The New York Lost Title Bond: How to Get One and What You Need to Know: The bond is required by the New York Department of Motor Vehicles. When the title of a vehicle is damaged or cannot be produced, the DMV generally requests you to obtain a surety bond. The bond amount for a New York Lost Title Bond is equal to 1.5 times the appraised value of the vehicle. The Department of Motor Vehicles (DMV) will determine the vehicle’s value during the title application process. This is an easy bond to obtain and the cost is usually less than 2% of the bond amount with a minimum cost of $150 to $175 dollars.
You need the surety bond when:
you cannot provide the New York Department of Motor Vehicles (DMV) with the original vehicle title. This can be for a variety of reasons, such as:
- You have lost the title.
- The title was stolen or destroyed.
- You purchased the vehicle from a private seller who did not have the title.
- The title is in the name of a previous owner who cannot be located.
- The title has been damaged and is no longer legible.
If you fall into any of these categories, you can apply for a bonded title. To do this, you will need to:
- Complete a lost title affidavit with the DMV.
- Purchase a New York Lost Title Bond.
- Submit the lost title affidavit, the surety bond, and the required fees to the DMV.
Once the DMV has processed your application, you will be issued a bonded title. This title will allow you to register and operate your vehicle in New York State. The New York Lost Title Bond does not protect you; it actually protects the Department of Motor Vehicles from you, in case someone with the vehicle’s title claims that the vehicle is actually belongs to them. If there is a claim placed on your bond and you are found at fault, the surety company will pay out. However, you will have to pay them back.
How do I get a New York Lost Title Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Contact the New York DMV to obtain the bond amount.
- Complete the easy to navigate and secure online application.
- 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 New York Lost Title Bond will be shipped to the bond applicant.
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.