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UPDATED: Mar 13, 2020
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Cheap SR22 Bonds
Are Cheap SR22 Bonds Worth it?
If you are required to keep an SR22 bond on file you may want to look for cheap SR22 bonds and save some money. While money may be an issue, and getting your license back is important, there are things you may want to consider.
Cheap SR22 Bonds
An SR22 bond is not an insurance policy; it is money you have deposited to pay for any bills in a car accident. This means that only the amount you have on deposit will go to the bills. If you are found to be at fault in a serious car crash you can almost guarantee that the amount you have on deposit is not going to be enough to cover all the bills. The other person’s insurance company is going to come after you, personally, for the remaining monies.
Proof of Financial Responsibility
If you are in need of providing the BMV with proof of your financial responsibility and have an insurance policy in place, a cheap SR22 bond is the way to go. All this bond is used for is to show the BMV that you do have an active insurance policy in effect that meets the minimum state requirements. The cheap SR22 bonds used for this case are simple to get and will be electronically filed with the BMV in minutes, allowing you to get your driving privileges back that same day.
Depending on your reasoning for looking for a cheap SR22 bond, you may want to reconsider. Talk to an insurance agent, you may just be surprised how easy it is to get an insurance policy. Keeping your policy up to date will allow for you to have a cheap SR22 bond instead of having to keep over $30,000 on deposit with the Treasury Department