Differences Between an Ohio Financial Responsibility Bond and a Named Operator Auto Insurance Policy
There are a lot of similarities between an Ohio financial responsibility bond and a named operator policy. But where a lot of confusion comes in stems from the differences between the two. For Ohio residents who need an SR22 auto insurance filing but don't own a vehicle, both are viable options. But which one should you choose to attach the SR22 filing to?
You can find a lot of information online about a named operator policy. But financial responsibility bonds are only sold in the state of Ohio. That's why it's a lot harder to find information online about a financial responsibility bond. This article will help you understand what you need to know about the similarities and differences between the two.
Both of these types of policies tend to come into play when someone needs an SR22 state filing for auto insurance, but they don't own a vehicle that they can insure . Without a vehicle to insure you can not buy regular auto insurance. So you need either a financial responsibility bond or a named operator policy.... An SR22 filing can be attached to either policy, just like they attach to a regular auto insurance policy.
Note: * Many people who own vehicles take out financial responsibility bonds to make them legal to drive in the state of Ohio. As long as the bond covers owned vehicles, then yes, you are driving legally. However, only owning of financial responsibility bond when you own a vehicle is a big mistake! For one thing, state minimum liability coverage is lousy! And also, with a bond you can not loan your vehicle to anyone and be covered. So if you only have a financial responsibility bond to cover the vehicle you own, and you loan your vehicle to someone who causes an accident, you're on the hook! So while owning a financial responsibility bond does make you legal to drive a vehicle that you own, it is still a very dumb strategy!
Summary: There's not all that much difference between the a named operator policy and a financial responsibility bond. But now that you have seen the differences between the two, you can decide which policy would be the better fit.
No matter which type of non owner's policy that you decide on, I have several companies for each type of policy that go easy on drivers who also need an SR22 filed with the Ohio state BMV. Fill out one of the two quote forms below and I will find you the company with the best rate. And as always, I handle your information personally and privately.
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..