Certificate of title bond cost
The Vermont Department of Motor Vehicles mandates that owners of motor vehicles and vessels without adequate ownership documentation obtain a certificate of title bond. The bond amount is equal to 1.5 times the current value of the vehicle, as determined by the commissioner of the department. The term of the bond is 3 years, unless the vehicle is no longer registered in the state before that period of time expires.
We can instantly issue Vermont certificate of title bonds if the bond amount is $25,000 or less. If the bond amount is less than $6,000, you can receive a certificate of title bond for just $100!
Vermont title bonds greater than $25,000 are subject to underwriting, where your premium is determined after a review of your credit report. Take a look at the table below to find your rate.
Why this bond
This bond establishes a basis of ownership for a previously unregistered vehicle and holds the principal (previous vehicle owner) liable for concerns over ownership legitimacy. Executing this bond means the principal is saying he or she was the sole owner of the vehicle upon its sale. If a conflict arises concerning this information, the principal is subject to potential claims against the bond.
Valid claims require the surety to cover for losses up to the penal sum of the bond. The principal is expected to pay the surety the equivalent sum of money in a timely manner.By posting this bond, the seller and buyer of the vehicle agree that, to the best of their knowledge, the vehicle is in good standing and was not acquired under fraudulent conditions.
If you own an unregistered vehicle in Vermont, you are required by the Vermont Department of Motor Vehicles to secure a certificate of title bond. The bond amount is 1.5 times the value of your vehicle, determined through an appraisal by a licensed appraiser in the state. The bond length is 3 years, unless the vehicle is no longer registered in the state and the bond is returned earlier than the required 3 years. There is no cancellation clause associated with this bond.
Why this bond
Before you can obtain a certificate of title bond, you must get your vehicle appraised by a licensed Vermont dealer or an appraiser licensed with the Vermont Department of Finance & Management. The appraisal amount will determine the bond amount required for your vehicle.In the “Important Links” section, there is a dealer appraisal form that shows the information required for a full appraisal.
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