You cannot register or sell a vehicle (including a motorcycle or motor home) unless you have a title showing you as the legitimate owner. There is a process through which you can obtain a bonded title�a title with a surety bond attached�that will allow you to register your vehicle or sell it to someone else.
Learn everything you need to know about the North Carolina bonded title process below, and contact Single Source Insurance to get the bond you need today.
What Is a Bonded Title?
There are several reasons why you might not have a title: perhaps you were never given one when you purchased the vehicle, or you were given one and lost it before it was properly registered in your name, or you were given a title that is defective in some way.
A title bond protects the state and any previous owner from financial loss if it can be proven that you should not have been issued a title.
Who Needs a Bonded Title?
You do not need a bonded title if you once had a title that was in your name but are now unable to find it. It�s relatively easy to get a replacement title certificate from the DMV. You only need to execute the following bonded title process if you never had a title in your name.
If you never had a title for the vehicle, or the title is defective in some way, you�ll have to apply for a bonded title.
How Does the Process Work?
There are several steps you�ll need to take before you can even submit an application for a bonded title in North Carolina:
Contact your local DMV office to make sure you�re eligible for a bonded title.
Complete the Title Application and Affidavit of Facts to Accompany Indemnity Bond, which you can download from the North Carolina DMV website or obtain as a hard copy from your local DMV office. Be sure to sign in the presence of a notary public.
Have a vehicle inspection performed by a North Carolina DMV License & Theft Bureau Inspector. You will need to show the completed Title Application and Affidavit of Facts at the time of the inspection.
The inspector will verify the VIN and odometer reading and make sure the vehicle has not been reported as stolen. Hold on to the completed inspection form.
Get your vehicle appraised, and use that appraisal to calculate your required bond amount (1 � times the appraised value). You can visit a DMV license plate agency or call the North Carolina Customer Contact Center at (919)715-7000 to get the appraised value of the vehicle from the current Value Schedule. Note that if the vehicle is a motor home or is not listed in the Schedule, you�ll need to get appraisals from two different North Carolina dealers on the dealers� letterhead.
Submit the bond along with the completed Title Application, Affidavit of Facts, and inspection report to your local DMV.
What Happens if a Claim is Filed?
When you get a bonded title, it�s like taking an oath that you are the rightful owner of the vehicle. If someone surfaces during the three-year term of the bond and can prove an ownership interest in the vehicle, that person can file a claim against the bond and be compensated for the financial loss resulting from you having been issued a bonded title to which you weren�t entitled.
The surety company will verify and then settle and pay the claim. However, the bond indemnifies the surety company and requires you to reimburse the surety for any claims paid on your behalf.
What Does It Cost?
Surety bond premiums are calculated as a small percentage of the required bond amount. At Single Source Insurance, all North Carolina bonded title premiums will have a $100 minimum. For bonds with a penalty over $7,000, the premium is 1.5%. For bonds with a premium over $25,000, we will run a credit check.
Understanding the Costs of Obtaining a Bonded Title in North Carolina
You can count on the bonding experts at Single Source Insurance to get you the surety bond you need in order to obtain a bonded title for your vehicle in North Carolina. Contact us today to request a quote.
bond, insurance, vehicle, bill of sale, ownership, performance bond, vehicle identification number, surety, motor vehicle, lien, fee, online, legal, credit score, contract, vehicle title, inspection, document, vehicle inspection, title, mortgage, illinois, lawyer, payment, california, property, alabama, arizona, underwriting, colorado, california department of motor vehicles, tax, cost, license, surety bond quote, license bond, credit, new mexico, information, motor vehicle registration, new hampshire, north carolina, virginia, mississippi, iowa, new jersey, connecticut, mobile home, minnesota, lease, georgia, loan, tennessee, default, massachusetts, foreclosure, arkansas, michigan, law, wisconsin, trailer, affidavit, motorcycle, montana, missouri, south carolina, wyoming, receipt, nevada, sales, rhode island, utah, debt, vermont, payment bond, idaho, kentucky, maryland, probate, indemnity, mexico, alaska, nebraska, louisiana, pennsylvania, power of attorney, ohio, indiana, oklahoma, real estate, price, down payment, west virginia, jersey, lawsuit, south dakota, boat, surety bond for car title, motor vehicle bond, surety bond for car title near me, title bond near me, vehicle bond, title bond insurance, surety bond title, dmv surety bond, title surety bond near me, car title bond, north carolina department of transportation, inspector, damages, north carolina division of motor vehicles, total loss, guarantee, expense
Frequently Asked Questions
Can I get a bonded title for a salvage vehicle?
