FOR ALL YOUR SURETY BOND NEEDS.
These surety bonds are general for all states.
Learn more about DMV surety bonds, and apply today. Absolute Surety offers surety bonds nationwide through a convenient online application system.
DMV bonds are used to transfer ownership of a vehicle for which there is no proper title or to obtain a title for the vehicle. A DMV bond, also called a lost title bond, provides a way to verify ownership of a vehicle when the original title is not available (because it was lost, stolen, or not received at the time or purchase), is assigned to the wrong person, or is otherwise defective.
If you need to prove ownership of a vehicle for which you don’t have a proper title, you may have to go through the bonded title process. This involves purchasing a DMV bond guaranteeing that you are the legitimate owner of the vehicle before the DMV can issue a new title document showing you as the owner.
Once you purchase the appropriate bond, you can obtain a bonded title listing you as the owner. You can use that bonded title to register the vehicle or sell it to someone else. But there’s always the chance that someone else may show up and be able to prove ownership of the vehicle. Consequently, these bonds typically have a duration of 3-5 years.
At any time during that period, an individual who can prove ownership of the vehicle can submit a claim against your bond, even if you have sold the vehicle in the meantime. If the surety company determines that the claim is valid, the surety will pay the claimant up to the full bond amount. But note that, as the bonded individual (the principal), you are legally obligated to reimburse the surety company for the amount paid to the claimant.
The DMV will establish the required bond amount, which is typically based on the vehicle’s free market value. You will pay a small percentage of that required bond amount as the bond premium. What that percentage is will depend on your personal credit score. If your credit is good, you’ll most likely pay somewhere between 1% and 3% of the required bond amount. But if your credit is poor, you may pay more.
Our experienced bond professionals are well equipped to help you address your title issues. Apply for a DMV surety bond today.
