An Illinois motor vehicle dealer bond is a type of surety bond that is required by the Illinois Secretary of State for all licensed motor vehicle dealers. The bond amount is $50,000 and the cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.
How to get an Illinois motor vehicle dealer bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Surety Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
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An Illinois Designated Agents Bond for Vehicle Dealer is the same as an Illinois Motor Vehicle Dealer Bond. The two terms are used interchangeably
Why do you need a surety bond?
The surety bond is in place to protect consumers from financial losses if a dealer fails to comply with the law or misappropriates consumer funds. For example, if a dealer collects sales taxes from consumers but fails to remit them to the state, the surety company that issued the bond will be liable for the unpaid taxes. Similarly, if a dealer misappropriates a consumer’s deposit, the surety company will be liable for the loss. The Illinois motor vehicle dealer bond guarantees that the dealer will comply with all applicable laws and regulations, including:
- Collecting and remitting sales taxes and registration fees
- Issuing temporary registration plates
- Processing title transfers
- Handling vehicle registrations and renewals
- Responding to customer inquiries and complaints
If the surety company pays a claim on the bond, it will seek restitution from the bond principal (licensee).
How to Get Your Illinois Motor Vehicle Dealer Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.