What is a Registration Service Surety Bond?
These license and permit surety bonds guarantee that the registration service complies with all applicable laws and regulations when registering their client’s vehicles, with no fees left outstanding. They also protect clients against any losses brought about through potential acts of fraud, misrepresentation, unlawful omissions and illegal acts on behalf of the registration service.
Who needs a Registration Service Surety Bond?
Registration Service Surety Bonds are required for individuals or businesses responsible for registering vehicles with the Department of Motor Vehicles (DMV) on behalf of their clients.
Which states require Registration Service Surety Bonds?
Pacific Surety proudly offers Registration Service Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for a Registration Service Surety Bond?
Bond amounts for Registration Service Surety Bonds vary and are set by the local rules and statutes regulating the industry. Bond amounts and requirements will fluctuate from state to state. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Registration Service Surety Bond cost?
Pricing for Registration Service Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Term length of the bond
- Personal credit for all owners with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $250 annually for a $25,000 Registration Service Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Registration Service Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Registration Service Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase a Registration Service Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
Who does a Registration Service Surety Bond benefit?
Unlike insurance, which protects your business, Registration Service Surety Bonds benefit your clients. If the principal’s (registration service) actions cause any damage, a claim can be filed with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.