Wyoming 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 Wyoming title bond needs.
What Are They?
To obtain a bonded title, you must first purchase a Wyoming title bond. Bonded titles allow you to register, insure, sell, or otherwise transfer ownership of a vehicle for which you do not have a valid certificate of title. Purchasing a three-year Wyoming title bond is a prerequisite for being issued a bonded title by the Wyoming Department of Transportation (the “obligee” in the surety bond agreement).
During the three years that a Wyoming title bond is in force, it provides financial protection for the state of Wyoming and any prior owner or subsequent purchaser should it turn out that the bonded title should not have been issued. If nobody turns up within those three years with proof of their legitimate ownership of the vehicle in question, the bonded title can be replaced with a standard title.
Who Needs Them?
If you find yourself in need of a Wyoming title bond, it’s most likely because you purchased a vehicle but the seller:
- Did not give you a title certificate, though you may have received a bill of sale.
- Gave you a title that was improperly assigned or defective in some other way.
- Gave you a title, but it was lost or stolen before you could register the vehicle in your name. (If the vehicle was ever registered in your name, you need to apply for a replacement title, not a bonded title.)
The required amount (penal sum) of a Wyoming title bond must be twice as much as the vehicle’s appraised value. If a vehicle’s appraised value is less than $2,500, no title bond is required.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
How Do They Work?
Despite the title searches conducted prior to issuing a bonded title, it’s always possible that a former owner or lienholder could come forward with proof of ownership. However, while a Wyoming title bond was in force, something may have occurred that resulted in a financial loss to the rightful owner. If the vehicle was sold, the person who bought it may have to return it to the legitimate owner, despite having paid for it.
The remedy for these injured parties is to file a claim against the Wyoming title bond. Although the bonded titleholder (known as the “principal”) is legally obligated to pay any valid claim, the usual practice is for the bonding company (the “surety” for short) to pay claims on the principal’s behalf and then be reimbursed by the principal.
What Do They Cost?
Underwriting is only required for Wyoming title bonds with a penal sum in excess of $25,000. Bonds for lesser amounts are sold for a flat fee that can be as low as $100.
The main factor the surety considers in assigning a premium rate is creditworthiness, as indicated by the principal’s personal credit score. The higher the credit score, the less risky it is for the surety to pay claims on behalf of the principal. With a high credit score, the principal should qualify for the standard market rate of 1% to 2% of the required bond amount.
Get a Quote
Our surety bond professionals will get you the Wyoming title bond you need at a competitive rate.