SR22 Bond Purchase

When is SR22 Bond Required?
Upon being charged for DUI (drunken or reckless driving), no insurance ticket or DWI, the driver's license is taken away until an insurance proof is provided. An SR22 filing informs the DMV about you having auto-insurance because SR22 bonds are added upon regular auto insurance policies only. SR22 bonds are also known as financial responsibility bonds.

It differs from insurance because here the driver has to deposit a certain amount of surety money to certified agents or companies who handle the repair and medical bill expenses of the accident victim. The difference between the money deposited and payout is then collected from the driver.

Know the Procedure
For filing an SR 22 Bond, the insurer has to contact an agent or insurance company for making the policy application. The agent or insurance company shall then contact the state's department of Motor Vehicles for filing the bond on your behalf. If the bond filings are done electronically, they stand a good chance of getting processed as soon as they are received. But, paper copies may take 3 to 5 days for processing the bond filings. These applications may get rejected and may be sent back by the department, if incorrect or incomplete information has been provided. The suspended license gets reinstated as soon as the filing gets processed and approved.

If someone defaults on bond company payments, the surety provider is legally bound to inform the department about the driver's failure in maintaining or renewing their policy. This may lead to the suspension of driver's license too.

Usually, drivers are required to maintain their bond proof for a period up to three years in New Jersey, depending upon the SR22 filing circumstances. According to New Jersey's No Fault Law, a driver is supposed to have $10,000 each in property damage and personal injury coverage as part of an SR 22 Bond. This amount has to be deposited with New Jersey's treasurer following which the bond can be purchased from authorized insurance or surety companies.

No insurance tickets are usually accompanied with a $150 fine and this amount increases with successive violations. In case of DUI, there is also a $55 license reinstatement fee. The bond quotes get decided upon the violations, accidents and tickets listed in one's driving record over the past three years. These bonds are quite costly as the driver gets labeled as a high-risk driver in this which can prove to be a serious dent on your budget.

"Save Money with the Competitive SR 22 Bond Quote"