When you have possession or claim to ownership of a vehicle (or mobile home), but are unable to prove ownership, the North Carolina DMV may require you to obtain a surety bond.
Besides the certificate of title surety bond, there are other documents outlined in detail on the North Carolina's DMV website that you will need in addition to the bond.
The site also lists what type of situations prevent you from obtaining a lost or defective title bond.
AmeriPro Surety Bonds provides the North Carolina certificate of title bond for filing with the DMV.
Since ownership of the vehicle is unclear and unknown through traditional documentation, for whatever reason that may be, the certificate of title bond serves as a financial guarantee that if it is later discovered that the title was wrongly issued to you, the person to whom the vehicle rightly belongs to can recover any financial losses.
Not only does the bond protect this other person or persons (either prior or future owners), but the surety bond also protects the North Carolina DMV, who will issue title to you based upon the existence of the underlying surety bond.
And so, while the bond is required of you as the principal, its benefit is solely for the protection of others.
And, as owner of the surety bond, you bear the financial responsibility to reimburse the surety for any claims paid against your surety bond were that ever the case.
In North Carolina, the amount of the certificate of title surety bond required will be 1.5 times the value of the vehicle.
For underwriting purposes, it helps to have any written documentation from the NC DMV stating the amount of surety bond that you must purchase.
The certificate of title bond’s premium may be surprisingly low cost.
But, the premium will be determined by the amount of the surety bond that you are required to purchase, the acommpanying surety bond application, and your credit score.
A $10,000 North Carolina certificate of title bond may cost you as little as $150. However, bear in mind that you may be required to pay substantially more based upon your credit.
The North Carolina certificate of title surety bond premium is paid ONE TIME, and the bond is active for a period of THREE YEARS.
In addition to the North Carolina certificate of title bond, AmeriPro Surety Bonds provides license and permit, contractor, court, and fiduciary bonds throughout the state. We are a surety bonds-only agency
We also provide surety bonds nationwide.
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