Driver training schools operating in Virginia are regulated by the Virginia Department of Motor Vehicles.
As part of the licensing process, driver training schools for Class A or Class B training are required to furnish a surety bond to the DMV.
AmeriPro Surety Bonds offers both bonds for your compliance as new and renewal surety bonds.
Class B driver training schools require a $5,000 surety bond. After a surety bond application, the bond premium is usually about $100.00 annually.
Virginia Class A driver training schools require a $100,000 surety bond. Because of the bond’s large size, the application is typically more detailed. Credit is also a factor for pricing.
As a broad general rule, an applicant with good credit may pay in the 1%-2.5% range for this bond; however, the final pricing will be determined by information provided on the surety application, and your credit score.
AmeriPro Surety Bonds will work to find you the best surety bond pricing.
The purpose of the Virginia driver training school bond, Class A and B alike, is a financial guarantee for the Virginia DMV, and by extension, the residents of Virginia, that your business will be in compliance with all rules and regulations governing driving schools.
The surety bond protects against acts and instances of fraud, theft, wrongful acts, malfeasance and misfeasance. These protections, however, are not for the driving school; they are for any who can demonstrate harm caused by a school.
Such protections also extend to wrongful acts committed by employees, managers, and agents of a driver school.
AmeriPro Surety Bonds is a surety bonds only. We provide license and permit, contractor, court, and fiduciary surety bonds throughout Virginia.
Our agency also provides surety bonds nationwide.
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