A detailed guide to SR22 Bond
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SR 22 insurance can vary in cost depending on your age, gender, the state you live in and also on the insurance company offering coverage. Here, we take a closer look at what SR22 insurance is, how much it may cost you, getting an SR22 and how long you may need it.
What is is SR-22 Bond ?
An SR22 bond is a type of certificate of financial responsibility that is required by the DMV (Department of Motor Vehicles) specifically in the state of Ohio. It is a form of insurance that proves that an individual has the minimum amount of liability insurance required by law. The SR22 bond is required for individuals who have had their driving privileges revoked or suspended due to certain offenses, such as a DUI conviction or repeated traffic violations.
The bond acts as a guarantee that the individual will have insurance coverage in case of an accident, and it must be maintained for a specified period of time which is between one to five years.
Who requires an SR22 Bond?
An individual may be required to obtain an SR22 bond under the following circumstances:
- DUI/DWI charges: An individual might be required to file for an SR22 Bond after being convicted for a DUI (Driving under the Influence) or DWI (Driving while Intoxicated) charge.
- License suspension or revocation: An SR22 bond may be required if an individual’s license has been suspended or revoked for reasons such as multiple traffic violations, reckless driving, or driving without insurance.
- Unsatisfied judgment: An SR22 bond may be required if an individual has an unsatisfied judgment against them as a result of an accident they caused while driving.
- Operating a vehicle without valid insurance: An SR22 bond may be required if an individual was caught driving without insurance or failed to maintain continuous insurance coverage.
- Court-ordered insurance: An SR22 bond may be required if a court orders an individual to obtain insurance coverage as a condition of probation or reinstatement of their driver’s license.
How much does an SR22 Bond cost?
The cost of an SR22 Bond depends on various factors such as :
- The state of the policyholder
- Age of the policyholder
- Insurance company from which it has been purchased from
- The driving record of the policyholder
And so on. In most of the cases, the average of an SR22 Bond is between $15 to $50 on an annual basis but in some cases it can be higher. The cost of an SR22 bond is usually added to the cost of the liability insurance policy, so it is important to look around for the best rate.
What all are covered under an SR22 Bond?
The SR22 Bond covers the following:
- $25,000 in property damage liability coverage.
- $50,000 bodily injury per accident.
- $25,000 bodily injury for any 1 person.
It is worth noting that the SR–22 bond does not cover the vehicle you are driving or the vehicle that you own. Also, it does not provide medical coverage for you or anyone else in the vehicle you are driving at the time of the accident. All damages beyond the $75,000 limit (state minimum of liability) are your responsibility.
How to obtain an SR22 Bond?
The process for obtaining an SR22 bond typically involves the following steps:
- Contact your insurance company: The first step in obtaining an SR22 bond is to contact your insurance company to purchase an SR22 Bond from. Your insurance company will be able to provide you with the necessary forms and information, as well as quote you a price for the bond.
- Purchase liability insurance: In order to obtain an SR22 bond, you must have liability insurance coverage. This is typically the minimum insurance coverage required by law, and it covers the costs of damage or injury that you cause to others while driving.
- File the SR22 bond: Once you have liability insurance, your insurance company will file the SR22 bond with the DMV on your behalf. The bond serves as proof that you have the required insurance coverage and that you are financially responsible in case of an accident.
- Pay the fee: The cost of the SR22 bond is typically added to the cost of your liability insurance policy, so you will need to pay the fee to your insurance company. The fee is usually paid on an annual basis, but the exact duration and cost of the bond will depend on the state and insurance company you are working with.
- Maintain continuous coverage: Once you have obtained an SR22 bond, it is important to maintain continuous insurance coverage. If your insurance coverage lapses, your insurance company will notify the DMV and your license may be suspended or revoked.
It is very essential to check with the DMV in your state for specific information and requirements, as the process for obtaining an SR22 bond can vary by state.
- An SR22 bond is a type of certificate of financial responsibility that is required by the DMV (Department of Motor Vehicles) specifically in the state of Ohio.
- In most of the cases, the average of an SR22 Bond is between $15 to $50 on an annual basis but in some cases it can be higher.
- It is worth noting that the SR–22 bond does not cover the vehicle you are driving or the vehicle that you own.
SR-22 Cost In Numbers
Is the average annual cost for SR-22 Bond across the United States.
Only 1 out of 50 states across the counrty requires drivers to file for an SR22 Bond.
Your rate will go up, on average, 57% or $993 a year for one DUI accordingly.
Most frequent questions and answers regarding SR-22 Insurance
When your SR-22 requirement is removed, simply contact your insurance company to let them know you don’t need it anymore.
You’ll need to inform your insurance company that you need an SR-22 so that they can file it on your behalf. Your insurance company will learn about the violation that led to the SR-22 requirement when it runs your record, so there’s no reason to avoid telling them.
To find out if your SR-22 has been filed, contact your insurance company. You can also check with the DMV or the court to find out if the SR-22 has been received and processed.
The process of filing an SR-22 can be time-consuming. The average wait is 3o days, so don’t wait to get it started.
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