California Motor Vehicle Verifier Bond
Check out what this bond is, why you need it, and how to apply for one!
What is a California Motor Vehicle Verifier Bond?
The Department of Motor Vehicles of the State of California – in pursuance of Section 11301 of the California Vehicle Code – requires all motor vehicle verifiers to obtain this bond.
This bond is a requirement prior to the issuance of a motor vehicle verifier license. This bond must be submitted before the motor vehicle verifier can inspect, record, document, and submit to the California DMV or its authorized representative proof of a vehicle’s identification for the purpose of registration.
As financial security, this bond will compensate the owner of the vehicle or any person who received the services of the licensed motor vehicle verifier if the said licensee incorrectly verifies an engine, vehicle verification number, or hull identification number.
How much does a California Motor Vehicle Verifier Bond cost?
The bond premium will vary per motor vehicle verifier license applicant. This will be based on the license applicant’s credit score.
Those who have an excellent score will only pay $100 as the bond premium, or 2% of the bond amount.
The bond amount is $5,000.
Know more by giving us a call, or GET YOUR FREE SURETY BOND QUOTE HERE!
How can I get a California Motor Vehicle Verifier Bond?
You can easily get this surety bond from us! We will guide you through the entire process. We’ll make sure that you will understand what you are getting into.
Here’s a step-by-step process:
- First, you need to apply for this bond. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Once you’ve signed the indemnity agreement, the bond will be issued and sent to you!
How does a California Motor Vehicle Verifier Bond work?
This bond will serve as a legal agreement among 3 parties:
Principal – motor vehicle verifier license applicant
Obligee – People of the State of California
Surety – the party who will issue the bond
The Principal and the Surety will partner in assuring the performance of the Principal to the Obligee. The Principal is primarily responsible for the fulfillment of the obligations required by the Obligee. If the Principal fails to do any of the bonded obligations required by the relevant laws, rules, and regulations, the Obligee can file a bond claim.
The claim will first be verified by the Surety before it is settled. Once the Surety has settled the claim, the Principal will reimburse the Surety for the payments made.