a better understanding of the process and give you an idea of what the cost for an Ohio SR22 filing is going to be. But first we need to cover some basics.


What is SR22 bond insurance and how does it work?

• First of all, understand that an SR22 is not insurance at all. It is simply a state filing that attaches onto auto insurance.

• An SR22 is sort of like a tattle-tale clause to your auto insurance policy. That may be the easiest way to think of it. If your auto insurance policy cancels or lapses for any reason during the time that you're required to carry this SR22 filing, the auto insurance company is required to notify the Ohio BMV if the policy ever cancels. Once that happens, the Ohio BMV will once again suspend your license until you have another active SR22 filing put in place.
  
  

How long am I required to keep an Ohio SR22 filing in force?
     This answer can vary, especially if the SR22 Was Court ordered. But the vast majority of time, an SR22 filing is usually required for three years.




How do I set up in Ohio SR22 filing?


You have a couple different types of policies here. The important thing is to know which type of policy you need to attach the SR22. This depends on your vehicle situation.

• If you own a vehicle, you will want to attach this SR22 filing onto a regular auto insurance policy.

• If you do not own a vehicle, you will have to attach your SR 22 onto either a financial responsibility bond or a named operator policy. Either policy is an easy solution to solve your SR22 filing when you do not own a car.

What's the difference between a financial responsibility bond and a named operator policy?
     
A financial responsibility bond and the named operator policy are quite similar. But they do have some differences:

• A financial responsibility bond usually costs less (but not always).

• A financial responsibility bond only offers state minimum liability coverage and nothing else!

• A named operator policy offers liability coverage in which higher levels of liability coverage can be chosen. A named operator policy also offers medical payments coverage, and uninsured motorist bodily injury coverage.

• A named operator policy usually runs credit as a factor in your rating score. A financial responsibility bond doesn't use credit as a rating factor.

     There are other differences between a financial responsibility bond and a named operator policy. But many of these differences get very technical to mention on here. If you would like to discuss this further, please give me a call or email, and I would be happy to explain the differences to you in better detail. But as far as needing an SR22 filing without owning a vehicle, either policy will work for you.


Now let's get into costs!

• In terms of specific dollar amounts, no one will ever be able to give you a reasonably accurate price estimate without running a quote for you. And of course, the more companies you quote with, the better chance you have at finding the lowest rate.

• In terms of cost, the actual SR22 filing is only a very minimal part of the premium as long as you are quoting with the right companies. There are many auto insurance companies who will not write SR22's at all. There are also companies who will write an SR22 filing, but charge a fortune in premium to do so.

• The good news is there are plenty of companies who cater towards the SR22 market, and the competition has driven down the price considerably over the years. As long as you quote with SR22- friendly companies, the rate is not going to be much higher than what your regular auto insurance premium would be without the SR22. In fact, some companies do not charge extra for SR22 filings at all. But most of the companies do charge a little extra. Usually anywhere from $10-$50 every six months.

So really, the overall cost for an SR22 is more determined by the same factors that rate for auto insurance. For example:

1. your age
2. location
3. driving record
4. for vehicle owners, the type of vehicle you drive
5. marital status
6. credit history (although financial responsibility bonds do not run credit)
7. residence status (homeowner vs renter)
8. prior insurance status (currently insured or not)

    
     The same factors that are used to calculate regular auto insurance rates are used to calculate SR22 attached policies as well. For vehicle owners, it is more about your driving record and whether or not your vehicle needs comprehensive and collision coverage, versus only needing liability coverage. People who need an SR22 filing and need comprehensive and collision coverage on the vehicle are going to have to do a little more shopping around to a find an affordable rate. But it is still doable!

Summary:


       The cost of an Ohio SR22 filing is not that much more in cost as opposed to regular auto insurance, as long as you are shopping around with SR22 friendly companies. It's when people stay with auto insurance companies that are not or as SR22 friendly that you get hammered on premium. If you would like to get an actual quote to know exactly in terms of dollars what your costs are going to be, simply click on one of the three links below.


Get an Ohio SR22 quote with Lyles Insurance here if you own a vehicle

Get an Ohio SR22 financial responsibility bond quote with Lyles Insurance here 
or....
Get a qet an Ohio SR22 named operator quote with Lyles Insurance here if you do not own a vehicle.


​ Call me for a Quote


Related Blog Articles:

Video: Basics of an Ohio Financial Responsibility Bond

Video: Ohio BMV & SR22 Auto Insurance Reinstatement Guide

What is an Ohio SR22 Bond?

Ohio SR22 Bond FAQ's

How long will it take for my License to be Reinstated after I buy an Ohio SR22 Bond?