Obtaining a bonded title for a salvage vehicle is possible in many states, which allows you to register and operate the vehicle legally.
How much does an indemnity bond cost in North Carolina?
The cost of an indemnity bond in North Carolina varies depending on the bond amount and the applicant's credit profile, but generally ranges from 1% to 5% of the bond amount.
Who needs a bonded title for their vehicle?
Individuals who have lost the original title to their vehicle or are unable to obtain a clear title need a bonded title for their vehicle.
How long does it take to process a bonded title?
The processing time for a bonded title can vary, typically taking 4 to 6 weeks to complete the necessary paperwork and approve the application.
What are the bonded title requirements in my state?
The bonded title requirements in your state involve obtaining a surety bond to provide financial protection for the vehicle's ownership. The specific requirements may vary, so it's best to consult your state's motor vehicle department for the detailed guidelines.
How much does a bonded title cost?
The cost of a bonded title varies depending on factors such as the value of the vehicle and the state where the title is issued. On average, a bonded title can range from $100 to $500.
Where can I purchase an indemnity bond in NC?
You can purchase an indemnity bond in North Carolina through licensed surety bond agencies or insurance companies that offer this type of bond.
What is an indemnity bond in North Carolina?
An indemnity bond in North Carolina is a type of surety bond that protects a party from financial loss or liability resulting from the actions of another party.
How do I obtain a bonded title?
To obtain a bonded title, you need to provide proof of ownership, apply for a bonded title, and pay the required fees. The process involves verifying the vehicle's history and obtaining a surety bond to ensure the title's validity.
How long does it take to get an indemnity bond in North Carolina?
The time required to obtain an indemnity bond in North Carolina typically ranges from 2 to 4 weeks, depending on the specific requirements and the provider.
How does an indemnity bond work in North Carolina?
An indemnity bond in North Carolina is a type of surety bond that guarantees the fulfillment of a contract or the payment of a debt. It provides financial protection to the obligee against losses resulting from the principal's failure to perform.
What are the necessary documents for a bonded title?
The necessary documents for a bonded title include proof of ownership, evidence of a lien or loan, a bond application, and any required state or local forms. These documents are needed to obtain a bonded title.
Is a bonded title the same as a clear title?
A bonded title is different from a clear title. A bonded title indicates the vehicle has some past issues that were resolved, while a clear title means the vehicle has no known problems or encumbrances.
Who needs an indemnity bond in North Carolina?
Individuals or businesses that are required by law to obtain an indemnity bond in North Carolina include contractors, motor vehicle dealers, and certain professionals providing services to the public.
Can I get an indemnity bond with bad credit in NC?
Obtaining an indemnity bond with bad credit in North Carolina may be challenging, as insurers typically consider credit history when assessing risk. Securing an indemnity bond may require demonstrating financial stability through other means.
What are the types of indemnity bonds in NC?
The types of indemnity bonds in North Carolina include bid bonds, performance bonds, payment bonds, and license and permit bonds, which are required for various construction and commercial activities.
Can I sell a vehicle with a bonded title?
Selling a vehicle with a bonded title is possible, but it may require additional steps and documentation. The bonded title indicates that the vehicle's ownership is in question, so the sale may involve further verification and approval processes.
What is the purpose of an indemnity bond in NC?
The purpose of an indemnity bond in North Carolina is to provide financial protection for a party against potential losses or liabilities arising from a specific transaction or agreement.
What is the purpose of a bonded title?
The purpose of a bonded title is to provide a guarantee of ownership for a vehicle when the original title is lost, stolen, or destroyed.
Can a bonded title become a clean title?
A bonded title can become a clean title through a process that involves resolving any outstanding claims or liens on the vehicle, obtaining a new certificate of title, and transferring ownership to the current owner.
What states accept bonded titles for vehicles?
States that accept bonded titles for vehicles include Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.
Can I convert a bonded title to clear?
Converting a bonded title to a clear title is possible, and the process typically involves satisfying any outstanding liens or encumbrances on the vehicle and obtaining a new title from the appropriate state authority.
What limitations come with a bonded title?
The limitations with a bonded title are that the title is not fully owned, and the property may have restrictions on its use or transfer.
Do I need an inspection for a bonded title?
An inspection is typically required for obtaining a bonded title, as it helps verify the vehicle's condition and ownership status to ensure the title can be legally issued.
