When you own a vehicle in Ohio and have it registered with the BMV with active license plates, then you signed a document indicating that you would maintain insurance pursuant to Ohio's financial responsibility laws. Since you registered the vehicle, you are responsible for it and giving it to an uninsured driver was against the law and not a smart thing to do.
Take a look at the Ohio BMV's website for details concerning the suspension of your license for failure to maintain insurance when involved in a collision here:
http://bmv.ohio.gov/fr_laws.stm
Best of luck to you.
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