What is an FR/SR22 Bond?
The FR Bond, also called SR22 Bond, is a minimum liability instrument that follows an individual, not a specific vehicle. The FR / SR22 Bond will cover you for Ohio state minimum liability ($25,000/ $50,000/ $25,000) while operating ANY 4-wheel private passenger automobile for personal use, owned or non-owned. The FR / SR22 Bond is a “stand-alone” instrument; you don't need any other coverage to comply with Ohio’s Financial Responsibility Laws. FR / SR22 Bonds, are like automobile insurance in that they provide both bodily injury and property damage liability coverage for injuries and damages you cause to another person, passengers in another car, pedestrians, and damage to other people's property. The FR / SR22 Bond was designed for people who want the “Bottom Line” of coverage, only the minimum protection required by Ohio FR Law. The FR Bond is available with only minimum liability limits of $25,000/$50/000/$25,000. There are no options available with an FR/SR22 Bond and no one else is covered to drive your vehicle. The FR Bond will not pay for injuries to you, but may pay for passenger’s injuries if you are liable for an accident. The FR Bond does not cover damages to the vehicle that you are driving.
How Does Ohio's Financial Responsibility (FR) Law Work?
To drive legally in Ohio, you have to be able to prove you can pay for damages and injuries that occur in a traffic accident that you cause. You must have coverage for a minimum of $25,000 per person / $50,000 total per accident for bodily injury caused to another person, passengers in another car, pedestrians, and $25,000 for damage to the other person's property.
Any time a police officer stops you for a traffic violation or if you are involved in an accident, the officer will ask you for proof of Financial Responsibility (FR). If you cannot prove FR, you may be facing severe penalties. Up to 2 years suspension, up to $500 Reinstatement Fee, impounding of your license plates and certificate of registration for repeat offenders.
If your license is suspended because you fail to prove FR, you must take steps to have your driving privileges restored. These include paying any Reinstatement Fees and filing an SR-22 Form with the Ohio BMV.
With the issuance of your FR/SR22 Bond, the insurance company will electronically file your SR-22 with the Ohio BMV. This is the fastest way to get your filing to the BMV without you going there. The BMV tells us that it takes them up to 3 business days to record a filing onto your record once it has been received. If you are in a super hurry, the fastest way to reinstate your license is to go directly to a local BMV Office with your SR-22 Form and any other requirements. Your SR-22 Form will be available to you several minutes after we have confirmed your payment. You can have your driving privileges restored the same day if it is early enough for you to make it to a BMV office with all your requirements.