Can a bonded title affect resale value?
A bonded title can affect the resale value of a vehicle, as it may indicate past issues or uncertainties that could deter potential buyers and lead to a lower selling price.
Is there a timeframe to apply for a bonded title?
There is typically a timeframe to apply for a bonded title, which varies by state. The specific timeframe requirements should be checked with the relevant state motor vehicle department.
How can I expedite my bonded title application?
To expedite your bonded title application, provide all required documentation promptly, follow up on the status regularly, and consider engaging a professional service to assist with the process.
What risks are associated with bonded titles?
The risks associated with bonded titles include potential legal issues, the possibility of additional fees or expenses, and the complexity of the bonding process, which may require specialized knowledge or assistance.
Are there alternatives to a bonded title?
Alternatives to a bonded title may include a surety bond, a certificate of title, or a letter of credit, each with its own requirements and implications.
How do I verify bonded title legitimacy?
Verifying bonded title legitimacy involves contacting the issuing authority to confirm the title's authenticity and validity.
surety bond title, north carolina notary bond, north carolina surety bond, how long does it take to get a bonded title
bond, insurance, lawyer, contract, payment, performance bond, payment bond, miller act, surety, lien, law, little miller act, fee, credit, lawsuit, plaintiff, license, subcontractor, title, construction, money, waiver, statute, general contractor, good faith, receipt, guarantee, power of attorney, court, expense, construction contract, policy, florida surety bond, notary, claim, company, surety bond, certificate, contractor, principal, bond claim, florida title bond, information, cash, nationwide mutual insurance company, freight broker bond, mortgage broker, fidelity bond, mortgage, underwriting, vehicle, employee retirement income security act of 1974, risk, investment, farm, nationwide mutual insurance, nationwide, tax, resource, new mexico, customs, motor vehicle, nationwide surety and fidelity, illinois, business, fraud, property, employment, commercial underwriter, insurance company, finance, theft, california, health, insurance policy, oregon, fiduciary, arizona, email address, dishonesty, kansas, management, marketing, minnesota, west virginia, financial institution, new jersey, indiana
Frequently Asked Questions
What is the cost of a Florida surety bond premium?
The cost of a Florida surety bond premium depends on various factors, such as the bond type, the bond amount, and the applicant's creditworthiness. Typically, the premium ranges from 1% to 5% of the total bond amount.
What is a Florida surety bond and how does it work?
A Florida surety bond is a legally binding agreement where a surety company guarantees the performance of a principal, ensuring they fulfill their obligations according to state regulations. The bond serves as a financial guarantee for the state.
What types of Florida surety bonds are available for licensees?
The types of Florida surety bonds available for licensees include contractor bonds, license and permit bonds, motor vehicle dealer bonds, and other specialized bonds required for certain regulated professions and businesses in the state.
How to choose a nationwide surety bond provider?
When choosing a nationwide surety bond provider, look for a family-owned business with an in-house surety bond underwriter, personalized service, and certifications from trusted associations.
What types of nationwide surety bonds are available?
The types of nationwide surety bonds available include federal, commercial, and contract bonds that can be obtained for various industries and business activities across the United States.
What is the purpose of nationwide surety and fidelity bonds?
The purpose of nationwide surety and fidelity bonds is to provide financial protection and guarantee the fulfillment of contractual obligations or employee responsibilities.
Who requires a nationwide surety bond in the United States?
Nationwide surety bonds are required for various businesses and professionals in the United States, such as contractors, freight brokers, and financial service providers, to ensure compliance with state and federal regulations.
What is the cost of a nationwide surety bond?
The cost of a nationwide surety bond varies depending on the bond amount, industry, applicant's credit history, and other factors. Typically, the premium for a nationwide surety bond ranges from 1% to 3% of the total bond amount.
What is a nationwide surety bond and how does it work?
A nationwide surety bond is a type of bond that provides coverage across multiple states. It works by guaranteeing the performance of a contract or obligation, ensuring the principal's compliance with relevant laws and regulations.
Can I get a Florida surety bond with bad credit?
Obtaining a Florida surety bond with bad credit is possible, but the process may be more challenging. The surety company will likely require additional collateral or a co-signer with good credit to mitigate the risk.
Can I get nationwide surety bonds with bad credit?
Yes, you can obtain nationwide surety bonds even with poor credit, as our in-house underwriting authority allows us to assess your specific circumstances and provide customized bond solutions that meet your business needs.
What types of businesses need nationwide surety bonds?
