Ohio SR-22 / FR Insurance Bond

 

Ohio SR-22 / FR Insurance Bond

In order to drive legally in Ohio, you must be able to prove you can pay for damages and injuries
that occur in any traffic accident you cause.
How Ohio’s Financial Responsibility Law Works
You cannot drive legally in Ohio without being able to demonstrate your financial responsibility
(FR). To do this, you must have the minimum requirements of liability coverage in case you are
responsible for a traffic accident.
A majority of drivers comply with the FR law by purchasing automobile insurance. Most
personal auto insurance policies issued to Ohio drivers carry the minimum of bodily injury and
property damage liability coverage required by the state.
The policy may also include options that cover medical payments, uninsured & underinsured
motorists, and comprehensive & collision. The insurance company gives policyholders an ID
card to be used as FR proof.
Please note: Any time a police officer stops you for a traffic violation or safety check, the officer
will ask you for proof of financial responsibility.
FR Bonds Act Like Limited Automobile Insurance
If you are not able to buy auto insurance for any reason, you can establish financial responsibility
through the purchase of a cash bond. This “FR bond” must be posted with the State Treasurer of
Ohio.
FR bonds are similar to automobile insurance because they provide both bodily injury and
property damage liability coverage for injuries and damages you cause.
In other words, they cover you if you are at fault for injuries caused to another driver, passengers
in another car, pedestrians, and damage to property other than your vehicle.
No one else who operates your vehicle is covered by your FR bond — not even members of your
household. FR bonds do not pay for injuries to you or your passengers. Such bonds do not cover
damages to your vehicle.
They provide restricted coverage only for bodily injury and property damage liability which you
might cause while driving a vehicle.