Residents in the Buckeye State must comply with the state’s Financial Responsibility (FR) law to legally operate a motor vehicle. In addition, an automobile owner may not allow others to operate their vehicle without car insurance or another form of proof of FR. With the cost of Ohio’s automobile coverage premiums being among the lowest in the nation, most Ohioans choose to purchase vehicle policies to comply with the state requirements.
Individuals who with to purchase Ohio car insurance coverage must obtain a policy with liability limits of no less than $12,500 for bodily injury to one person, $25,000 for bodily injury per accident and $7,500 for property damage liability. When automobile coverage is purchased the insurer must issue an identification card (I.D. card) for each vehicle insured which must be carried at all times while a car is being operated. Proof of valid coverage will need to be shown when requested by a law enforcement officer during a routine traffic stop or during a safety inspection. Identification cards may also need to be shown in a courtroom when a motorist is cited for a traffic ticket or if a driver is involved in a traffic accident. It may be wise for the vehicle’s owner to leave I.D. cards in the automobile at all times so that anyone who may drive the auto will have access to them if needed.
There are additional ways that the state allows motorists to comply with the state’s financial responsibility law instead of obtaining an automobile policy that are less conventional, but some consumers may choose. Vehicle owners may obtain a certificate issued by the Bureau of Motor Vehicles (BMV), upon approval, once money or a government bond in the amount of $30,000 has been deposited with the Ohio Treasurer. A certificate of bond can also be obtained from the BMV, after an application and approval in the amount, in the amount of $30,000 that is signed by two people who own real estate with at least $60,000 in equity. Auto owners may also obtain a bond in the amount of $30,000 issued by an authorized surety or insurance company.
Failure to comply with either of the options given by the state to satisfy the financial responsibility law can result in penalties. According to the Ohio Guide to Automobile Insurance, motorists caught operating an automobile without proper coverage can end in the driver’s license being suspended for 90 days and up to one year for repeat offenders. It can also lead to the vehicle being impounded and suspended tags and any applicable court fees would need to be paid. In order for a motorist to get driving privileges and tags back a $75 reinstatement fee would need to be paid and the fee could reach $500. The motorist must also prove financial responsibility and file an SR-22 with the BMV. If the car was impounded, a fee will need to be paid to get it back.
Source: http://www.onlineautoinsurance.com/ohio/
