Why do I need an Indiana Motor Vehicle Wholesaler Surety Bond, and what is required to obtain one?
The state of Indiana requires individuals applying for a motor vehicle wholesale dealer license to submit a $25,000 Surety Bond to the Secretary of State – Auto Dealer Services Division (ADSD). This Indiana Motor Vehicle Wholesaler Bond guarantees that the principal (wholesale dealer) complies with Article 32 of the Indiana Code and covers the payment of fines, penalties, costs and fees assessed by the Secretary of State. If a harmed party suffers a monetary loss due to the actions of the principal, a claim can be filed against the bond. If the claim is validated, the surety will pay damages up to the penal sum of the bond to resolve the claim. The principal is then responsible to reimburse the surety of any monies paid out, including all attorneys’ fees incurred.
How long does the surety bond run for?
Indiana Motor Vehicle Wholesaler Surety Bonds remain valid for 1 year from the effective date. The bond can be canceled if the surety provides a written notice to the Secretary of State 30 days prior to the effective cancellation date or if the principal’s dealer license is terminated
What will my Indiana Motor Vehicle Wholesaler Surety Bond cost?
Pacific Surety is proud to offer a variety of approvals regardless of credit, with rates as low at $250 annually and discounted two-year pricing at $438 for qualifying applicants. The 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.
Surety Bond Name
Motor Vehicle Wholesaler Surety Bonds – Indiana
$25,000Request a Free Quote