Commercial driving schools in the State of Colorado are required to post a $10,000 surety bond with the Colorado Department of Revenue’s Division of Motor Vehicles as part of their licensing requirements. The purpose of this surety bond is to protect the consumer from financial harm caused by willful, intentional or negligent conduct of the CDS, or its agents or employees and guarantees the principal (CDS) complies with all regulations in 1 CCR 204-30 Rule 8 of the Code of Colorado Regulations. If a harmed party files a valid claim against the bond, the surety will pay out up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred.
Colorado Driving School Surety Bonds have a continuous term and remain in effect until canceled. The surety can terminate the bond at any time by giving a written notice to the DMV and principal. If the bond amount is decreased or terminated, the CDS’s certification will be suspended until satisfactory steps are taken to restore the bond.
Pacific Surety is proud to offer a variety of approvals regardless of credit with rates as low at $100 annually and discounted two-year pricing at $175 for qualifying applicants. This process typically takes just a few hours for a quote, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.