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Kentucky Auto Dealer Bond

If you're looking to sell motor vehicles or trailers in the state of Kentucky professionally, it's wise to familiarize yourself with some of the basics surrounding Kentucky Auto Dealer Bonds. Auto dealer bond requirements vary from state to state, so you'll want to make sure that the local requirements are met. The auto dealer surety bond experts at Viking Bond Service, Inc. can assist you in determining your requirements and provide you with the right surety solutions.

All About Kentucky Auto Dealer Bonds

The Kentucky Motor Vehicle Dealer bond is a License Surety Bond that serves to protect Kentucky'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 Kentucky state legal statutes. A Kentucky Motor Vehicle Dealer bond may be required as part of the Motor Vehicle Dealer licensing and/or vehicle registration process.

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

  • Kentucky, Auto Dealer bond requirement – minimum $15,000 Surety Bond, (Your specific amount will be set by the Kentucky Motor Vehicle Commission.)

You should always check with the Kentucky Motor Vehicle Commission, or requesting agency, for the specific required Kentucky Motor Vehicle Dealer bond amount as well as the required bond forms.

How to Get a Auto Dealer Bond in Kentucky

Viking Bond Service, Inc. writes Kentucky Motor Vehicle Dealer bonds. We can assist both clients with good credit, and clients with bad credit. Bond premium prices are calculated as a percentage of the bond amount. 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 has partnered with markets that welcome Kentucky Motor Vehicle Dealer bond applications and provide competitive quotes for them.

Auto dealer bonds in Kentucky work the same way as other types of surety bonds. There are three parties involved in these bonds: the principal, the obligee, and the surety. First, the principal is the party that needs to be bonded, which in this case is a motor vehicle dealer in Kentucky. Next, the obligee is the entity that requires the bond — the state of Kentucky in this scenario. Last, the surety is the company that serves as the underwriter of the bond, and steps in when there is a valid bond dispute. These three parties work together to provide peace-of-mind to the obligee.

Your Preferred Surety Bond Provider

Viking Bond Service, Inc. is committed to serving businesses throughout Kentucky with the surety bond solutions they need. With over three decades of experience, your surety bonds will have the backing of an industry leader. Whether you're an experienced auto dealer or you're setting up your first dealership, our Surety Bond Experts can help you meet the surety bond requirements needed to be licensed. When you're ready to get your Kentucky motor vehicle bonds taken care of, give us a call at 1-888-278-7389 or request a quote online.

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