A Secured Bail Bond is a bond that is backed by collateral. The collateral is usually in the form of property, cash, or investments. An unsecured bail bond is when the signer or co-signer doesn't put up any collateral.
1. The main difference between secured and unsecured bail bonds is the requirement for collateral.
2. Secured bail bonds usually have a lower premium, while unsecured bail bonds typically carry a higher premium.
3. You should consult with a local bail bondsman to learn more about the different types of bail bonds and what might be right for you.
Secured Bail Bond
For those who are unfamiliar with the bail bonds process, posting collateral may seem like an unnecessary risk. However, there are a number of reasons why secured bail bonds are often the best option. First of all, collateral provides the bail bond company with a way to recoup their losses if the defendant skips town. Second, collateral usually results in a lower premium, which is the fee paid to the bail bond company. Finally, posting collateral shows that the defendant is serious about making their court appearances.
There are a few different types of collateral that can be used for a secured bail bond. The most common type is cash, but property or even a cosigner can also be used. The important thing is that the collateral is worth at least the full amount of the bail.
Unsecured Bail Bond
An unsecured bail bond is a type of surety bond that does not require collateral to be posted in order to secure the release of a defendant from custody. The premium for an unsecured bail bond is typically higher than for a secured bond, since the bail bond company assumes a greater risk in issuing the bond.
Unsecured bail bonds are typically only used when the defendant has a strong personal relationship with the person cosigning the bail bond, such as a family member or close friend. In addition, the defendant must have a steady source of income in order to qualify for an unsecured bail bond.
If the defendant fails to appear for court, the cosigner may be liable for the full amount of the bond. As a result, unsecured bail bonds should only be used if the cosigner is willing and able to assume this financial responsibility.
The Bottom Line:
The type of bail bond you choose will depend on several factors, including your personal financial situation and whether or not you have any assets that can be used for collateral. If you're not sure which type of bond is right for you, a local bail bondsman at Didn't Do It Bail Bonds can help guide you in making the best decision for your situation.
My name is Darrel Luth and I am the proud owner of Didn't Do It Bail Bonds. I am a retired Marine and served my Country proudly. I have been in the bail bond business for over 6 years and am one of the most successful bail bondsmen in Arizona. I attribute my success to hard work, integrity, and treating my clients with respect.