Illinois Driver School Training Bond
AmeriPro Surety Bonds | 844-589-9732
Illinois Driving Schools
Driving schools in Illinois are regulated by the Illinois Secretary of State, Driver Services Department.
While all driving schools in the state are required to maintain surety bonding as a condition of licensing, the amount required will depend on the nature of services offered by the driving school.
AmeriPro Surety Bonds offers all driving school bond amounts for both new and renewal applicants.
Illinois Driver School Training Bond: The Amount Required
The Illinois driver school training bond has amounts which range from $10,000 to a $70,000 surety bond.
The breakdown is as follows:
- Non-accredited licensed adult or motorcycle schools are required to obtain a $10,000 surety bond;
- Accredited schools for teens or CDL’s are required to maintain a $40,000 surety bond.
The breakdown for the number of locations and/or combinations of the above types is as follows:
- A CDL or teen driving school with 3 or more branches must obtain a $50,000 surety bond;
- A combination of CDL and teen must obtain a $60,000 surety bond;
- A combination CDL and teen with 3 or more branches must obtain a $70,000 surety bond.
Illinois Driver School Training Bond: The Purpose
Regardless of the different bond amounts required, the purpose of your Illinois driver school training bond is the same.
The bond is a financial guarantee that a driver school will comply with all laws and statutes in the regulation of their professional conduct.
As such such, the bond’s purpose is not a guarantee for the driver school, but rather it is a financial guarantee for students of the driver school.
The bond’s existence ensures that should a driver school fail in its duties related to legal statutes, a student is allowed to file against the bond and be compensated if they are able to demonstrate financial harm.
But the bond is also not an insurance policy.
What that means is that should a surety pay a claim on your driver school bond, you are legally obligated to reimburse the surety for all cost, fees, and sums in the settlement of a claim.
Illinois Driver School Training Bond: Premium and Duration
The premium for the driver school bond is reflective of the amount required, information provided on an application, and a standard credit check.
Applicants with good credit may pay as little as 1% for the bond’s amount.
Once issued, the bond is active for one year, and must be renewed on an annual basis.
The timely renewal of your surety bond helps to keep you in good graces with the state of Illinois.
A failure or lapse in bond coverage may cause the state to suspend your driver school operations until the lapse is cured.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, court, contractor and fiduciary bonds throughout the great state of Illinois.
Our agency also provides surety bonds nationwide.
We look forward to working with you to get the surety bond amount required.