If you are looking to register your vehicle but do not have its original title, we can help! We offer the fastest registration service in town with our online title bond application process.
Don’t wait days or weeks to get your vehicle registered! Our team of experts is here to help you register your vehicle fast so that you can get back on the road ASAP.
Get started with us today by filling out our online application for an All-N-One Insurance and “Title Bond.” It only takes 5 minutes!
Our experts are ready to answer any questions or concerns that you may have.
To learn more about vehicle Title Bonds, continue reading our comprehensive guide below.
What Is A Title Bond?
A title bond is a type of surety bond that allows you to register your motor vehicle when the original vehicle title is not available.
Title bonds are submitted to the DMV to show the DMV that the vehicle is rightfully yours, which is necessary for registration.
Title Bonds are also known as DMV Bonds, Lost Vehicle Title Bonds, or Vehicle Surety Bonds.
More About Surety Bonds And Vehicle Titles
A vehicle title bond is a type of surety bond that indemnifies the vehicle owner and the surety company. Upon entering into a surety bond agreement, the surety company guarantees the DMV that the principal (the party that is required to get the bond) is the vehicle owner. The vehicle owner has to sign an agreement that they are the actual owner and that they have purchased the vehicle legally.
If the vehicle turns out to be lost by someone else or stolen, a claim can be filed against the vehicle surety bond, after which the surety bond company will decide whether to honor or reject the claim.
Depending on the details of the claim, the surety company may need to pay the bond amount to the claimant. The principal would then need to reimburse the total amount to the surety company.
In cases where the claim is denied, the claimant can seek recourse by filing a civil lawsuit in court.
What can a Bonded Title be used for
Title bonds have three central uses, which include:
- Being used as proof of car ownership.
- Being used to transfer ownership of a vehicle.
- Being used to register your vehicle.
Why Do You Need A Title Bond?
As discussed above, title bonds are used to register your vehicle when there is no adequate documentation for it, but here are some specific reasons why you might need a title bond.
- The vehicle title was lost or stolen before you bought the vehicle.
- You bought the vehicle, but the owner could not provide the title.
- You have an old vehicle that does not have a title.
- Your vehicle is custom-made.
How Much Does A Title Bond Cost?
How much your title bond costs is determined by the DMV. With that said, the amount required for the title bond itself must be equal to 150% of the MSRP (Manufacturer’s Suggested Retail Price). For salvaged vehicles, the amount is 25%.
Please keep in mind that you will not have to pay such a large amount. This is the amount for the title bond, properly speaking, but bonding companies typically issue bonds at a rate of $10 for every $500 worth of coverage.
So, if the title bond amount is $5000, you would pay $100 for the bond.