Defective Title Bonds
A defective title bond, also called a lost title bond, is used when a vehicle owner does not have a title or is otherwise unable to furnish evidence of ownership. This bond provides the same ownership rights as a title. Defective title bonds are issued for 3 years, after which point the owner of the vehicle is no longer required to renew them.
Defective title bonds are used to protect the state from potential financial losses that occur as a result of the issuance of a new title or certificate of ownership.
How Quickly Can I Get the Bond?
In most cases the bond can be issued the same day it is applied for, but in some cases, it may take longer than one day.
How Much Does it Cost?
The premium for each bond is determined by the bond amount, which varies depending on the value of the vehicle and local DMV requirements. In most cases, the bond amount is equivalent to the fair-market value of the vehicle. But some DMVs require the amount to be double the value of the vehicle, so it is best to contact the DMV to verify the bond amount.
The value of the vehicle is determined through one of the following methods: the average valuation from an industry recognized pricing handbook, such as Kelley Blue Book, or an appraisal of the vehicle by a registered dealer or licensed insurance representative.
What Documents Will I Need?
To apply for a defective title bond, you will need an application, as well as the following information about the vehicle (preferably from a DMV printout):
- VIN (Vehicle Identification Number)
- Year, make, model, and body type
- License plate number and state
Contact us today and we can provide you with an application form, as well as answer any questions you may have. We’re here to help.
