What is a North Carolina Certificate of Title Indemnity Bond?
Get your certificate your title through this surety bond!
What is a Certificate of Title Indemnity Bond?
If you have lost your certificate of title and are applying for a replacement, the North Carolina Division of Motor Vehicles will ask you to submit certain requirements to validate ownership.
If the Commissioner of Motor Vehicles of the State of North Carolina is not satisfied with the requirements presented or is not convinced about the verification of ownership, you will be obligated to submit a surety bond along with the affidavit of facts.
The surety bond’s purpose is to protect the North Carolina Division of Motor Vehicles from any liabilities once the certificate of title is issued.
The surety bond will also be used to indemnify any of the following:
- Previous owner
- A subsequent purchaser of the vehicle
- Lienholder
- Any person with a security interest in the vehicle as well as their successors
The requirement is in line with Section 20-76 of the North Carolina General Statutes.
What is the Certificate of Title Indemnity Bond amount?
The surety bond amount should be equal to one and one-half (1½) times the value of the vehicle as shown in the Value Schedule provided by the North Carolina Division of Motor Vehicles.
The minimum bond amount is $100.
If you have determined your bond amount, you may check your bond premium by getting your FREE QUOTE HERE from us!
How can I get a Certificate of Title Indemnity 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.
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 prior to 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 surety bond conditions?
The bond must be executed by a Surety who is licensed by the North Carolina Commissioner of Insurance.
The North Carolina Division of Motor Vehicles must be named as the Obligee
The applicant must obey the provisions of Chapter 20 of the North Carolina General Statutes as well as the rules and regulations of the North Carolina Division of Motor Vehicles.
If a previous owner, subsequent purchaser, lienholder, or any person with a security interest on the vehicle lays claim, the Obligee will be eligible to file for a bond claim.