Choosing the right auto insurance is essential for any driver. However, many people struggle with understanding the differences between an FR Bond or an SR22 Bond in Ohio. Understanding these differences is critical in helping you find the best auto insurance for your situation.
An overview of the differences between FR & SR22 Bonds in Ohio
- What is an FR Bond?
An FR Bond is often used to satisfy the proof of insurance required in Ohio. This type of bond is especially useful if you don’t own a vehicle or if the car is an older model. An FR Bond is also an excellent option if you are looking for a lower-cost option to meet the minimal requirements for insurance.
- How to Obtain an FR Bond?
An FR Bond is available from insurance providers, as it is similar to obtaining other forms of car insurance. Many of these providers allow you to choose from a variety of payment options, such as paying all of the premium up-front or making payments each month.
- What Happens if an FR Bond Lapses?
An insurance provider is required to immediately contact the Ohio Bureau of Motor Vehicles (BMV) if your FR Bond lapses. The consequences of your FR Bond lapsing is wide-ranging, as the BMV may suspend your license. However, there are no consequences with the BMV if it wasn’t a requirement for you to obtain an FR Bond.
- What is an SR22 Bond?
An SR22 Bond is usually required due to various traffic-related offenses. A driver is required to obtain an SR22 Bond if they hope to maintain their driving privileges. Typically, an SR22 Bond is needed for three years. However, any lapse in coverage will cause the duration to reset to the original length.
Contact SR-22 Bond of Ohio
SR-22 Bond of Ohio has over three decades worth of experience in helping clients with auto insurance. Our staff members are always happy to answer any of your questions and help you find a cheap SR22 bond. We can also explain the differences between an FR Bond or an SR22 and help you obtain the right amount of insurance coverage for your situation.
Contact our team at SR-22 Bond of Ohio to learn more about a cheap SR22 bond!