When contemplating the most economical approach to getting someone you love out of jail, or even yourself for that matter, are bail bonds the right way to go? Continue reading to learn about the cost of bail bonds, particularly here in Indiana, to better understand whether or not a bail bond is a smart financial option for you.
Bail Bond Prices
Bail bonds are priced in percentages, and vary in cost depending on how much a person’s bail is set at by the court. The cost of a bail bond is a set percentage of the total bond amount set by the judge. Furthermore, the bond amount set by the judge depends on a wide range of factors, such as the charges against the defendant, their criminal history, and whether or not they are a threat to the surrounding public, or liable to commit another crime, if released from custody. Keep in mind that bail bond service fees are non-refundable, which is in contrast to posting bail in cash with the jail.
Here in Indiana, the Department of Insurance regulates how much a bail bond company can charge for their services. Currently, the percentage is set between 10% and 15%, which means a bail bondsman can use personal discretion and charge a client any amount between that range.
↪ Defendant’s bail is set at $10,000.
↪ Bail bondsman charges 12% service fee.
↪ You pay 12% of $10,000, which equals $1,200.
⚠ The $1,200 bail bond fee is not refunded.
The Economics of Bail Bonds
Now comes the question, “Are bail bonds an economical option for you?” Well, the answer depends on how much disposable cash you have on hand, and whether or not you desired putting that cash up as collateral for a release from jail. You see, you can choose to pay cash and post bail directly with the jail. In this case, you would pay the total bond amount ($10,000 in the above example), but then receive that money back in full so long as the defendant follows all court orders and appears for all hearings.
The problem with this option is that most Americans do not have thousands of dollars in cash they can temporarily give up. There are bills, groceries, car expenses, and the potential for emergencies, all of which require the average American family to retain a safety net of savings. For these reasons, bail bonds can be the more economical choice.
Although you do not get your money back for a bail bond, you are only paying a fraction of the total bail amount, which in the above example is $1,200. Yes, this can be a massive cost in itself, but it is meant to be since bail and jail are meant to thwart individuals from committing more crimes in the future. Overall, bail bonds provide financial relief and realistic options for getting out of jail for those who do not have tens of thousands of dollars on hand. Talk to a local Indianapolis bail bondsman to learn all of your options for bail, and whether or not it’s the right choice for you.
Where Can I Get Fast Bail Bonds in Indianapolis?
Call Woods Bail Bonds at 317-876-9600 for safe and secure Indianapolis Indiana bail bonds you can trust, 24 hours a day and 7 days a week. Not only do we serve both adult and juvenile clients, we also offer prearranged bail bond services for those needing to surrender to an arrest warrant. In some cases, we can get you turned in and released in as little as one hour. Request a free estimate or jail information, anytime.