what is the difference between non-owner car insurance and a bond?

Answer 1

Non-Owner car insurance is a policy that you can buy if you do not own a car but want to be insured to drive other vehicles (a friend's car for instance) and you want to make sure you are complying with the law. This kind of insurance only covers your liability (no collision or comprehensive coverage). If you are in an accident that is your fault, the insurance policy will pay the injured party. In some States you are required to carry this kind of insurance in order to drive another vehicle (even though you don't own a car).
I'm not sure what kind of bond you are talking about, for instance, in Ohio (and some other States) a bond is another term for an SR-22. This is a bond you file with the State. Failing to provide proof of Financial Responsibility (maintaining Insurance) results in a violation of the FR law, you then have to file the SR-22 (bond) with the State for a period of 3 to 5 years thereby maintaining proof that you have Insurance (this type of bond is attached to a policy which you must keep in order to keep the SR-22 filing). Failure to keep payments up on your policy will cause the bond to be cancelled and the State can and will revoke your Driver's License.
Another type of bond you may be asking about is a Surety Bond which can be filed with some States instead of buying an auto insurance policy. You (the Principal) pay a Surety Company (the Surety) a fee to maintain a bond of a specified amount (your State will tell you how much this needs to be) which will pay out in the event you cause an accident with your vehicle. Some States also call this self-insuring. There are some disadvantages to this:
1) These bonds are very strictly underwritten, the Surety will check your credit and want financial reports as well as driving records before they determine the premium you should pay for the bond.
2) Should you cause an accident the Surety will pay out the specified amount of the bond and will then come back to you for re-payment - this is why they want financials from you. They won't issue the bond if you are not able to pay them back!
Basically, a bond is a Promise/Guarantee to do something.
Hope this helps.

Answer 2

A named non-owner policy is an insurance policy that covers someone who doesn't own a car, when they are driving a car - usually either an occasional rental or borrowed car, but NOT a car furnished for regular use. It is an insurance policy, and will protect YOU if you are sued due to injury you cause to someone else, or damage you do to their vehicles.

A bond is a cash amount you can post with some states (usually $10k or $25K, depending on your state) instead of carrying an insurance policy. If you are trying to rent a car, they will NOT rent to someone with a bond. Also, if you post $10,000 and total a $15,000 car, you're on the hook personally for the $5,000 difference, AND any attorney fees that accumulate - there are no defense costs involved.

The named non-owner policy is usually (for a good adult driver) less than $200 a year for $100,000 of coverage, so it's a much better choice than a bond.

Answer 3

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Answer 4

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