Why should I pay for liability insurance when I can get a surety bond through the Ohio DMV?
I'm considering paying the DMV to get a surety bond as proof of insurance. It would cover $30,000 and my premium cost would be lower than what I am paying for insurance right now.
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Answered on May 07, 2021
“While a surety bond has a lower premium, you are responsible for paying for accident costs. For example, if you get into an at-fault accident and cause $25,000 worth of damage or injury, you are required to pay that money back to the DMV over time.
With liability insurance, the premium you pay means you won’t need to pay anything out of pocket unless you exceed your limits.
In the same situation as above, if you had the state’s minimum required bodily injury liability limits of $25,000/$50,000 and property damage liability limit of $25,000, the accident would be covered fully. You wouldn’t be required to pay anything as your limits would cover the damage and injuries.
If the cost of car insurance is a concern, you should look at different carriers. You may be able to find more affordable coverage elsewhere.
If you want cheap car insurance quotes fast, go to Jerry. A licensed broker that offers end-to-end support, the free Jerry app gathers affordable quotes, helps you switch plans, and even cancels your old policy for you.
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