Ohio is the only state that carries a special type of auto insurance known as Financial Responsibility Bonds (FRB). There's not much information out there about FRB's, and much of what information is out there is inaccurate anyways. This article will explain to you exactly what a financial responsibility bond is, and what you need to know.
One of the biggest problems is that financial responsibility bonds get confused with SR22 filings. And while they are different as apples and oranges, many people confuse them for being one in the same. I'm sure you've heard the term "SR22 Bond" before. I even use the term myself just because I understand what people mean when they say that.... But the term is quite misleading because an SR22 is a state filing. It is not a "bond" or auto insurance. An SR22 filing is something that attaches onto a bond or auto insurance.
What a Financial Responsibility Bond covers:
What a Financial Responsibility Bond does NOT cover:
Quick word on state minimum liability coverage
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..