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Minnesota Auto Dealer Bond

Minnesota Auto Dealer Bond

If you're an auto dealer in Minnesota, it's best to familiarize yourself with Minnesota motor vehicle bonds. The Minnesota Motor Vehicle Dealer bond is a License Surety Bond that serves to protect Minnesota'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 Minnesota state legal statutes. A Minnesota Motor Vehicle Dealer bond may be required as part of the Motor Vehicle Dealer licensing process.

In Minnesota, the required Motor Vehicle Dealer bond amounts are as follows:

  • Minnesota, Motor Vehicle Dealer bond requirement – $50,000 Surety Bond
  • Minnesota, Boat Dealer bond requirement – $5,000 Surety Bond
  • Minnesota, Snowmobile Dealer bond requirement – $5,000 Surety Bond
  • Minnesota, Small Horse Trailer Dealer bond requirement – $5,000 Surety Bond
  • Minnesota, Motorized Bicycle Dealer bond requirement – $5,000 Surety Bond

You should always check with the Minnesota Department of Public Safety, or requesting agency, for the most current required Minnesota Motor Vehicle Dealer bond amount as well as the required bond forms.

writes Minnesota 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 has partnered with markets that welcome Minnesota Motor Vehicle Dealer bond applications and provide competitive quotes for them.

When it comes to choosing a surety to underwrite your auto dealer bond, it's important to work with one that has experience in the field and knowledge of local Minnesota regulations. Whether you're looking to deal cars, boats, motorcycles, or horses, let help you fulfill your Minnesota surety bond requirements.

How to Get an Auto Dealer Bond in Minnesota

The first step to understanding the surety bond process is to familiarize yourself with the parties involved. The three entities involved in the surety bond process are:

  • The principal, who is individual or business who is in need of the auto dealer bond to obtain licensure.
  • The obligee, in this case the state of Minnesota, is the one who requires the bond.
  • The surety is the one who serves as the underwriter of the bond.

How Much do Minnesota Auto Dealer Bonds Cost?

There is no fixed amount for an auto dealer bond in Minnesota, as there are many factors involved in determining a premium amount. These factors include credit score and the estimated probability of a claim being made. Viking Bond Service is committed to providing superior service along with the lowest premiums possible. We also offer a poor credit surety bond program for those who are looking to recover from financial hardship. Typically quotes for Minnesota auto dealer bonds fall between 1% and 4% of the required bond amount.

Let be your solution for all things relating to Minnesota auto dealer bonds! Give us a call at 1-888-278-7389, complete an Online Application or complete the contact form on this page to have one of our agents contact you today.

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