The handle located near a passenger in a car. It is used in life threatening situations, usually by a spontaneous or involuntary actions.
Passenger: Can you slow down man? You're making me nervous.
Driver: I can't, I need to make it home before my parents
Driver: I left my weed out in the den.
(driver makes a sudden right turn)
Passenger: OH SHIT! You crazy asshole, thanks for this handle though.
Driver: That's exactly why it's called The "Oh Shit" Handle.
Passenger: oh... yea.