Idaho Auto Dealer Bond |
AmeriPro Surety Bonds | 844-589-9732
Idaho – Auto Dealers
The surety bond required of the 3 classes of auto dealers in Idaho is known as an Idaho Vehicle or Vessel Dealer Bond.
The professional designations and corresponding surety bond amounts are as follows:
- Dealerships which only sell motorcycles, ATV’s, UTV’s, or snowmobiles require a $10,000 surety bond;
- All other retail dealerships require a $20,000 surety bond;
- Wholesale-only dealers require a $40,000 surety bond.
Getting this surety bond through our agency will be quick and very easy, taking only a few minutes of your time.
Qualifying and the Premium
You are automatically approved for the Idaho auto dealer bond of whatever amount. This is because these bonds are issued to you immediately, without a credit check and after completion of an application (which we’ll take from you over the phone).
The premium breakdown is 1%. Therefore amounts for these surety bonds are as follows:
- $10,000 surety bond amount – $100 annual premium;
- $20,000 surety bond amount – $200 annual premium;
- $40,000 surety bond amount – $400 annual premium.
Once the premium is paid, our agency issues the bond to you immediately. The original bond will be sent to you by the following business day. You will sign your bond as Principal and file it along with the Power of Attorney form that we’ll provide to you.
Filing the original surety bond is the better course of action.
Premium Prepayment Options
The premium payments listed above renew annually. You also have the option to prepay each of the bond amounts up to 3 years, thereby saving you versus annual renewls.
The premium prepayment options and savings are broken down as follows:
-$10,000 surety bond amount
- If prepaid for 2 years, the premium is $180, a $20 savings;
- If prepaid for 3 years, the premium is $260, a $40 savings.
-$20,000 surety bond amount
- If prepaid for 2 years, the premium is $360, a $40 savings;
- If prepaid for 3 years, the premium is $520, an $80 savings.
-$40,000 surety bond amount –
- If prepaid for 2 years, $720, an $80 savings;
- If prepaid for 3 years, $1040, an $160 savings.
Purpose of Your Surety Bond Requirement
Your surety bond is required as a financial guarantee that ensures that you will not violate any provisions of Chapter 16, Title 9 Idaho Code; rules required by the Idaho Transportation Department; and other laws as referred to on your surety bond form and any amendments.
AmeriPro Surety Bonds provides auto dealer surety bonds in Idaho and nationwide. We are also working to become a trusted leader for license and permit surety bonds in all 50 states.
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