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How much does a $25,000 vehicle merchandising bond cost in Indiana?
While the bond is subject to underwriting, it can be issued at a rate as low as $250. The Indiana Secretary of State requires professionals involved in the motor vehicle industry within the state to acquire this bond. The process to getting bonded starts with figuring out what rate you qualify for.
SuretyBonds.com can help you find the lowest rate! Submit an online application or give our team a call at 1 (800) 308-4358 today to get your free surety bond quote!
Why do Indiana auto dealers need to be bonded?
By posting an Indiana vehicle merchandising bond, the principal (vehicle professional) pledges that he or she will abide by all provisions of the laws, ordinances, and resolutions governing issuance of the license issued by the Secretary of State. Specifically, this bond ensures that the principal will pay all fines, penalties, costs, and fees assessed by the Secretary of State for violations of the terms stated in Indiana Code 9-32.
Indiana vehicle merchandising bonds remain valid for 1 year from the effective date. The bond can be canceled if:
- the surety gives the Secretary of State notice of an impending cancellation at least 30 days in advance
- the motor vehicle professional’s license is terminated
Professionals should be sure to mark their correct license type on the bond form.
Don’t fall out of compliance with the laws of the motor vehicle industry and the state of Indiana. Let our surety experts do all of the hard work for you! Get started now.
Which vehicle professionals are required to be bonded in Indiana?
Vehicle merchandising bonds in Indiana exist to protect consumers of the motor vehicle industry from any fraudulent activity. Due to this, this bond covers many different occupations. The following professionals are covered under this bond type:
- Auto Mobility Dealer: professionals who work exclusively in the field of adapted/wheelchair-accessible vehicles
- Automobile Auctioneer: professionals who provide a location for auctioneers to conduct vehicle auction business
- Dealer: professionals who sell motor vehicles to consumers
- Distributor, Distributor Branch and Distributor Representative: professionals who sell vehicles to dealers that are not classified as wholesale dealers or manufacturers
- Factory Branch and Factory Representative: professionals involved in the installation, building or selling of motor vehicles
- Manufacturer and Converter Manufacturer: professionals who build or construct motor vehicles
- Transfer Dealer: professionals other than a dealer, wholesale dealer or manufacturer who transfer vehicles titles and ownership more than 12 times in a year
- Wholesale Dealer: professionals who sell or purchase vehicles to or from other dealers