Schedule bond for registered motor vehicles cost
Surety Bonds issues Illinois schedule bonds for registered motor vehicles instantly and without a credit check. The required bond amount is equal to $500 per motor vehicle, and all vehicles must be listed on the schedule located on page 2 of the surety bond form.
Why this bond
If an individual in Illinois wishes to rent out a vehicle, such as a motor vehicle designed for pulling or carrying freight or cargo, a motor vehicle designed for carrying more than 10 people or motor vehicles used for living quarters, he or she must post a surety bond.
By posting this bond, the principal (owner of the vehicle) states that he or she allows for the vehicle to be rented and used to haul various substances and that he or she is authorized to transact business in the state of Illinois. The owner of the second division motor vehicle promises to keep a daily record showing the mileage covered by that vehicle. The record should include the license number and the miles traveled. He or she must also maintain records of fuel consumed by each motor vehicle and fuel purchaser.
If the principal fails to comply with the Illinois Motor Vehicle Act while conducting business, the bond protects the state from financial loss up to the full penal sum of the bond. The principal must reimburse the surety for any damages paid out.
Schedule bond for registered motor vehicles cost details
Illinois schedule bonds for registered motor vehicles remain in full force and effect as long as the principal remains in compliance with the bond conditions and the Illinois Motor Vehicle Act. Reimbursement should be paid in full to the Secretary of State.
These bonds expire annually on June 30, so your bond premium could be prorated depending on when you buy it. Our team of surety experts works hard to get you bonded according to your specific needs.
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