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Montana Auto Dealer Bond

Montana Auto Dealer Bond

If you're looking to work as an auto dealer in Montana, you'll need an auto dealer surety bond. These bonds are used as a way for the state to ensure that citizens are protected when shopping for a vehicle. Montana motor vehicle bonds give citizens a path for recourse in situations where an auto dealer does not adhere to rules, regulations, and laws.

Auto dealer bonds are an important part of the dealer licensing process in Montana, so familiarizing yourself with the basics can help to make the dealer registration process smoother.

Requirements for Montana Auto Dealer Bonds

In Montana, the bond requirements for motor vehicles and other forms of transportation are as follows:

  • Motor Vehicle Dealer bond requirement – $50,000 Surety Bond
  • Street Legal Motorcycle or Quadricycle Dealer bond requirement – $15,000 Surety Bond
  • Non Street Legal Motorcycle or Quadricycle Dealer bond requirement – $5,000 Surety Bond
  • Boat Dealer bond requirement – $5,000 Surety Bond

Be sure to check with the Montana DOJ Motor Vehicle Division or with a requesting agency for the most current bond requirements.

How to Get an Auto Dealer Bond in Montana

It's simple to get an auto dealer bond in Montana when you have the help of a qualified surety provider like Viking Bond Service. We have a knowledge of the local bonding requirements as well as industry trends, so we can get you the surety solution you need.

In order to better understand the surety process, let's look at the parties involved: First, the obligee is the one who requires the bond. In this case, it's the state of Montana. They require this bond in order to ensure some protection for the citizens of the state. Next, the principal is the entity which is to be bonded. This is you, if you're an aspiring auto dealer in Montana. Lastly, the surety is the party which serves as the underwriter of the bond. Viking Bond Service is your go-to surety, no matter where you're looking to do business.

How Much do Auto Dealer Bonds Cost in Montana?

The price of auto dealer bond premiums can vary greatly based on the estimated probability of a claim being made. As such, there's no fixed price. Viking Bond Service is determined to helping businesses fulfill their surety requirements with the lowest rates. Though factors like credit can affect premiums, we also offer a poor credit surety bond program to offer options for those who have had financial setbacks to get the surety coverage they need. These bonds are usually quoted within 1% to 4% of the requested bond amount.

What Sets Viking Bond Service Apart?

Viking Bond Service, Inc. provides surety solutions for auto dealers and contractors of all sizes. Our years of experience as an industry leader means that we can provide you a superior surety experience, from start to finish. With a knowledge of the local Montana requirements as well as industry trends, we can help you stay on the path to a successful auto dealer business. Reach out to one of our Montana auto dealer bond experts by giving us a call at 1-888-278-7389 or request a quote online today!

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