What are Auto Salvage License Dealer Surety Bonds?
These license and permit surety bonds ensure that the salvage dealer complies with all state statutes and provides protection for anyone who suffers a loss due to a violation.
If the principal causes a loss, a claim can be filed against the bond. If the claim is validated, the surety will pay out up to the penal sum of the bond to resolve the claim. Once a claim has been resolved, all monies paid out by the surety must be reimbursed by the principal, including any attorney’s fees incurred by the surety in the defense of the claim.
Who is required to obtain these Surety Bonds?
Auto Salvage License Dealer Surety Bonds are required for anyone engaged in acquiring salvaged or wrecked motor vehicles for the purpose of reselling them or their parts.
Is this bond the same as Automobile Dismantler and Parts Recycler Surety Bonds?
No. Auto Salvage License Dealer Surety Bonds are for anyone engaged in acquiring and reselling salvaged or wrecked motor vehicles and their parts. Automobile Dismantler and Parts Recycler Surety Bonds are for anyone that is engaged in the business of disassembling motor vehicles and recycling their various components in a safe and legal manner.
Please visit our Automobile Dismantler and Parts Recycler Surety Bonds page for more information on this bond type.
Which states require Auto Salvage License Bonds?
Pacific Surety proudly offers Auto Salvage License Dealer Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
How much do Auto Salvage License Dealer Bonds cost?
Pricing for Auto Salvage License Dealer Surety Bonds varies, and your premium will be based on the following factors:
- Amount of the bond
- Term length of the bond
- Personal credit of the business owner
Individuals with good credit can expect to pay between .75%-5% of the bond amount. Qualified applicants could pay as little as $188 annually for a $25,000 Auto Salvage License Dealer 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 an Auto Salvage Dealer Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Auto Salvage License Dealer 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 are these Surety Bonds purchased?
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.