In Ohio, there's a unique term that is commonly used regarding auto insurance that you won't hear in any other state. That is the term “SR22 bond”. It is unique to Ohio because Ohio is the only state that has this type of bond that the term refers to.
As common as the term is, an Ohio SR22 bond is actually incorrect. That’s because there's no such thing as an SR22 bond. But when you say the term, agents know exactly what you mean. This article will help clear the confusion so that you understand exactly what you need to know if you need to file an SR22 attachment with the Ohio BMV.
The incorrect term “SR22 bond” derives from two different things. To understand the difference let's look at each one:
The proper way to set up an SR22 filing
This is very simple.
*** Note: There are some drivers who own vehicles but choose to take out a financial responsibility bond and attach the SR22 filing to it, rather than attaching the SR22 filing to a regular auto insurance policy to save money. Although this is legal to do, it’s really not wise to insure yourself this way if you own a vehicle.
Insuring your own vehicle with just a financial responsibility bond is very lousy coverage! The few dollars you save is not worth the coverage you sacrifice. There are major downsides to insuring your own vehicle with a Financial Responsibility Bond:
Is it OK to carry two separate active policies, a regular auto insurance policy to insure my vehicle, and a financial responsibility bond to satisfy my SR22 requirement?
Yes. This is perfectly fine to do. However, nine times out of 10 this is the more expensive way to handle the problem. More often than not, having a regular auto insurance policy with an SR22 attachment together on one policy comes out cheaper for the vast majority of people. However, there are a few rare exceptions where it makes sense, and comes up cheaper to carry two separate policies. This is especially true for people who own their own home, have a good driving record and a good credit record. But for just about anyone else, it’s normally cheaper to carry everything on one policy.
Finding the best rate.
Not all auto insurance companies will file an SR22 filing. There are other companies who will file an SR22, but will charge you a fortune to do so. That's why it's important to find the right auto insurance companies that are SR22 friendly.
The best way to shop around for any type of auto insurance that needs an SR22 filing is to simply go through an independent insurance agent who specializes in high risk insurance. These agents have several companies that go easy on drivers who need SR22 filings. Independent agents will be happy to do the shopping around for you. They can set up coverage that is right for you and find the company with the lowest price for the coverage levels you need. Just because you need an SR22 doesn’t mean you need to pay a fortune!
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What you need to know before you buy an Ohio SR22 Bond Online
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Differences Between an Ohio Financial Responsibility Bond and a Named Operator Auto Insurance Policy
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..