New Mexico VIN Inspector Bond Guide
If you’re applying for a vehicle identification (VIN) inspector license in New Mexico, you’ll likely need a surety bond.
Bond Overview
- Purpose: To protect the public if a VIN inspector causes harm
- Who Needs It: Non-government employees performing VIN inspections in New Mexico
- Regulating Body: New Mexico Taxation and Revenue, Motor Vehicle Division
- Required Coverage: $30,000
- Premium Rate: $300 for a 1-year term
Read on to learn more about how to get bonded.
What Is a New Mexico Vehicle Identification Inspector Bond?
A New Mexico vehicle identification (VIN) inspector bond is a licensing requirement to ensure inspectors uphold state rules and regulations.
This type of license and permit bond provides financial backing to cover potential damages caused by unsafe, unethical or illegal inspections.
How Much Do VIN Inspector Bonds Cost in New Mexico?
Vehicle identification inspector bonds cost $300 for a 1-year term in New Mexico. Or, you can save $150 and time on renewals by purchasing a 3-year term for $750.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does the Surety Bond Work?
A New Mexico vehicle identification inspector bond creates a contract between three parties:
- Principal: The vehicle identification inspector
- Obligee: New Mexico Taxation and Revenue, Motor Vehicle Division
- Surety: The surety bond provider
As the principal, you are responsible for upholding the bond terms. If you violate the contract, harmed parties can file bond claims to reimburse damages.
Who Needs a VIN Inspector Bond?
All New Mexico VIN inspectors need to file a $30,000 bond as part of the licensing process. This gives the state financial security if an inspector causes harm.
Government employees are exempt from the bond requirement.
How Do I Get a Vehicle Identification Inspector Bond in New Mexico?
You can purchase your vehicle ID inspector bond instantly online with SuretyBonds.com. Simply enter your information and checkout online.
We’ll mail the official bond documentation to you via your preferred shipping method. Next-day FedEx delivery is available for rush orders.
Can I Get Bonded With Bad Credit?
Yes, these bonds are available at a flat rate with no application or credit check!
How Do I Renew My Vehicle Identification Inspector Bond?
The vehicle identification inspector bond lasts for one year. You must renew it annually until officially released from the bond obligation by the state.
To renew your bond, pay your renewal invoice when prompted. We’ll contact you starting 90 days before expiration to ensure you don’t have a lapse in coverage.
