Florida Motor Vehicle Dealer Bond

Florida Motor Vehicle Dealer Bond


Hi, my name is Brad Bullerdieck, and I’m
an account executive at SuretyBonds.com. As a new business owner, it’s likely you
will have to purchase a surety bond during the business licensing process. Today I’m going to break down specific bond
information, application requirements, cost expectations and the logistics involved for
receiving your bond. Now let’s get started. Before a motor vehicle dealer’s license can
be issued or renewed by the Florida Department of Highway Safety and Motor Vehicles, the
dealer must purchase a surety bond from a provider authorized to work in the state.
The bond must then be filed with the DMV. Both independent and franchise motor vehicle
dealers are required to post $25,000 surety bonds with the state of Florida. The DMV can help you determine the exact bond
type and amount need for your business license. Then you’re ready to apply for your bond! Our application is incredibly quick and easy.
Your personal account manager will walk you through the process step-by-step over the
phone and should only take about 5 minutes in most cases. If it’s before or after the hours you see
on your screen, you can always submit a quote request online to jumpstart the process. The
next available account manager will call you as soon as possible the following day to finalize
your application. Once your application has been submitted,
our underwriting team will review it for pricing. We generally return quotes within 1 business
day, but often times customers receive their quotes within an hour or two of their submission.
Depending largely on credit score, rates for Florida Motor Vehicle Dealer bonds start at
just 1%, or $250 annually. Because the state requires these bonds to
expire annually on April 30th, your bond’s term could be more or less than the standard
year depending on when you purchase it. Criteria that’s often considered includes
a review of your credit report, time in business, and years of industry experience. When you’re ready to purchase your bond,
you’ll need to sign and return the documents provided by your account manager. Once your
premium has been paid, our processing team will issue your bond and prepare it for shipping. If your paperwork and payment are submitted
before our daily cutoff, you can guarantee next-day delivery with our trackable overnight
delivery option. Fast, easy, and accurate – that’s the SuretyBonds.com way! I hope this video has made you more familiar
with this bond, the application process, and the cost expectations associated with it. If you have any questions or are ready to
apply now, call 1 800 308 4358 any time from 7 AM to 7 PM central standard time or begin
the application process anytime by submitting a quote request on our website. Thanks and have a great day!

About the Author: Michael Flood

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