What is the difference between an SR22 bond and an SR22 Insurance Policy?
In some ways the two are similar. They both provide at least the state minimum
liability that Ohio / Ohio BMV allows for you to be able to legally drive in Ohio. They both report the SR22 to the State of Ohio BMV.
But that is where the similarities between the SR22 Insurance Policy and the SR22 Bond stop.
The SR22 bond will only pay in the event that you are the responsible party in an accident, and it will only pay for the other parties injuries and/or the property/vehicle damaged by you up to the bond policy limit. The SR22 Bond will never pay for injuries to the bond holder, the people in their vehicle, or any damage to the vehicle they are operating.
A car SR22 Insurance Policy offers all the protections of an SR22 Bond and much more. SR22 Insurance Policies have many coverages that can insure the owner of the policy, the people in the owner’s vehicle, the people in the other vehicle and the vehicle itself. It can also offer coverages such as uninsured or underinsured motorist coverage which is coverage that insures you against people who either have no insurance at all or not enough insurance to cover all the damages. It can cover you, the people in your vehicle, and the vehicle itself.
The SR22 Car Insurance Policy can also provide full coverage on the vehicle. This can protect the vehicle from any and all damages covered by the policy terms.
Normally, SR22 Insurance is more expensive that an SR22 Bond because it offers so much more insurance coverage.
Get Cheap SR22 Insurance in Ohio Today
If you are like most people that don’t buy coverage every day, why don’t you give us a call (216) 382-0050 and we’ll walk you through some examples of what is covered and what is not between a cheap SR22 Car Insurance Policy and an SR22 Bond. Armed with all the facts, you’ll be able to make an intelligent decision on what is better choice for you.
