Financial Responsibility Requirements

Drivers and vehicle owners are required to have insurance. Or they must have another means of covering personal injury or damage. The law requires coverage in minimum amounts: $12,500 for bodily injury to one person in an accident; $25,000 for bodily injury to more than one person in an accident; and $7,500 for property damage.

Drivers are required to have proof of financial responsibility. Law enforcement will ask to see proof. If you cannot provide proof immediately, you will be cited. You may lose your license. If you do not have insurance, you will be required to prove to the Bureau of Motor Vehicles (BMV) that you are financially responsible. You can do that by obtaining one of the following types of insurance:

  • Certificate of Insurance (Form SR22) from a licensed insurance agency; or
  • Surety Bond in the amount of $32,500 from a licensed insurance agency; or
  • BMV Certificate for money or government bonds in the amount of $30,000 on deposit with the State of Ohio Treasurer.

The insurance must be maintained for three years from the suspension date. BMV may require 5 years if there is a history of failure to maintain insurance cases and for certain convictions.

For more information about financial responsibility, license suspension, reinstatement requirements, fees and other driver’s license issues see: www.bmv.ohio.gov

This article is meant to give you general information and not to give you specific legal advice.Prepared by Community Legal Aid Services, Inc. Updated May 2012. CE-93-F255-CLAS