When it comes to insurance costs, many people like to think about how they can reduce their insurance premiums so that they’re paying less to protect their well-being and lifestyle. For instance, you might look at how you can lower your car insurance fees which could involve things like installing more security in your car, swapping it for a newer model, or even just keeping it in your garage when it’s not being used.
But did you know that this also applies to bail premiums?
How do bail bonds work?
When you or someone you know is arrested, it’s important to understand the process involved in getting them out of jail so that they’re not stuck there until their trial date. The bail amount is usually arranged at the station where you were arrested. If you’re able to pay this, then you or the person you know can walk out of jail. You’ll be given a date and time to appear in court, but otherwise, you’re free again. Even though it might seem expensive, the bail amount is actually returned to you when your trial is finished.
However, if you can’t pay the bail amount then you’ll usually turn to bail bond agencies. These are services that can help you post bail, meaning they’ll get you out of jail so that you can return to your normal life. This is because the bail bond agency will receive their money back assuming you show up for all of your court appearances. Of course, there is always a chance that they help someone that ends up failing to appear. In this case, the bail bond agency will do what it can to ensure that the money is paid back to them.
But these bail bond agencies also need to charge a fee. This is in order to pay for their services, such as hiring the person that helps you post bail. It also acts as a sort of guarantee for the bail bond agency. If they didn’t charge for their services, then they might end up helping a lot of people that get out of jail and never turn up for their hearings.
And this is why it’s important for bail bond agencies to charge a fee for their services. This is known as a bail premium.
No money down bail bonds services
If you have a good credit score and the bail amount is fairly low, then you could use a no-money-down bail bonds service. This is great if you would typically have the funds to pay for a bail premium but currently can’t access the money for whatever reason. For example, maybe you haven’t received your paycheck yet, or maybe you’ve got the money saved in another bank account that you can’t access until you’re out of jail.
Alternatively, a service like this can be a good idea for larger bails where it’s hard to come up with thousands of dollars in an instant. You can get out of jail today and then decide how to pay after. This can usually be done with a financing plan, or you can use collateral such as property.
How much should you expect to pay for a bail premium?
In California, the standard bail premium is 10% of the bail amount. So if your bail amount is $15,000, you’ll be expected to pay a bail agency $1,500. However, this is the maximum amount that can be charged. Most bail agencies will charge this amount, but there are a couple of exceptions.
Keep in mind that you won’t get the $1,500 back if you use a bail bond service. This bail premium is non-refundable and is used to pay for the bail agent’s services. However, if you pay the entire $15,000 out of your own pocket, then you will be refunded the full amount.
How do you pay for a bail premium?
One of the problems with the bail system is that factors such as your income aren’t taken into consideration. Paying a bail premium of $1,500 or even the full bail amount of $15,000 might not be a lot for some people, but it’s a huge amount of money if you come from a low-income background. It’s for this reason that bail bond agencies like Mr. Nice Guy Bail Bonds exist in the first place.
But still, $1,500 is no laughing matter and it’s not a small amount of money. Thankfully, bail agencies offer a range of services to help you pay for a bail premium. For example, you can finance the premium and pay it off over a period of time, or you can even choose to have collateral in the event that you can’t pay it back on time.
In many cases, you’ll be asked to pay a small charge before the bail is posted. This is usually a small percentage of the bail premium and acts as a down payment.
Can you lower bail premiums?
Much like insurance, if you can prove that there’s a low risk you won’t show up to your hearing, then you can actually get a discount on your bail bond. As we mentioned above, the 10% figure is the maximum that a bail bond agency can charge, but it’s also the typical amount just because they can never be too sure with different clients.
However, there are situations where you can actually lower this down to rates like 7%. This means that on a $15,000 bail, you’ll only need to pay $1,050. This is much more affordable than paying $1,500 for bail or even $15,000 out of your own pocket.
But how exactly do you qualify for a lower bail premium?
Getting a discount for your bail premium
There are actually a number of ways to lower your bail premium. Here are a couple of ways that you might be able to take advantage of:
No interest financing on bail premiums
At Mr. Nice Guy Bail Bonds, we offer no interest financing on many of our bail bonds. This means that if your bail bond amount is really high, you’ll still only pay up to 10% as a bail premium because we won’t charge additional interest. No matter what your repayment terms are, we offer full no-interest payments to ensure that you can get back on your feet and out of jail without worrying about the financial burdens ahead of you.
Discounts depending on your situation
It’s also possible to get a discount based on your circumstances. For instance, you can get no interest financing and lower premiums if you’re a party of the military. California is home to a large military population due to the number of bases around the state. As our way of saying thank you to the brave people that help to protect our state and country, we offer discounts for military personnel.
You could also get a lower bail premium if you’re a teacher, a union member, or even a homeowner. These are determined by the state, and here’s a full list of these people that can get a discount on their bail bonds:
- AARP Members
- Union Member
- Home Owners
- Law Enforcement Members & Family
- Military Members
- Government Workers
- Teachers
If any of these applies to you, then you could be entitled to a major discount on your bail premium. You can be sure that our experts at Mr. Nice Guy Bail Bonds will do everything they can to help you lower your bail premiums. At the end of the day, our goal is to help you get out of jail and back home so that you can continue your life before you appear at your hearing.
In addition, you may also be entitled to a discount if you’re an existing client of ours, or if you’re a family member of someone that we have worked with in the past. Both of these conditions mean that you’re less likely to flee from your court hearing. This is considered low risk, meaning you’ll be given a discount based on those circumstances.
If you’d like to learn more about bail premium discounts and getting the best deals, then don’t hesitate to get in touch with us at Mr. Nice Guy Bail Bonds today. No matter how high your bail amount was set to, we’ll do everything we can to help you overcome the financial challenge of getting out of jail.
Simply call us today at 844-400-2245 to access our 24-hour bail bonds services, or to learn more about our low rates and payment options. We work with licensed Santa Ana bail bond agents and are confident that we can assist you quickly and painlessly.