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. Even the members of your household are not covered by your FR Bond. Because, the other drivers would need their own bond. FR bonds do not pay for injuries to you. They may pay for a passenger’s injuries if you are liable for an accident, but will not otherwise pay for passenger injuries. 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.
FR bonds are regulated by the Ohio Department of Insurance No FR? If you are caught driving without proof of financial responsibility, you’ll soon be walking. Because, the penalties shown below, are severe.
