Cheap Auto Insurance Quotes / Bonds - SR22 & Surety
What is an auto insurance bond? This term may have two meanings – it can either refer to an SR-22 bond or to a surety bond. We will discuss both of them in this article.
If you live in a state where an SR-22 form is required to reinstate a driver’s license after a suspension, this term may be referred to as a bond. An SR-22 bond can be required by a state to complete the process of a license restoration with a state DMV. Usually, in states that require this form (not every state does), an insurance agent will file this form on your behalf, as proof of having at least the state required minimum amounts of liability insurance. Most driving license suspensions that require the SR-22 are a result of either driving without insurance, or a conviction of a DWI/DUI.
The other type of bond is used by some states to prove financial responsibility in lieu of auto insurance. To avoid the legal obligation of purchasing state required minimums of liability insurance, some states allow you to post a bond. Usually, this requires a cash deposit with the state. Yet, some states permit the securing of the bond with real estate. The whole objective of a bond in this case is to prove that you have the personal assets to make a payment for any liability that is a result of you negligence. In most states that allow bonds for car insurance, the minimum amount of the bond has to be equal or more than the minimum state liability amount.
If you are looking for SR-22 insurance, you will find numerous insurance companies that offer it online. Some non-standard carriers actually specialize in this type of coverage for high risk groups of people, meaning that they can offer lower rates. The surest way to find affordable SR-22 insurance is by working with an independent broker, specializing in SR-22 insurance.
Another way to find a cheap auto insurance bond is by requesting quotes from individual quote request sites. These websites simply transfer your information to insurers, who use it in their formulas and create quotes for you. Some insurers will deny coverage, while numerous others will offer quotes for you to choose from.
When shopping at quote request sites, you may want to use a secondary email. It is hard to predict how the quote request site will use the contact information that you provide. Some of them may start to spam your email with offers for other types of insurance, etc. Using a secondary email address will help you keep your primary email address free of spam.
Many quotes may be instant. Other quotes may take a few hours to obtain, such as if they need to undergo manual adjustment by an insurance carrier. In addition, some companies will contact you by phone, rather than email. In total, it may take a couple of days to get all of the quotes. Once you have all the quotes, you can compare them and choose the most affordable one from a sound carrier.
