Having the right auto insurance for your needs is vital. If you live Ohio, there’s an affordable option available to you. The FR (Financial Responsibility) Bond could be what you’re looking for. We’ll help you learn about FR Bonds and how they work differently from what’s often called an SR22 or SR22 Bond.
An FR Bond is a type of insurance coverage by itself, while an SR 22 is something that’s added to an existing insurance policy and filed with the state showing them you have the necessary required coverage.
When someone tells you that you need an SR22, they’re really saying you need to file the appropriate proof showing you carry the legally required minimum car insurance coverage.
You don’t need to have an SR-22 added to an FR Bond. You can use an FR Bond in Ohio to satisfy the proof of insurance requirement in many situations. An FR Bond also comes into play when:
Think of an FR Bond as a type of insurance that’s made just for you and provides the minimum liability coverage the state requires. It protects you when you:
An FR Bond provides coverage for a specified amount of time, and you’ll have to renew it when your term expires—if you want it to continue.
Getting coverage is very similar to buying other forms of car insurance. At Dairyland®, we offer a number of options for you to pay for your FR Bond, including paying all of the premium up front or making payments.
As soon as you purchase it, your FR Bond is issued immediately, and we’ll electronically send the information to the state at no cost—making you legal to drive the same day.
If your FR Bond lapses, we’re required to contact the Ohio Bureau of Motor Vehicles (BMV), since it was originally filed with them.
If you need a filing because you were told to get one, the BMV may suspend your license or issue other consequences. You’ll also be without the coverage provided by the FR Bond.
If you don’t require a filing, there are no consequences with the BMV. However, you’d no longer be covered by the FR Bond when you drive.
FR Bonds may be a cheap car insurance alternative to more comprehensive insurance options. With Dairyland®, you’ll also find we also deliver quality coverage with friendly, top-notch customer service. Contact us at 800-334-4357 for a quote, and a licensed agent will be happy to help you.