There are three types of non-regular auto insurance policies in Ohio: A Financial Responsibility Bond, a Broadform Named Driver policy and a Named Operator policy. Most states have a Named Operator policy. A few states have the Broadform Named Driver policy. But only Ohio has a Financial Responsibility Bond. And only Ohio has all three options available. All other states only have one or two options.
All three policies are intended for those who need auto insurance liability coverage but don't own a vehicle. People need these type of policies for various reasons. But the problem many face is knowing which type of policy is right for them. While all three types of policies are very similar in many ways, they are also very different in other very important ways. This article will help you understand what you need to know to make sure you're buying the right type of policy.
I have summarized the key similarities and differences between the three. I also created a chart which helps you compare the three side by side. I used 12 key factors and how the three types of policies measure up. It's important that you understand these 12 factors. So let's start with the factors in which all three are similar.......
Here is a chart to help you compare the three types of policies and decide what's best for you.
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Related Blog Articles:
SR22 Auto Insurance in the Portsmouth Ohio Area: Are you setting up your policy correctly?
Differences Between an Ohio Financial Responsibility Bond and a Named Operator Auto Insurance Policy
Understanding named operator (non-owner) auto insurance policies and how to get the best rate
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..