Bond Versus Insurance in Ohio

[Bond Guy]

Can you explain surety bonds to me please? For example in Ohio motorists can obtain a surety bond instead of auto insurance. According to the OH FR laws a surety bond of $30,000 issued by an authorized surety or insurance company can be used instead of an auto insurance policy. So if you are covered under a bond and you use it, do you have to pay back the portion of the bond that you used? For example if you have liability loss of $20,000 and you use your bond to cover the $20,000 do you know have to pay back the $20,000? Thanks for the help.

[Surety Wizard]

I have heard that this is a possibility in the state of Ohio. Unfortunately we do mostly license and performance bonds here. I would check with Department of Motor vehichles in your state to get details on this program. There may be Surety Companies that will write this type of bond if it is an option.