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Rhode Island Auto Dealer Bond

Those that are looking to conduct business as an auto dealer in the state of Rhode Island will need to obtain a Rhode Island motor vehicle dealer bond. If you're in this situation, it's a good idea to familiarize yourself with some of the basics surrounding these surety bonds to make sure you're meeting all the necessary state and local requirements. At Viking Bond Service, Inc., our Surety Bond Experts have the skills and experience to provide you with information about the regulations that apply to you, and provide you with the surety bond solutions you need.

Rhode Island Auto Dealer Bond

The Rhode Island Motor Vehicle Dealer bond is a License Surety Bond that serves to protect Rhode Island's citizens by providing a path for recourse in situations where an Auto Dealer does not adhere to the laws, rules, and regulations as set in Rhode Island state legal statutes. A Rhode Island Motor Vehicle Dealer bond may be required as part of the Motor Vehicle Dealer licensing and/or vehicle registration process.

In Rhode Island, the required Motor Vehicle Dealer bond amount is as follows:

  • Rhode Island, Motor Vehicle Dealer bond requirement - $50,000 Surety Bond

You should always check with the Rhode Island Division of Motor Vehicles, or requesting agency, for the most current required Rhode Island Motor Vehicle Dealer bond amount as well as the required bond forms.

How to Get a Auto Dealer Bond in Rhode Island

Viking Bond Service, Inc. writes Rhode Island Motor Vehicle Dealer bonds. We can assist both clients with good credit, and clients with bad credit. Typically, the worse the credit, the higher the surety bond premium will be. In either case, we always work to get the best quote for you. Viking Bond Service is partnered with markets that welcome Rhode Island Motor Vehicle Dealer bond applications and provide competitive quotes for them.

(See Also: Cost Expectations for Auto Dealer Bonds)

To understand how auto dealer surety bonds work in Rhode Island, it's helpful to familiarize yourself with some surety bond basics that apply to all bonds of this type. There are three parties involved in a surety bond:

  • The obligee is the agency or entity that requires the bond. In this case, it's the state of Rhode Island, requiring a motor vehicle dealer bond on behalf of its citizens.
  • The principal is the party that is required to be bonded. This is you, if you're setting up an auto dealer business in the state.
  • The surety is the entity that issues and underwrites the bond. If there is a valid claim made against the bond, the surety steps in and intervenes.

Your Preferred Surety Bond Source

At Viking Bond Service, Inc., we're proud to serve businesses all around America with a superior surety bond service. With over thirty years of experience, our Surety Bond Experts are happy to assist you every step of the way, and ensure you have the bond coverage you need to conduct a successful auto dealer business in Rhode Island. Whether you're new to the business or an experienced motor vehicle dealer, give us a call at 1-888-278-7389 or request a quote online to get your surety needs covered today!

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