Yes, a silver surety bond is just private insurance. Private insurance typically refers to a third-party holding a specified amount in an escrow account, allowing for any claims against the policy holder and the vehicle registered with the policy. However, we have discovered a way to self-insure without forking over $25,000+ to such an escrow account.
This self-insurance is backed by ‘silver surety bonds’ which are considered lawful money of the United States. Therefore, it will qualify as ‘mandated insurance coverage’ by both the State Commissioner, Risk Management Insurance Provider for the County / State, but also the Sheriff’s Office too!
These insurance policies can also be leveraged as health insurance as well. So, if there are medical issues within the family and other coverages will not issue a policy - this is the solution the elite use!
To properly replace public insurance with a silver surety bond, we must cite the proper state statute saying something close to “vehicles must carry insurance or bond.” Once we’ve printed out the silver surety bond, it will be recorded with the County Clerk and we’ll immediately ask the Clerk for a Certified Copy of this filing. Then we keep this Certified Copy inside the conveyance (e.g. a private vehicle) at all times as proof of insurance.