Nevada Title Bonds
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 your Nevada title bond needs.
What Are They?
If you purchased a vehicle but don’t have a title that will enable you to register, sell, gift, or donate it, you need to obtain a bonded title, which requires the purchase of a Nevada title bond.
A bonded title allows you to do the same things you could do with a regular title certificate. But the state, specifically the Department of Motor Vehicles, could be held responsible for issuing a bonded title if it later turns out that you should not have been given one.
That said, a Nevada title bond serves these important purposes:
- It protects the state against liability for having issued a bonded title to someone who is not the lawful owner of the vehicle in question.
- It ensures that funds will be available to compensate a lawful owner who suffers a financial loss because a bonded title was issued to someone else.
Who Needs Them?
You will need to purchase a Nevada title bond in order to obtain a bonded title for a vehicle for which:
- You did not receive a title at the time of purchase.
- You received a title that is altered, improperly assigned, or damaged.
- You received a title, but it was lost or stolen before you could register the vehicle in your name.
A Nevada title bond must have a duration of three years. It also must be for an amount calculated by the DMV based on the vehicle’s original Manufacturer’s Retail Price (MRP). After you’ve submitted the initial paperwork to the DMV’s Title Research Section, you’ll receive a letter telling you what your required bond amount is.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
How Do They Work?
The surety bond agreement you will sign when you purchase a Nevada title bond is a legally binding contract involving three parties:
- As the party purchasing the bond, you are referred to as the “principal.”
- The Nevada DMV, the party requiring the bond, is the “obligee.”
- The bonding company that authorizes the bond is the “surety.”
The vehicle’s true owner or a lienholder may surface during the three years that your Nevada title bond is in force and be able to prove that you should not have been issued a bonded title. That person would be entitled to compensation for damages suffered as a result of your actions. This is true even if you sold the vehicle at some point during the bond’s three-year term.
Upon approving a claim for payment, the surety will pay it on your behalf, creating a debt that you are legally obligated to repay to the surety.
What Do They Cost?
Different surety bond companies have different pricing structures for Nevada title bonds. Typically, bonds with a required amount below $5,000 or $6,000 will pay a flat fee of around $100. The price of a bond for more than that amount, up to $25,000 or $30,000, will go up by another $15 or $20 per additional $1,000 of protection. Bonds above $25,000 or $30,000 must go through underwriting, with the premium rate based on the principal’s personal credit score.
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Our surety bond professionals will get you the Nevada title bond you need at a competitive rate.