Understanding the difference between the Bail Bond Amount and the Premium

Is your loved one in jail or arrested for some charges? Well, the only thing on your mind is how you will get them out of jail. With bail bonds in Orlando, you can get your loved one out of jail so they can get back to their life while waiting for their trial date. While you are at this, you have heard the terms, bail bond amount and bail bond premium, and you have no idea what the difference between them is. If you choose Mike Snapp Bail Bonds to help you with your bail bonds in Orlando, you can ask your question but since you are here, continue reading to find out what the differences between the two are.

Bail bond amount is the total amount of money or in this case, bail that the bail bondsman in Orlando or bail bonds agency agrees to pay on your behalf. Say, for instance, Mike Snapp Bail Bonds agrees to pay $1,500 to the court on your behalf in case you do not show up in court. That money is referred to as bail bond amount. It could be higher and for some severe cases, the bail bond amount could be up to or more than a million dollars.

Bail premium, on the other hand, is the percentage that the bail bondsmen in Orlando charge for posting a bond for you. This is nonrefundable, and it is usually around 10 percent and 20 percent.

According to the laws of Florida, the minimum threshold for bail bond premium is 6.5 percent of the total bail bond amount posted by the bail bonds in Orlando agency. This means a bail bonds agency cannot charge less than 6.5 percent. You should also know that apart from the bail bonds premium, the bail bondsmen in Orlando might also collect an additional fee to cover for other costs. If you want to know more about how the bail process works, you can get in touch with Mike Snapp Bail Bonds by calling 407 246 0919. You will get all the information on how much it costs to post a bail bond through the agency as well as the steps involved.

Put a call through today to speak with one of our licensed bail bondsmen in Orlando. We offer bail bonds in Orlando, Florida.