A Motor Vehicle Ownership Surety Bond (REG 5057) or alternative must be submitted when:
- the required supporting evidence of ownership is not available and the value of the vehicle is $5,000 or more, OR
- the application is being submitted by a dealer, dismantler, or registration service.
- If the amount of the bond is less than $5,000, the premium is $50 and you can pay online now.
- If the amount of the bond is greater than $5,000, the bond amount will be calculated and an invoice and payment link will be emailed to you.
- If the amount of the bond is greater than $25,000, we will also need a completed and signed bond application.
- The rate for this bond is $10 per $1,000 bonded, with a minimum premium of $50. Updated: July 2020
- This is a 3-year bond.
THE BOND AMOUNT IS THE FAIR MARKET VALUE OF THE VEHICLE. There are several online sources to help you determine market value.
THE BOND IS NOT INSURANCE FOR THE PURCHASER/THE PERSON NAMED ON THE BOND. INFLATING THE BOND AMOUNT BEYOND THE FAIR MARKET VALUE DOES NOT "GIVE YOU MORE PROTECTION."
THE BOND PROVIDES REIMBURSEMENT TO A LEGAL OWNER WHO HAS RIGHTFUL TITLE TO THE VEHICLE. THE PRINCIPAL (THE PERSON NAMED ON THE BOND) MAY BE REQUIRED TO REIMBURSE THE SURETY IF THERE IS A CLAIM ON THE BOND AND PRINCIPLE HAS MISREPRESENTED THEIR LEGAL OWNERSHIP OF THE VEHICLE.
All premiums are fully earned.
Upload supporting documentation such as:
-Report of Deposit of Fees (RDF)
-Completed Bill of Sales (REG 135) signed by buyer and seller
-Vehicle/Vessel Transfer and Reassignment form (REG 262)
-Completed VIN verification form
-Old out-of-state title
-Evidence/picture of diligent effort - certified letter returned to the sender, unclaimed and unopened for lienholder out of business issues.
You can also email additional forms to us at [email protected]
. We need the documentation before we can process the bond.
Once we have received the required documentation from you and the bond has been issued, the bond cannot be cancelled and the premium is non-refundable.