Wilson Insurance Agency of Central Ohio, Inc.

According to the Financial Responsibility Law in Ohio, a Financial Responsibility Bond can be used to prove financial responsibility only when the driver is required by the Ohio Bureau of Motor Vehicles to have an SR-22 filing and this driver does not own a vehicle titled in his or her name.  The Financial Responsibility Bond is not appropriate for a person that owns one or more vehicles.  A person that owns one more vehicles should purchase liability insurance coverage on each vehcile they own.  The insurance company can attach the SR-22 filing to the automobile insurance policy, if one is required by the Ohio Bureau of Motor Vehicles. 

In addition to having liability protection in event of an automobile accident, these are other reasons to carry Automobile Insurance:

In event you receive a letter asking for proof of liability insurance coverage on your vehicle from the Ohio Bureau of Motor Vehicles, your agent or insurance company cannot confirm that you have liability insurance on your vehicle if you carry only a Financial Responsibility Bond.  These letters are sent randomly by the BMV from the records of persons who have purchased Ohio license plates on their vehicles.  They are attempting to verify that persons who own vehicles and have Ohio license plates on these vehicles actually carry liability insurance coverage on these vehicles. 

If you carry only a Financial Responsibility Bond and do not carry liability insurance on your vehicle, other people are not covered by the bond as drivers on your vehicle.  In other words, if you let someone else drive your vehicle, there is no coverage.  Their own liability insurance covers them as a driver, but there is nothing in force to protect you as owner of the vehicle.  You may have your driver's license suspended for having no liability insurance on your vehicle.  If the driver does not have his or her own liability insurance, their driver's license may be suspended as well.

Automobile insurance is usually sold to include Medical Payments coverage, which pays for your injuries and your passengers injuries in event of an automobile accident.

Automobile insurance is usually sold to include Uninsured Motorists Bodily Injury coverage, which pays for your injuries in event you are hit by an at-fault driver who does not carry liability insurance. 

If you need liability coverage only on your older vehicle, automobile insurance is usually sold to include Uninsured Motorists Property damage coverage, which pays for repair to your vehicle, if you are hit by an uninsured driver. This limit is usually $7,500. to $10,000. and is subject to a $ 250. deductible.   

 Many people are confused regarding the issue of Financial Responsibility Bonds verses Automobile Insuance.  I have attempted to answer some of the questions you may have and explain why it is always best to carry Automobile liability insurance on each and every vehicle that is titled in your name. Please call me with any further questions or if you would like a quote on your Automobile insurance.  Thank you for visiting this site and reading this blog.