Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Illinois title bond needs.
What Are They?
Purchasing an Illinois title bond with a three-year duration is a key requirement for getting a bonded title for a vehicle when you have no certificate of title for the vehicle. A bonded title will allow you to register, sell, or donate the vehicle, but the title will be encumbered until the three years are up and the bond expires.
During those three years, the title bond provides financial protection for anyone who can prove their ownership of the vehicle or that they have a lien against the vehicle. The bond also protects anyone you might sell or transfer the vehicle to within that period. Specifically, the bond provides compensation for a proven financial loss stemming from the issuance of a bonded title in your name.
Who Needs Them?
There are several common reasons why you might need an Illinois title bond:
- You did not receive a title when you bought the vehicle.
- You received a title but it was lost or stolen before you could get the car registered in your name.
- You received a title that was damaged, altered, or invalid for any other reason.
You cannot get a bonded title for an abandoned vehicle. In addition, you don’t need to buy an Illinois title bond or obtain a bonded title for a vehicle that was already registered in your name. If the title was lost or stolen after the vehicle was registered, you need to apply for a replacement title, not a bonded title.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
How Do They Work?
An Illinois title bond in an amount equal to 1.5 times the current appraised value of the vehicle must be submitted to the Secretary of State, Vehicle Titles Division (ATTN: Bonded Titles). The other documents that must be submitted before your application for a bonded title will be approved include (but are not limited to) evidence of your ownership, such as a bill of sale, receipt, or canceled check, and a written appraisal of the vehicle’s wholesale value.
A surety bond agreement is a legally binding contract that obligates you, as the bonded individual, to pay any valid claims against the bond during the three years of the bond’s duration. Anyone who can prove a legitimate ownership interest in the vehicle or a lien against it and can document a financial loss resulting from a bonded title being issued in your name has the right to file a claim for compensation.
The surety bond company will pay any valid claim and then collect reimbursement from you, the party with sole legal responsibility for paying claims. This ensures timely compensation of the claimant while giving you some time to gather the funds to cover the claim.
If the three-year period expires with no claims against the title bond, the bonded title can be exchanged for a standard title.
What Do They Cost?
Many surety bond companies offer title bonds for lower-value vehicles at a flat cost of $100, with bonds for higher amounts going through the underwriting process.
When underwriting is involved, the surety company will assign a premium rate based largely on your personal credit score. The better your credit, the lower your premium rate.
Get a Quote
Our surety bond professionals will get you the Illinois title bond you need at a competitive rate.