How much does a Maine motor vehicle title bond cost?
A Maine motor vehicle title bond can be purchase instantly online for as little as $100, however the exact cost will be based on the bond amount. The bond amount must be equal to the appraisal amount of the vehicle multiplied by one and one half. It is the applicant’s responsibility to determine the appraisal amount and they must inform the Bureau of Motor Vehicles of the chosen appraisal source.
What does a title bond do?
A title bond allows an individual who lacks sufficient evidence of ownership to get a bonded title for their vehicle. Once a bonded title is issued, the vehicle owner is entitled to the same privileges as if they had the original. At the end of the bond’s 3-year term, the bonded title will be replaced for an original title.
The Maine Bureau of Motor Vehicles requires title bonds as a means of protecting itself from financial harm resulting from claims if a bonded title is issued on a vehicle with a different owner. If a claim is made against the bond, the rightful owner of the vehicle can collect up to the full amount of the bond. However, the bond does not guarantee they will get the vehicle back.
Please note this bond is only allows a vehicle title to be issued. If you plan on selling cars and other vehicles, a Maine motor vehicle dealer license bond is required.
What information needs to be on the bond form?
The Bureau of Motor Vehicles requires the surety bond to include the vehicle year, vehicle make, and vehicle identification number (VIN). If any of the required information is missing, the applicant may be required to get a new bond.