Clearing Confusion and Finding the Best Rates for an Ohio SR22 Bond

There has been quite a bit of confusion regarding Ohio SR22 Bonds.  I am going to help you understand what you need to know. Let's start with the basics:    

•     The Ohio BMV may require a driver to carry a state filing, which is known as an SR22. This is common for drivers who have had their license suspended, received a DUI,  were caught driving without insurance, etc.
•      This SR22 filing is what the insurance company files with the BMV. It is a guarantee to the Ohio BMV that the driver is keeping active liability coverage (of at least state minimum limits). With this state filing, the insurance company is required to notify the BMV if the liability coverage is cancelled. The BMV will then suspend the license again until liability coverage is re-established.

   
There are two types of insurance you can purchase in order to satisfy Ohio's SR22 filing requirement: A regular auto insurance policy for those who own vehicles and a non-owners policy for those don't.
    1. Attach the SR22 filing to a regular auto insurance policy. This is what you will want to do if you own a vehicle, or have a vehicle registered in your name. *


   2. Attach the SR22 filing to a financial responsibility bond or a named operator policy. This is what you will need to do if you do not own a vehicle. Unlike a regular auto insurance policy which covers a vehicle, a financial responsibility bond / named operator policy covers the DRIVER ONLY! It is intended as secondary coverage, because the automobile owner's regular auto insurance is the primary coverage. This bond/policy protects you in case that the owner of the vehicle you are driving is not carrying proper coverage on their vehicle.


What is the difference between a financial responsibility bond and a named operator policy?


A financial responsibility bond generally costs less than a named operator policy, but a named operator policy normally offers more coverages and higher limits than an FR bond. For example, most companies that sell FR bonds only offer state minimum liability coverage and nothing else. Named operator policies (depending on the company) will offer higher levels of liability, and also offer medical payments and uninsured motorist coverage. But neither the FR bond or NO policy provide any physical damage (comprehensive or collision) on the vehicle you're driving! Only a regular auto insurance policy provides comp and collision coverage options.
* Although it is very rare, it is possible to own a vehicle but only insure it with a financial responsibility bond instead of a regular auto insurance policy. Ohio is one of the few states that allow that. However, I highly discourage anyone from setting up coverage this way!


 Reasons why

• If anyone else besides the named insured drives the vehicle, there is no coverage! If someone borrows your vehicle and hits someone, YOU will be held responsible!A vehicle owner really needs the regular auto insurance policy. These bonds are very inadequate.**also keep in mind, not all bonds and most named operator policies cover owned vehicles. It varies from company to company.
• Why are so SR22 filings so expensive? People don't know the right place to find coverage. It's just a matter of finding the right company that takes it easy on drivers who require SR22 filings and/or has a bad driving record. Here in Ohio, depending on your situation, I have up to 6 companies to quote you with. Including Progressive,GMAC, Kemper Specialty, Dairyland/Viking, Omni & Personal Services Insurance.
•   Each company has their own appetite for the drivers they want or don't want. Thus getting SR22 quotes with multiple companies is imperative! This is especially true if you have a major ding, or multiple minor dings on your driving record.

To get a quote with me, simply click on one of the two links below. I will find you the company with the best rate!




Click here if you own a car, or have a car registered in your name.





Click here if you do not own a car, or have a car registered in your name.

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