The SRS light on my 2002 Honda Civic had been on for months. The dealer determined that it was because of pre-tensioner failure in the seat belt. Although Honda says any component of the seat belt that fails from normal use is covered under the lifetime warranty, the dealer said because this was an "electrical" issue the repair is not covered. I'll be out $450.
It goes out without saying that I think this is BS. I called Honda customer service and got the same answer. I'm very dissatisfied.
SRS lights on Hondas are somewhat common. I have had to replace SRS parts in Hondas. I would have your car scanned and then properly Diagnosed because as long as your SRS light is on, it is disabled, meaning that you have no Air Bag protection.
A company called myairbags.com says they will repair the seat belt tensioners for $69.00 and the airbag module reset for $49.00 I am hoping this and replacing the exploded airbags works my situation is similar to yours.
I had a problem with the buckle of the seatbelt which likely triggered the SRS light but, of course, Honda won't acknowledge this and expect you to pay at least $180 to investigate the source and even recommend replacing the unit for $450... I am continuing to drive with the SRS light on but don't have any accidents to prove whether or not the airbags work or not. Hope I won't need to...
I have had the same problem and was told I would be charged $300.00 to find it. I urge you all to call the safety hotline and file a complaint at 1-888-327-4236. The more complaints they have the more they have to take to Honda to do something about the problem. Not having a working airbag is a problem and Honda needs to take responsablity for it.