Maryland Motorcycle or Trailer Dealer Bond

Know the who, what, and how of this surety bond today!

Maryland Motorcycle or Trailer Dealer Bond

What is a Motorcycle or Trailer Dealer Bond?

In order to obtain a license, motorcycle or trailer dealers must submit a surety bond to the Motor Vehicle Administration of the Maryland Department of Transportation.
The purpose of the surety bond is to provide risk coverage in case the motorcycle or trailer dealer commits an act that is against the Transportation Article of the Annotated Code of Maryland and other relevant rules.
When this happens, the person who has suffered damages will be eligible to recover the amount lost by filing a bond claim.

What is the Motorcycle or Trailer Dealer Bond amount?

LICENSE APPLICANT

MOTORCYCLE DEALER (selling new motorcycles) – the bond amount will be equal to the estimated volume of sales in the initial license year. The minimum bond amount is $50,000.
MOTORCYCLE DEALER (selling used motorcycles) – The minimum bond amount is $15,000.
TRAILER DEALER (selling trailers that are more than 15ft.) – The minimum bond amount is $15,000.

LICENSEE

MOTORCYCLE DEALER (selling new motorcycles) – the bond amount will be based on the number of new motorcycles sold during the previous license year.

NUMBER OF NEW MOTORCYCLES SOLDBOND AMOUNT
1 to 500$50,000
501 to 1,000$75,000
1,001 to 2,500$100,000
Over 2,500$300,000

MOTORCYCLE DEALER (selling used motorcycles) – the bond amount will be based on the number of used motorcycles sold during the previous license year.

NUMBER OF USED MOTORCYCLES SOLDBOND AMOUNT
1 to 250$15,000
251 to 500$25,000
501 to 1,000$35,000
1,001 to 2,500$50,000
Over 2,500$150,000

TRAILER DEALER (selling trailers that are less than 15ft.) – The bond amount is $5,000.
TRAILER DEALER (selling trailers that are more than 15ft.) – the bond amount will be based on the number of trailers sold during the previous license year.

NUMBER OF TRAILERS SOLDBOND AMOUNT
1 to 250$15,000
251 to 500$25,000
501 to 1,000$35,000
1,001 to 2,500$50,000
Over 2,500$150,000

If you have an excellent credit score, you will be eligible to pay for a low bond premium!
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!

How can I get a Motorcycle or Trailer Dealer Bond?

STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!

STEP 2: Underwriting
We will ask you a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.

STEP 3: Bond execution
Once the underwriter is done with the underwriting process, we will immediately issue the bond and send it to you!

What are the surety bond conditions?

GET YOUR FREE SURETY BOND QUOTE TODAY!

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