When proof to ownership of a vehicle (or a watercraft) is not definitively ascertainable by the possession of a title, as a condition of allowing the vehicle to be registered in your name, the Michigan Secretary of State may require a surety bond.
The surety bond has one purpose: It exists to make whole --- to indemnify --- any prior, or subsequent owners of your vehicle, as well as the secretary of state, should a subsequent defect in the title of ownership be discovered, and which in turn causes these persons some financial harm or loss.
So, while the surety bond is required of you, its benefit is solely for the protection of others; and the surety bond therefore does not protect you at all.
You may think of this bond as a type of policy that you’re buying for the potential benefit of others, and the state of Michigan.
Michigan Motor Vehicle Certificate of Title Bond: Other Requirements
According to Section 257.217 of the Michigan state legislature, the Michigan secretary state will require the certificate of title bond when:
The value of the vehicle will be determined by the secretary of state, not you.
The amount of the surety bond required is twice the value of the vehicle, as determined by the Michigan secretary of state.
The premium, representing the price that you will pay for this bond’s issuance, is very reasonable.
A $10,000 Michigan motor vehicle certificate of title surety bond, for instance, may have a onetime premium of just $150.00; however, the amount that you will pay will be determined by information provided on the surety bond application, and your credit score.
As noted above, the premium for the Michigan certificate of title bond is paid just one time, and the bond is active for FIVE years from the date of issuance.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court, and fiduciary surety bonds throughout Michigan.
Our agency also provides surety bonds nationwide.
Please call AmeriPro Surety Bonds today at:
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