How much does a driving school surety bond cost in Michigan?
The required Michigan driver education provider surety bond amount will vary based on the number of students enrolled in the driving school within the past calendar year. The cost of this specific bond is heavily dependent upon underwriting criteria. Applicants with strong financial credentials typically pay a premium that’s just 1-5% of the required bond amount.
At SuretyBonds.com, we can approve 99% of applicants for the bonds they need regardless of their credit reports. Fill out a bond request to get a free surety bond quote within 1 business day!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Driver Education Provider Bond (Less than 1,000 Students/Calendar Year)||$20,000||Starts at $200||$1,000-2,000||$2,000+||Apply Now|
|Driver Education Provider Bond (1,000+ Students/Calendar Year)||$40,000||Starts $400||$2,000-4,000||$4,000+||Apply Now|
|Driver Education Provider Bond (Truck Driver Education Provider)||$50,000||Starts at $500||$2,500-5,000||$5,000+||Apply Now|
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. We’ll get you the bond you need quickly, easily and accurately.
Why do I need this bond?
Michigan driver education provider surety bonds assure students that driving teachers will provide instruction and will not engage in any fraudulent activities or misrepresent themselves in any way. Students that endure any financial loss as a result of a principal (driving instructor) violating the terms of his or her bond will be reimbursed by the surety once the offending party has been convicted in court. Principals are responsible for compensating sureties for any money they have to pay out.
What’s the fine print?
Michigan driving education bonds are continuous in nature. The surety company must provide the Department of State with 30 days’ notice prior to cancellation.
Every applicant who needs the bond must be named on the bond as the principal. In the case of an individual owner, the individual’s name must be listed along with the name of the business. In the case of partnerships, each partner must be listed, as well as the name of the partnership itself. For a corporation, the name of the corporation along with at least one owner must be listed on the bond form.
How to become a driver education provider in Michigan
The following must be executed in order to obtain the appropriate license:
- submission of a properly completed application
- possession of a maintained and established office location
- established classroom facilities
- passage of a criminal history check
The application must contain the following:
- the name, address, date of birth and social security number of each owner and/or partner
- a statement of previous history, record and associations of all applicants to ensure good character
- a statement of whether or not the applicants have ever applied for a driver education provider certificate in the state or another state, as well as the results of that application
- a statement indicating whether or not any applicants’ licenses were ever revoked or suspended
- a verification from the local fire marshal that the school meets zoning specifications
An application for a driver education provider certificate will not be acted upon until the application, bond, student contract forms and all other required documents are filed and the appropriate fees are paid to the Department of State.
Are you ready to get the bond you need? Our experts are on call and ready to answer all of your questions. Submit a bond request to speak with a live expert right away!
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