Additional Info About Ohio Online Vehicle Insurance
Additional Info About Ohio Online Vehicle Insurance. There are additional ways that the state allows motorists to comply with the state’s financial responsibility law instead of obtaining an vehiclemobile 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 vehiclemobile 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 vehicle was impounded, a fee will need to be paid to get it back.