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How much does a schedule bond for registered motor vehicles cost in Illinois?
SuretyBonds.com issues Illinois schedule bonds for registered motor vehicles for up to $20,000 in coverage. The required bond amount is equal to $500 per motor vehicle, and all vehicles must be listed on the schedule located on page 2 of the surety bond form.
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Why do I need this bond?
If an individual in Illinois wishes to rent out a vehicle, such as a motor vehicle designed for pulling or carrying freight or cargo, a motor vehicle designed for carrying more than 10 people or motor vehicles used for living quarters, they must post a surety bond.
By posting this bond, the principal (owner of the vehicle) states that they allow the vehicle to be rented and used to haul various substances and that they are authorized to transact business in the state of Illinois. The owner of the second division motor vehicle promises to keep a daily record showing the mileage covered by that vehicle. The record should include the license number and the miles traveled. They must also maintain records of fuel consumed by each motor vehicle and fuel purchaser.
If the principal fails to comply with the Illinois Motor Vehicle Act while conducting business, the bond protects the state from financial loss up to the full penal sum of the bond. The principal must reimburse the surety for any damages paid out.
What’s the fine print?
Illinois schedule bonds for registered motor vehicles remain in full force and effect as long as the principal remains in compliance with the bond conditions and the Illinois Motor Vehicle Act. Reimbursement should be paid in full to the Secretary of State.
These bonds expire annually on June 30, so your bond premium could be prorated depending on when you buy it. Our team of surety professionals works hard to get you bonded according to your specific needs.