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Single Source Insurance is a leading bonding company providing bonds through a convenient online application system. View all of the bonds we offer in the state of Arkansas, and apply for an Arkansas Surety Bond today!
Purchasing an Arkansas title bond, sometimes referred to as a certificate of title bond or a lost title bond, is a prerequisite for obtaining a bonded title for a motor vehicle for which you don�t have a valid title.
Without a valid title, you won�t be able to register, sell, donate, or otherwise transfer ownership of the vehicle. A bonded title issued by any regional Office of Motor Vehicles will allow you to do all of those things.
The purpose of an Arkansas title bond is twofold. It protects the Office of Motor Vehicles from any liability associated with issuing a bonded title if it turns out that you should not have received one. It also provides a source of funds for compensating a rightful owner or lienholder who surfaces during the three-year term of the bond and can prove a financial loss due to the issuance of your bonded title.
If you need to obtain a bonded title, you need an Arkansas title bond. The underlying reason may be that:
You do not need an Arkansas title bond or bonded title if the vehicle was registered in your name and the title was subsequently lost or stolen. You need only request a replacement title in such cases.
The surety bond agreement for an Arkansas title bond is a legal binding contract between three parties:
The title bond you purchase must have a three-year duration and be for an amount equal to 1 � times the vehicle�s appraised value. Within that three-year period, anyone who can show that you should not have been issued a bonded title and suffered a financial loss because you were given one can file a claim against your Arkansas title bond.
The surety company will pay a valid claim on your behalf, up to the full amount of the bond, extending credit to you for that purpose. The terms of the title bond agreement make you legally obligated to repay that amount to the surety.
What you will pay for an Arkansas bonded title depends on the value of the vehicle in question. A title bond for no more than $6,000 is sold for a flat fee of $100. Add another $15 per additional $1,000 increment up to a required bond amount of $25,000.
The only Arkansas title bonds that are subject to underwriting are those issued for amounts in excess of $25,000. Surety bond companies view those larger bonds as riskier and base the premium rate on the principal�s personal credit score, which is a good indicator of the principal�s willingness and ability to repay the credit extended to pay a claim. The better your credit, the lower the premium you�ll pay.
Request a convenient online quote today, or call to speak with one of our experienced professionals about the Arkansas title bond that will allow you to obtain a bonded motor vehicle title.
