What is a Florida Certificate of Title Bond?
Acquire a certificate of title ASAP! Get bonded today!
A Certificate of Title Bond is a surety bond required of persons applying for a certificate of the title who cannot provide the Department of Highway Safety and Motor Vehicles, Division of Motor Services of the State of Florida with a certificate of title that assigns a prior owner’s interest in the motor vehicle.
The surety bond’s purpose is to financially compensate any security interests that may lay claim on the motor vehicle after the certificate of title has been issued.
The surety bond requirement is in compliance with Section 319.23 of the Florida Statutes.
What is the Certificate of Title Bond amount?
The bond amount will be determined by the Department of Highway Safety and Motor Vehicles, Division of Motor Services of the State of Florida.
The bond amount will be twice the amount of the motor vehicle.
If you have an excellent credit score, you will be eligible to pay for a low bond premium or as low as 1% of the bond amount!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get a Certificate of Title Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
BOND APPLICATION
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
You may need to get a copy of the BOND FORM from the State Department of Highway Safety and Motor Vehicles, Division of Motorist Services.
ASSESSMENT
Next, you will be asked to submit a few important information that our underwriter will need to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting.
BOND ISSUANCE
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
What are the bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Florida
- The surety bond should be made payable to the Director of the Division of Motorist Services of the State of Florida
- The bond should be written on a form approved by the Department of Highway Safety and Motor Vehicles, Division of Motor Services of the State of Florida.
- The Principal of the surety bond should compensate any prior owner, lienholder, subsequent purchaser, or person acquiring any security interest in the vehicle
- The surety bond will be returned after 3 years as long as there is no pendency of action that is needed to be recovered on the bond
Need your bond ASAP? APPLY HERE!