What is Utah Motor Vehicle Defective Title Bond?
Need a replacement for your vehicle title? No problem! A surety bond is all you need!
The Utah State Tax Commission requires a surety bond in the absence of sufficient documents that show complete ownership of a motor vehicle or a replacement for a defective title.
The surety bond is required before the issuance of a certificate of title or the transfer of motor vehicle title.
This surety bond is called the Utah Motor Vehicle Defective Title or Insufficient Evidence of Ownership Bond.
The purpose of the surety bond is to indemnify any person who may stake a claim on the motor vehicle after the certificate of title has been issued, or the motor vehicle’s title has been transferred.
What is the bond amount?
The bond amount will be twice the fair market value of the motor vehicle being applied for a certificate of title or transfer of motor vehicle title.
Those who have excellent credit scores may be eligible to pay a low bond premium or just 1% of the bond amount.
Get your FREE quote today to determine what you have to pay!
What are the Motor Vehicle Defective Title or Insufficient Evidence of Ownership bond conditions?
- The bond should be issued by a corporate surety who is authorized to conduct business within the state and is licensed by the Utah Department of Insurance
- The surety bond will be made payable to the State of Utah
- The principal/applicant will comply with the rules and regulations of the State Tax Commission of Utah
- The principal/applicant will pay and indemnify any individual, corporation, or business entity who may stake a claim on the motor vehicle after the certificate of title has been issued or after the motor vehicle title has been transferred
- The surety bond will remain valid for seven years from its date of issue
How can I obtain a Motor Vehicle Defective Title or Insufficient Evidence of Ownership bond?
To secure this type of bond, the applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Motor vehicle’s history including the existence of a lien
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Ready to get started on this bond? Apply here today!