Oklahoma Motor Service Club Bond Guide
If you’re applying for a motor service club license in Oklahoma, you’ll likely need this surety bond.
Bond Overview
- Purpose: To cover any fines or penalties levied against a motor club owner
- Who Needs It: Motor service club owners in Oklahoma
- Regulating Body: The Oklahoma Insurance Department
- Required Coverage: $100,000
- Premium Rate: $1,000–$10,000, credit-based
Learn all about the bond requirements and process in this guide.
What Is an Oklahoma Motor Service Club Bond?
An Oklahoma motor service club bond is a financial security to ensure motor clubs operate legally. It ensures payment for any fines or penalties if a motor club breaks state regulations.
How Much Do Motor Service Club Bonds Cost?
Oklahoma motor service club bonds cost a small percentage of the $100,000 coverage amount, typically $1,000–$10,000.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Motor Service Club Bond?
The Oklahoma Insurance Department requires one of the following forms of financial security for new motor service club owners:
- $100,000 surety bond
- $50,000 cash or other securities
With a surety bond, you pay a small premium rather than having to provide full cash collateral.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get an Oklahoma motor service club bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll email you the bond shortly after purchase. Be sure to file it with the Insurance Department as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does an Oklahoma Motor Service Club Bond Work?
A motor service club bond creates a legal contract between these three parties:
- Principal: You, the motor service club owner filing the bond
- Obligee: The Oklahoma Insurance Department requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Oklahoma Statutes 36 § 3101-3112.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your motor service club bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