Businesses that require nationwide surety bonds include contractors, construction companies, transportation firms, financial institutions, and any other companies that need to provide guarantees or security for their operations across multiple states.
Are nationwide surety bonds required by law?
Nationwide surety bonds are required by law in certain industries and for certain types of business activities to protect consumers and ensure compliance with regulations.
Who needs a Florida surety bond in the construction industry?
Contractors, subcontractors, and construction businesses in Florida are required to obtain a surety bond to ensure they fulfill their contractual obligations and protect project owners, suppliers, and workers.
How do I obtain a Florida surety bond for my business?
To obtain a Florida surety bond for your business, you need to contact a licensed surety bond agency that can help you determine the appropriate bond type and amount required for your specific business operations in Florida.
How long does it take to get approved for a Florida surety bond?
The approval process for a Florida surety bond typically takes 1-2 business days, provided all required information and documentation is submitted accurately and completely.
What factors influence Florida surety bond costs?
The factors that influence Florida surety bond costs include the applicant's credit history, the type of bond required, the bond amount, and the industry or project the bond is for. These factors are used to assess the risk and determine the bond premium.
How do Florida surety bonds protect businesses?
Florida surety bonds protect businesses by providing financial guarantees that the business will fulfill its contractual obligations. This safeguards the interests of the business's clients, ensuring they are compensated if the business fails to meet its commitments.
What are common misconceptions about Florida surety bonds?
Common misconceptions about Florida surety bonds include that they are only required for certain types of businesses, that they are too expensive, and that they are difficult to obtain.
Which industries commonly use Florida surety bonds?
Florida surety bonds are commonly used in the construction, contracting, real estate, and financial services industries to ensure compliance with state regulations and protect consumers.
What are the benefits of nationwide surety bonds?
The benefits of nationwide surety bonds include personalized service from a family-owned business, an in-house surety bond underwriter authority, and certifications from trusted associations.
How do I file a claim on nationwide bonds?
To file a claim on nationwide bonds, you can contact the bond agency that issued the bond or the surety company directly. They will provide you with the necessary information and forms to initiate the claims process.
What documents are needed for a nationwide bond?
The documents needed for a nationwide bond typically include a completed application, financial statements, and any required supporting documentation such as licenses and permits.
What happens if I default on a surety bond?
If you default on a surety bond, the obligee (the party you issued the bond to) can make a claim against the bond, and the surety company will be required to pay the claim. This may result in you having to reimburse the surety company for the amount paid.
How are nationwide surety bonds regulated?
Nationwide surety bonds are regulated by state and federal laws, which ensure that bond providers meet specific requirements to issue surety bonds. These regulations govern the licensing, financial stability, and underwriting practices of surety bond providers.
Can I change the terms of my surety bond?
The terms of a surety bond can typically be modified, but the process may vary depending on the type of bond and the specific requirements of the obligee. Consult with your surety bond provider to understand the options available for modifying the terms of your surety bond.
What is the renewal process for Florida surety bonds?
The renewal process for Florida surety bonds typically involves submitting a renewal application, providing updated financial information, and paying the required renewal fees to the Florida Department of Financial Services.
How do nationwide bonds differ from state bonds?
Nationwide bonds differ from state bonds in their geographic coverage and regulatory requirements. Nationwide bonds are issued at the federal level and have uniform standards, whereas state bonds are subject to the specific laws and regulations of the issuing state.
What risks are covered by fidelity bonds?
Fidelity bonds cover risks of employee dishonesty, including theft, forgery, and misappropriation of funds or property by employees.
Who can assist in surety bond applications?
Our family-owned surety bond agency can assist with surety bond applications. We have an in-house surety bond underwriter authority and offer personalized service to provide the right bonds for your needs.
single source insurance, buy surety bond, florida surety bond, nationwide surety and fidelity, surety bonds online, leading surety bonds providers florida, singlesource insurance, surety bond online quote, surety bonds insurance companies miami fl, absolute surety, orlando surety bonds
About Single Source Surety
Personalized Service and Trusted Expertise
As a family-owned business, Single Source Surety takes pride in offering personalized service and genuine care for our clients. We understand that you've built your business on hard work and dedication, and we're here to provide the peace of mind you deserve when it comes to securing the right bonds at the right price.
Our in-house surety bond underwriter authority allows us to assemble the exact bond you need, no matter your industry. We only work with "A" rated U.S. Treasury listed Insurance Companies, ensuring the highest level of trust and reliability.
