Sometimes, you might need a surety bond even if you don’t own a business. One of these bonds is the lost title surety bond. Keep reading to find out when you might need it.
In Arizona, vehicles that are registered and operated in the state and less than 35 years old need to have a title. This also applies to travel trailers and mobile homes that are less than 20 years old. If the title is lost, stolen, or damaged and illegible, the owner of the vehicle needs to apply for a new title through the state Department of Revenue.
Getting a new title requires providing proof of ownership�but since a title often serves as this proof, there need to be other means of ownership verification. If the Alabama DOR is not satisfied with the vehicle owner’s proof of ownership, they can require the replacement title applicant to get a three-year lost title surety bond. Regardless, vehicle owners do need a valid bill of sale for the vehicle they’re titling, or current registration in the applicant’s name to apply for the surety bond.
Lost title bond amounts vary depending on the type of vehicle and its age:
Trailers:
– Less than five (model) years old: $25,000
- At least five but less than ten years old: $10,000
– Ten or more years old: $5,000
Passenger vehicles and pickup trucks:
– Less than five years old: $50,000
- At least five but less than ten years old: $25,000
– Ten or more years old: $10,000
Trucks, buses and RVs
– Less than five years old: $100,000
- At least five but less than ten years old: $50,000
– Ten or more years old: $25,000
Motorcycles
– Less than five years old: $25,000
- At least five but less than ten years old: $10,000
– Ten or more years old: $5,000
Manufactured homes
– Less than ten years old: $50,000
– Ten or more years old: $25,000
If you apply for a lost title replacement and the state of Alabama needs a surety bond from you, make sure your bond amount has been confirmed by the state before getting in touch with Single Source Insurance.
Know your bond amount and ready to get started? Get in touch today!