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Connecticut Motor Vehicle Dealer, Connecticut Auto Dealer Bond:

Connecticut is small state with an active automotive industry. There are 270 new car dealerships in the state (and many more used car lots) employing almost 30,000 people and selling over $10 billion in new vehicles annually. As part of the state's laws, every one of those dealers must have a valid surety bond.

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

In Connecticut, the required Motor Vehicle Dealer bond amounts are:

  • Connecticut, New and Used Car Dealer bond requirement - $20,000 Surety Bond
  • Connecticut, General Repairer bond requirement - $5,000 Surety Bond
  • Connecticut, Limited Repairer bond requirement - $5,000 Surety Bond

Be sure to first check with the State of Connecticut Department of Motor Vehicles Bureau of Safety and Enforcement Dealers and Repairers Division, or requesting agency, to learn the most up-to-date required amount for Connecticut motor vehicle dealer surety bonds as well as the required bond forms.

Viking Bond Service, Inc. writes Connecticut Motor Vehicle Dealer bonds. We can serve clients with good credit and also clients with bad credit. Usually, the worse the credit then the higher the surety bond premium will be. Even if that's the case, we will always work to get the best quote for you. To do this, Viking Bond Service has partnered with markets that welcome Connecticut Motor Vehicle Dealer bond applications and that provide competitive quotes.

(See Also: Cost Expectations for Auto Dealer Bonds)

How to Get a Connecticut Auto Dealer Bond

To start, it helps to understand how bond agreements work. Unlike insurance contracts that involve two parties, surety bonds involve three:

  • The obligee is the party that requires you to obtain a bond. In this case, the obligee is the Connecticut Department of Motor Vehicles on behalf of the Connecticut public.
  • The principal is the party that's required to obtain the bond. You, and any business partners you have, are considered the principal in a Connecticut motor vehicle dealer bond agreement.
  • The surety is the party that issues the bond and provides the guarantee that you will uphold your part of the agreement with the oblige.

The first step to getting a bond is to understand exactly what requirements you need to meet to satisfy the obligee. Once you know which bond(s) you need and in what amounts, the next step is to apply for a bond through a qualified surety company like Viking Bond Service. The application requires some basic information about yourself, your finances, and your business. Once submitted, underwriters will evaluate your credit risk. Having poor credit does not mean you will be denied. It simply means your premiums will be a little higher. After the premiums are paid, your Connecticut motor vehicle dealer surety bond is active typically for one year.

How Does a Connecticut Motor Vehicle Dealer Bond Work?

Surety bonds allow the public to seek out financial restitution if they are wronged by your business. If a consumer files a claim with the state, the surety company will investigate the claim. Upon verification, the surety will pay the amount of the claim up to the limit of the bond. Afterwards, the surety company collects the amount of the claim from you, the principal. Even though you have the final financial responsibility, the surety company exists to guarantee that claims are paid promptly.

How Much Does a Connecticut Auto Dealer Surety Bond Cost?

The total penalty of your bond is far more than the price of your premiums. Typically, the cost is only 2-5% of the total, but the exact amount you pay depends on the details in your application. If you had to obtain a $20,000 Connecticut motor vehicle bond, for example, your premium may be less than $1,000. You will need to pay the premium upfront to activate the bond, then again every time the bond is up for renewal. Upon renewal, creditworthiness is reevaluated which, in some cases, can lead to adjustments of the surety bond premium both higher and lower.

Quality Providers of Connecticut Auto Dealer Bonds

Viking Bond Service is your source for auto dealer bonds that meet all of Connecticut's requirements. Our bond application is quick and easy to complete, and you will get a response in just 1-2 business days. We also strive to make surety bonds as accessible as possible. After years as an industry leader, we know how to get more motor vehicle dealers approved for bonds that meet the state requirements and work with the business budget. Your business relies on a surety bond, which means you want to work with a surety company you can trust. Count on Viking Bond Service.

Request a Connecticut Motor Vehicle Surety Bond Quote:

You can contact us by calling 1-(888) 2-SURETY (1-888 278-7389) or by completing an Online Application. You can also choose to fill out and submit the contact form on the page and one of our agents will contact you shortly.

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