The West Virginia Motor Vehicle Dealer bond is required by the West Virginia Division of Motor Vehicles for all who would like to sell motor vehicles in the state. The bond, which expires every June 30, is a $25,000 bond. Surety Solutions Insurance Services, Inc. represents over a dozen, A rated surety markets to get you the bond you need at the best possible price. Programs available for those with challenged credit as well.
What are the Requirements In Order to Get A Dealer’s License in West Virginia?
Here are the requirements in order to become a motor vehicle dealer in West Virginia, as given by the West Virginia Department of Motor Vehicles website.
- A completed application form – the application package will be delivered by an inspector once you contact the office of dealer services for an appointment for pre-inspection.
- Valid Business license for the state of West Virginia
- Garage and franchise agreement if required.
- Pictures of the dealership with signs that are not less than 4″ in height
- Personal property tax receipt
- 20/40/10 Dealer Liability Insurance
- Surety bond amounting to $25,000
Take note that the West Virginia Motor Vehicle Dealer bond is not required for repo-financial institutions, manufacturer, and transporter. This surety bond is needed to ensure that you will practice your business according to the regulations of the state. it protects the purchaser, seller, financial institution or agency of any fraudulent representation. Once they suffer financial loss, the surety company will pay the penalty sum, which you will then pay back to the surety company.
How Can I Get a West Virginia Motor Vehicle Dealer Bond?
All you need to do is to complete our free and easy to use, online application. Within one business day, a licensed agent will contact you with a quote. Then you make payment and your West Virginia Motor Vehicle Dealer Surety Bond will be mailed to you.
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