How Do I Get an SR22 Bond in Ohio When I Don't Own a Car?

If you require an SR22 filing in the state of Ohio but you do not own a car, there are two options that will satisfy the requirement. The first option is a Financial Responsibility Bond. The second option is a Named Operator auto insurance policy.


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

• Financial responsibility bonds only offer liability coverage. Named operator policies generally offer liability, uninsured motorist and medical payments coverage.
• Financial responsibility bonds usually cost less than named operator policies.
• Named operator policies usually offer higher levels of liability coverage while financial responsibility bonds usually only offer state minimum liability coverage.

 Some other key points to know about the similarities

• Both are considered secondary coverage, which means that the vehicle owner's auto insurance pays out before these do. Both the named operator and financial responsibility bond are intended to cover you in case the owner neglected to carry coverage (or enough coverage).
• Neither policy is intended for vehicle owners. Although some (not all) financial responsibility bond companies cover owned vehicles, it is highly risky to do so because of the very limited and inadequate coverages.
• Unlike regular auto insurance, both of these policies only cover the named driver. Neither will cover any other driver.
• Neither policy covers comprehensive or collision coverage.

 Summary:
If you're just looking for the cheapest way to keep an SR22 filing in force, a financial responsibility bond is the cheaper option. However, you're normally limited to state minimum liability coverage and that's it! Some drivers are ok with that, knowing that the vehicle owner has better primary auto insurance coverage. However, if you want to add uninsured motorist and/or medical payments coverage, you will need to go with the named operator policy.


Get a quote for a Financial Responsibility Bond with Lyles Insurance

Get a quote for a Named Operator policy with Lyles Insurance

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