Surety Bond
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What is a Surety Bond?
A surety bond is an agreement of compliance, payment or realisation of a deed. We define it as a special type of insurance between a principal (you – a party that buys a bond), a surety (an insurance company that guarantees that the act will be performed) and an obligee (a party-beneficiary of the bond – often a local or federal governement).
How much will I have to pay for the Bond?
This depends: there are bonds with fixed cost, regardless of the applicant. There are also bonds that take under consideration the risk associated with them, as well as a personal credit of principal (you).
Generally speaking the price (premium) of a bond is set as a percentage of the bond amount (also known as: bond limit or penalty).
Who determines the cost of a Bond?
Surety companies, by taking under consideration risks and corresponding rates (prices).
My bond is not eligible for auto issue, what now?
No worries, you can still get the bond! The underwriter will evaluate your submission and you will get a quote for the bond.
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List of states that accept title bond
Alabama Alaska Arizona Arkansas California Colorado Connecticut Florida Georgia Idaho Illinois Indiana Iowa MaineMichigan Minnesota Mississippi Missouri Montana Nebraska New Hampshire Nevada New Jersey New Mexico New York North Carolina North Dakota Rhode Island Tennessee Texas Utah Vermont Washington Wisconsin Wyoming
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Since 1995 we’ve been providing coverage!
Whatever your needs, give us a call, have you been told you can’t insure your risk, been turned down, or simply unhappy with your current insurance? Since 1995 we’ve been providing coverage to our customers, and helping people across Montana and beyond.
What is a Title Bond?
A Title Bond or Certificate of Title Surety Bond or Lost Title Bond is a document that establishes who owns a vehicle. You will need Title Bond to register a vehicle with the Department of Motor Vehicles (DMV), get insurance, or sell the vehicle. A bonded title is one that contains a surety bond to ensure the vehicle owner’s legal ownership. A vehicle owner assumes legal and financial responsibility for the accuracy of their assertions about the vehicle when they purchase a bonded title.
Why Do I Need A Surety Bond?
A surety bond is an agreement of compliance, payment or realisation of a deed. We define it as a special type of insurance between a principal (you – a party that buys a bond), a surety (an insurance company that guarantees that the act will be performed) and an obligee (a party-beneficiary of the bond – often a local or federal governement).
The obligee hast the right to a claim to recover a loss if the principal failed to fulfill the commitment. In case that the claim is valid, the insurance company then pays the pays the reparation up to a bond amount. The principal is expected to reimburse underwriters for said claim.
If you have more questions about the process, we’ll gladly help . Contact us and we’ll get on it as quickly as we can.
There are many types of surety bonds and we are constantly adding new bonds. Bond requirements, amounts and regulations are mostly defined at the state level.
How Much Does A Title Bond Cost?
With thagency.com, for bonds covering $10,000 or less, the price is set at $100. The premium increases if the bond amount is over $10,000 by $10 for each $1,000. For example a $13,000 vehicle value premium will be $130.
If the vehicle value is over $25,000 the bond is not eligble for auto issue and it will have to go through the underwriting process which usually takes less than 24 hours.
Do I Need A Title Bond?
If you purchase or inherit a vehicle and no record of the title can be found, or the current owner name is not on the title you may apply for a bonded title in accordance with MCA 61-3-208.
In the state of Montana the vehicle value is determined through the National Appraisal Guide (NADA) as of January 1 for the year in which you are applying. You can determine your vehicle value here: Appraisal Guide (NADA). If the vehicle value is determined to be over $500, obtain a bond equal to the determined value. If the vehicle value is determined to be $500 or less, no bond is required.
If a NADA guide is not available for the vehicle, complete Statement of Fact form MV100 certifying that information and enter the vehicle value as determined by the applicant.
How Can I Buy A Bond?
It’s simple with thagency.com – enter the information, make a payment and download your bond or have it mailed to your address.
Please have the following ready:
- The worth of a vehicle determined through National Appraisal Guide (NADA) or determined by the applicant if NADA guide is not available for the vehicle
- Name
- Address
- Year, manufacturer, and model of the vehicle
- VIN number
How Much Time DMV needs?
Take the bond to the DMV. After that, the DMV could take as little as 1 week or as long as 4 weeks.
You’ve purchased a vehicle or acquired a vehicle and you need to get a new title in your name.
You want to get a new fresh clean title in your name and you’ve been to the DMV but they’re requiring that you bring the old title to the vehicle signed over to you.
But you don’t have the prior title for the vehicle…
You can bring a title bond signed by a bond agent to guarantee your ownership.
Documents required:
- Title bond (A title bond guarantees the vehicle is yours to the DMV and will pay the value of the vehicle should there be an owner with the proper title. Title bond requirements vary by state.) You can get title bond in few minutes on this page.
- Application for bonded title (Form MV10)
- Proof of ownership, for example, notarized bill-of-sale, cancelled check, purchase invoice.
