What is a New York Certificate of Title Bond?
Get your certificate of title through this surety bond!
Who needs this surety bond?
- Those who are not part of the excluded vehicles in Section 2102 of the Uniform Certificate of Title Traffic Act
- Those who have not been issued a certificate of title by the New York Commissioner of Motor Vehicles
- Fire trucks
You have 30 days to apply for a certificate of title from the day the vehicle has been transferred to you.
A surety bond is one of the major requirements before the issuance of the certificate of title for your vehicle. The surety bond will serve as a financial guarantee in case any legal action arises after the certificate of title has been issued.
If an undisclosed security interest suddenly lays claim to the vehicle, and that the issuing authority suffered damages due to this, the New York Commissioner of Motor Vehicles will be indemnified through the surety bond.
The prerequisite complies with Section 2105, Title 10, Article 46 of the Uniform Certificate of Title Traffic Act of the New York State Vehicle and Traffic Law
What is the Certificate of Title Bond amount?
The bond amount will vary per vehicle. The bond amount should be equal to 1.5 times the value of the vehicle as determined by the New York Commissioner of Motor Vehicles.
$3,000 – vehicle’s value
$3,000 X 1.5 = $4,500 is the bond amount
The bond premium will depend on your credit score. If you have an excellent one, you will be eligible to pay a small percentage of the bond amount!
How can I get a Certificate of Title Bond?
SEND US A BOND APPLICATION – We begin the bonding process with an application. You may send your application for this bond HERE!
UNDERWRITING – Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
You may get a copy of the bond form at the State Department of Motor Vehicles.
To avoid any delay, make sure that your requirements are complete before submitting them.
ISSUANCE – As soon as the underwriter has completed the necessary in-depth check, we will immediately issue the surety bond and send it to you!
What are the surety bond conditions?
- The surety who will issue the surety bond should be authorized to do business in the State of New York
- The surety bond should be made payable to the New York Commissioner of Motor Vehicles
- The surety bond should be used to pay for any fees that the New York State Department of Motor Vehicles including the Commissioner have incurred due to the issuance of the Principal of the surety bond’s certificate of title
- The surety bond will be returned after 3 years so long as no action has been filed against the bond
Ready to get your certificate of title? APPLY NOW!