This article outlines the steps required to obtain a new title in Florida when ownership of a vehicle has not been transferred or definitively established. One key step in the process of obtaining a new title is purchasing a Florida Title Bond, which protects the public and the Department of Highway Safety and Motor Vehicles (DHSMV) against financial loss in the event that a new title is issued to someone who is not a vehicle�s rightful owner.
Learn more below, and contact Single Source Insurance to get the bond you need today.
What Is A Bonded Title?
A bonded title is proof of ownership for people who have purchased a vehicle but don�t have a properly assigned title they can use to register it. Perhaps they were never given a title by the seller, or maybe they received a title that was not properly signed over to them, or they lost it before it was transferred into their name.
Who Needs a Bonded Title?
The only way to know for certain whether you are eligible for a bonded title is to ask your local DHSMV office. Explain the exact circumstances, and they will inform you as to whether or not you can get a bonded title.
Keep in mind that you are not eligible if the vehicle in question was last registered in a state other than Florida. DHSMV can tell you what other options you may have for getting your vehicle registered in such cases.
You don�t need a bonded title if you have misplaced a title that was already in your name. In such cases, you can get a duplicate certificate by applying for one from DHSMV and paying a replacement title fee.
Understanding the Process: How a Florida Bonded Title Works
Here are the key steps in the Florida bonded title process:
- Complete Part A of DHSMV form HSMV 82042, �Vehicle Identification Number and Odometer Verification.� This involves signing an affidavit and an odometer declaration.
- Have a Florida Notary Public, licensed auto dealer, police officer, tax collector, or DHSMV employee do a physical check of the vehicle to verify the VIN and the odometer reading and complete part B of the HSMV 82042 form confirming that information.
- Complete and sign the �Affidavit to Accompany Application for Bonded Title� form, HSMV 82026. This is your attestation that you are the rightful owner of the vehicle in question.
- Purchase a Florida title surety bond for twice the appraised value of the vehicle. Use the Kelly Blue Book or NADA national appraisal guide to get an idea of the bond amount required—but the surety company will do their own calculation as well.
- Complete the HSMV 82042 form, �Florida Application for Certificate of Title With/Without Registration.�
- Submit all completed paperwork to DHSMV. Upon approval, you will receive your bonded title from the DHSMV.
What Happens if a Claim is Filed?
Title bonds cannot be cancelled or refunded, because a claim could be filed against a bond at any time. It could be years before a lien holder or previous owner surfaces and makes a claim for the vehicle being fraudulently titled. In that event, or when any other valid claim is made against a title bond, the surety company that issued the bond will pay it�then they will turn to the person that purchased the bond for reimbursement.
What Does It Cost?
The premium for a Florida title bond is a small percentage of the required amount of the bond, which is twice the appraised value of the vehicle. At Single Source Insurance, all Florida 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.
Get Bonded Today
Contact us today for help understanding the Florida bonded title process or to request a quote on the bond you need in order to register or transfer ownership of a vehicle.