What you need to know before you buy an Ohio SR22 Bond Online

If you’re getting close to having your suspended Ohio driver’s license reinstated, getting an SR22 filing is one of the last steps you will have to take.  The easiest and best way to get an SR22 filing is to shop online.  But there is a right way and a wrong way to do it.  This article will help you understand the two biggest issues you will face, and how to avoid the pitfalls along the way.  Those two issues are setting up the right type of policy and shopping in the right places.  This article will focus on both of those.


But first, we need to clear up some confusion about the term “SR22 Bond”.  While the term is very commonly well known and used often, it is actually an incorrect term.  There’s really no such thing as an SR22 bond. 




Ok …. So then what is an SR22, if it’s not a Bond?

• An SR22 is a state filing that attaches onto some type of auto insurance policy.

• It is a guarantee to the Ohio State BMV that you’re carrying at least state minimum liability auto insurance coverage.

• An SR22 works like a “tattletale” attachment. When you file an SR22 with the state BMV, the auto insurance company notifies the state BMV that you have done so. The BMV will then reinstate your license (as long as you have met all other reinstatement requirements). However, it works both ways…. If you cancel or lapse on an auto insurance policy that has an SR22 attached to it, the company is required by law to notify the BMV (“tattle” on you). Once this happens, the Ohio BMV will suspend your license again until the policy is either reinstated, or you replace it with another auto insurance policy that has an SR22 filing attached to it.

What is a Bond?

• The bond that applies in this case is known as a Financial Responsibility Bond (FRB).

• It offers only state minimum liability auto insurance coverage, and nothing else.

• Unlike a regular auto insurance policy, an FRB only covers one driver, and that is the driver listed on the bond.

• An FRB offers no physical damage on the vehicle the insured is driving.

• An FRB only pays the other driver if the insured causes an accident and is at fault.

• An FRB can attach an SR22 filing just like a regular auto insurance policy does.

• Ohio is the only state that has a Financial Responsibility Bond.

Buying the right type of policy to set up your SR22.




While there is a lot of confusion about how to set up an SR22 filing, it’s actually very simple:


If you own a vehicle, you should attach your SR22 filing onto a regular auto insurance policy.


If you do not own a vehicle, you should attach your SR22 filing onto a Financial Responsibility Bond (FRB).






    Attaching the SR22 Filing.




     Attaching the SR22 is very easy to do. Simply ask your agent to file your SR22, and the auto insurance company will send the SR22 electronically. The SR22 gets sent to the BMV within minutes or hours, depending on the company. The BMV usually takes one business day to process the SR22 before your license becomes active.


     A faster option is to take your SR22 paperwork to the BMV in person. Then your license becomes active right away. Your agent can print out your needed paperwork SR22 once you buy it, and have it emailed or faxed to you right away…. However, most people prefer to pass on this option because of long lines at their local BMV…. But that option is available if you want.




How long do I need to carry an SR22 filing?




For most drivers, you will need to carry an SR22 for three years (but not always). To know exactly how long you need to carry an SR22 filing, you can look this up real quick on the Ohio BMV website for free. Click on the “unofficial driver abstract” link (you can also choose the “official driver abstract” link, but they will charge you $5 to do so).






Is it ok to carry two separate policies, having a regular auto insurance policy for my vehicle(s) and a Financial Responsibility Bond to satisfy my SR22 filing?




Yes. This is fine to do.  However, for about 90% of you, this is the more expensive way to do it as opposed to having everything on one policy.  But for a small percentage of you, this is a good idea and does make sense.  If you own your home, have good to excellent credit, and have your auto insurance bundled with your homeowners insurance, it is likely that having two separate policies is a good idea.






I own a vehicle and need an SR22… Can I legally get away with just carrying a Financial Responsibility Bond instead of buying a regular auto insurance policy?




Yes, you can legally drive your own vehicle with just an FRB. But that is something I DO NOT RECOMMEND!


I know a lot of people do this because of the cheaper price. But there is a big reason for the cheaper price, as it is very lousy coverage for a vehicle owner to have:

• Only state minimum liability coverage is offered. State minimum coverage is only adequate for minor accidents. If it’s a serious accident, that little bit of coverage gets exhausted very quickly. And you could be on the hook for the difference.

• There is no uninsured motorist coverage or medical payments coverage.

•  There is also no comprehensive and collision coverage offered (what actually insures the vehicle you drive). So if you are financing your vehicle, the bank/lienholder will not accept a bond as adequate coverage.

• No one else could ever drive your vehicle. An FRB only covers the driver named on the bond. If you loan your vehicle to a friend or neighbor (even in an emergency) without regular auto insurance coverage, YOU will be in big trouble if they get in an accident!

Best place to look online for an Ohio SR22 Bond or Auto Insurance policy.




This is where it can get tricky and confusing.  Many auto insurance companies will not handle SR22 filings.  And there are some auto insurance companies who will file the SR22, but they will charge a fortune to do so.  Your best bet is to find an independent agent who specializes in high risk auto insurance (AKA non-standard auto insurance). They have at least several auto insurance companies who are more SR22 friendly than standard auto insurance companies. You only need to give your quote information once, and the agent will do the grunt work of shopping around for you.




Also, when shopping online for an SR22 attached policy, here are three areas you should avoid:


1. Quoting with captive insurance agents (agents who sell for only one company.


I have nothing against captive agents. Most all of them are great agents. But the auto insurance company that they work for are mostly NOT SR22 friendly companies. Almost all SR22 friendly companies go through independent agents.


2. Quoting with one company at a time.


Although there is nothing wrong with doing this, it wastes a lot of your time. It can take a half an hour just o quote with two or three companies. It’s very hard to find the best price this way. A lot of people make this mistake because companies tend to dominate search engine rankings over individual agents.


3. Beware of lead generation sites!


These are websites that mimic the website appearance as if they are auto insurance agents, but they don’t sell insurance at all. They simply take your quote information and sell it to agents (known as “leads”). This will blow your phone up! The good news is that there’s an easy way to spot these sites. A legit agent or agency will have their name, address and phone number prominently displayed on their site. A lead generation site is more anonymous. If you don’t see a real human being listed as an agent, RUN!






Summary:


Don’t be overwhelmed or intimidated by shopping online for an Ohio SR22 auto insurance filing. By following the advice given above and avoiding the pitfalls mentioned, you’ve got this! If you have any questions, feel free to call me at 740-574-2618, or drop me an email at lylesinsurance@yahoo.com, and I will be happy to answer any questions you have. Also, feel free to get an online quote below.




Get an SR22 quote for a Regular Auto Insurance Policy with Lyles Insurance

Get an SR22 Quote for a Financial Responsibility Bond with Lyles Insurance

Call me for a Quote




​
Related Blog Articles:

Video: When does my Ohio SR22 Requirement End?

​Video: Basics of an Ohio Financial Responsibility Bond

​Video: Ohio SR22 Bond FAQ's

How much does SR22 bond insurance cost in Ohio?

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

---