Insurance: What is Financial Responsibility?
In many states it is illegal to drive any motor vehicle without auto insurance or other proof of financial responsibility. It is also illegal for any motor vehicle owner to allow anyone else to drive the owner's vehicle without financial responsibility (FR) proof. To comply with the FR requirements, individuals must maintain car insurance or get a bond. Some states requires the following for auto insurance coverage:
- Bodily Injury Liability Coverage as well as Property Damage Liability Coverage
- A motor vehicle liability insurance policy. Insurance cards are issued by an insurer to the policyholder for each vehicle insured under a vehicle liability insurance policy
- A certificate of proof of financial responsibility
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