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Financial Responsibility Requirements
To comply with the FR requirements, Individuals must maintain one (1) of the following:
- A motorist liability insurance policy. Insurance cards are issued by an insurer to the policy holder for each motor vehicle insured under a motor vehicle liability insurance policy;
- A $30,000 bond issued by an authorized surety or insurance company;
- A certificate of proof of financial responsibility signed by an insurance agent on a form prescribed by the Ohio Bureau of Motor Vehicles (BMV);
- A certificate issued by the BMV, after proper application and approval, indicating that money or government bonds in the amount of $30,000 is on deposit with the Ohio Treasurer Richard Cordray;
- A certificate of bond issued by the BMV, after proper application and approval, in the amount of $30,000 signed by two (2) individuals who own real estate having equity of at least $60,000;
- A certificate of self-insurance issued by the BMV, after proper application and approval, to those with more than 25 motor vehicles registered in their name or a company's name.
Verification of Proof of Financial Responsibility
Ohio's FR law requires every applicant for registration of a motor vehicle and every applicant for a driver's license, or the renewal of such license, to sign a statement indicating that the applicant maintains, or has maintained proof of financial responsibility at the time of application, and the applicant will not operate a motor vehicle in Ohio without maintaining proof of financial responsibility.
Proof of financial responsibility is required to be verified under the following circumstances:
- When an individual or a motor vehicle owned by the individual is involved in a motor vehicle accident that results in bodily injury to or death of any individual or more than $400 of property damage and a complaint is filed with the BMV alleging that the driver or owner was uninsured at the time of the accident. The law permits the driver of any motor vehicle "which is in any manner involved" in such an accident to forward, within six months of the accident, a written report to the Registrar alleging that a driver or owner of any other vehicle involved in the accident was uninsured at the time of the accident. The BMV must send notice of the allegation to that driver and owner. Within 30 days after the mailing of the notice, the driver or owner must forward a report and acceptable proof of financial responsibility to the BMV.
- When an individual receives a traffic ticket indicating that proof of the maintenance of financial responsibility was not produced upon the request of a peace officer or State Highway Patrol trooper during the enforcement of Ohio traffic laws or during a motor vehicle inspection. The individual must submit proof to the traffic violations bureau with payment of a fine and costs for the ticketed violation or, if the individual is to appear in court for the ticketed violation, the individual must submit proof to the court.
- Whenever an individual is found guilty of a violation of a traffic offense that requires a court appearance. The court must require the individual to verify the existence, at the time of the offense, of proof of financial responsibility covering the individual's operation of the motor vehicle or covering the motor vehicle if registered in the individual's name.
- Whenever an individual is randomly selected by the BMV and requested to provide financial responsibility verification.
Ways to Provide Satisfactory Proof of Financial Responsibility
When law enforcement officers request FR proof and the motorist cannot provide satisfactory proof at such time, they are given a notice explaining the options to provide such proof:
- Sending a copy (document displaying satisfactory evidence of FR) when paying the fine;
- Bringing FR proof when appearing in traffic court;
- Sending FR proof when requested by the BMV.
Failure to comply with proof of FR will initiate a suspension process through the BMV. Failure to respond to a Notice of Suspension will result in an individual’s driving and registration privileges being suspended, even if the individual was properly insured at the time of the traffic stop.
Financial Responsibility Violator Penalties
Failure to provide proof of financial responsibility, when required, will result in the following civil penalties imposed by the Registrar of Motor Vehicles:
- Lose driving privileges for a minimum of ninety (90) days and up to two (2) years;
- License plates and vehicle registration suspension;
- License plate reinstatement fees of $125 for first violation, $300 for second violation, and $550 for a third or subsequent violation (this includes a $50 penalty for failing to surrender the license, plates or vehicle registration to the BMV);
- Require filing with the BMV (SR-22 or bond) to continuously maintain proof of financial responsibility for a minimum of three (3), up to five (5) years from the date of the suspension of operating privileges;
- Vehicle immobilization and confiscation of plates for 30 to 60 days for violating FR suspension. Third and subsequent offenses could result in vehicle forfeiture and a five (5) year suspension of vehicle registrations.
Driving and registration privileges cannot be restored until all requirements of the suspension have been met.
You can satisfy your requirement by purchasing an insurance policy through a insurance agent licensed to provide auto insurance in the state of Ohio. If you do not currently own an automobile you can satisfy the Financial responsibility requirement by purchasing a Financial Responsibility Bond in the amount of $30,000 from a Ohio licensed insurance agent.
The insurance or bond must be submitted on a Financial Responsibility Certificate (SR-22) or Financial Responsibility Bond from the insurance company. The insurance company must have authorization to write financial responsibility insurance and bonds in Ohio and have "a power of attorney" on file in Ohio. The Ohio Bureau of Motor Vehicles maintains a listing of authorized agents and companies.
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