Should I Buy a Bond or a Non-Owners Policy?
Simple Questions to Help You Decide
If you don't have a car but you still drive and need to be covered,
you may not be sure whether you need a Bond or a Non-Owner policy. The
answer to this, as with all other insurance decisions, will depend on
your specific needs. Here are a few questions you should ask yourself
when deciding what's appropriate for you.
Is there a chance I'll take ownership of a vehicle at some point in
the next 6 to 12 months?
Although both options provide coverage for drivers who need certified
proof of financial responsibility (SR-22) but do not own a car, the
Bond will also provide the basest of liability coverage for you as the
Bond holder when driving a car, you own.
It is still very important that you speak to your local Acceptance
agent about your options, to make sure you find the best fit for your
specific needs. Even though a Bond will technically provide some
liability coverage on owned vehicles, a regular personal auto policy
covers significantly more, including but not limited to permissive
use, out of state coverage, and defense counsel.
And of course, Non-Owner policies will not provide coverage for owned
vehicles at all. If you don't currently own a car, need to provide
proof of financial responsibility, and believe you will purchase a car
within the following year, then the Acceptance non-owner policy may be
the better choice. It not only provides more coverage, but, because it
is a derivative of the regular personal auto policy, you can simply
call your Acceptance agent, or the company directly, to tell them you
now own a vehicle. The switch over to a regular auto policy is much
easier and smoother. No need to cancel your policy and buy a new one.
Do I regularly drive out of state?
A Bond only provides no coverage outside of the state of Ohio. If you
live near the state border and/or regularly drive out of state, the
Bond is a very risky option because you will not be covered in any
state other than Ohio.
Do I want the option to cover my own medical bills in the event of an
A Bond only provides payment for your legal liability to others. A
Non-Owner policy gives you the option to buy Medical Payment benefit
coverage and/or Uninsured Motorist coverage benefits to cover yourself
if you are injured or suffer a loss due to someone else's fault.
Do I want to buy higher than state minimum limits?
In addition to the option to buy Med Pay and UM coverages, Non-Owner
policies also give you the option to purchase additional Bodily Injury
and Property Damage liability limits. The Bond program only provides
state mandated minimum limits for liability coverage.
Do I need other insurance products and do I want all those products to
be bundles together for convenience?
Because the Non-Owner program is a derivative of our regular personal
auto program, you have more options in the terms of add-ons. We do
offer other products such as Renter's, Hospital Indemnity, and
Roadside Assistance, that can be added onto your Auto insurance or
Non-Owner policy and your monthly invoices are combined into one
convenient document. You cannot include these types of additional
products with your bond.
So, which one is right for you?
Regardless of which option you choose, the Bond and the Non-Owners
policy are both valid options for those that require certified proof
of financial responsibility (SR-22). Now that you've asked some basic
questions and better understand your needs, hopefully you have a
clearer picture of which product is appropriate for you and you can
feel more confident in your purchase. Please remember, any of our
local retail or call center agents are always happy to assist you,
answer your questions, and help meet all your insurance needs.