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How much does a Rhode Island auto dealer bond cost?
Annual Rhode Island auto dealer bond costs start at $200. The DMV requires these bonds expire annually on December 31st, so your exact premium will vary depending on when you purchase your bond. Your personal premium will be provided after a quick application review.
How do you get an auto dealer bond in Rhode Island?
You can apply for your free Rhode Island Auto dealer bond quote online 24/7. You'll need to provide the following information for Division of Motor Vehicles approval.
- dealer/dealership name
- physical business location address
- dealer license number (if available)
Once your order has been processed, you'll receive a copy of your bond by email, and your official Rhode Island auto dealer bond will be delivered to your preferred mailing address.
How fast can I get a motor vehicle dealer bond?
Our industry-leading technology and responsive customer service team allow us to offer free quotes and deliver your official Rhode Island auto dealer bond faster than any other surety provider. The Division of Motor Vehicles requires these bonds be physically issued and delivered to you. Orders placed by 4 PM CST Monday-Friday are typically shipped same-day. If you're in a rush, choose overnight shipping during checkout.
If you have questions about the Rhode Island dealer bond requirement or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the dealer bond process so you can get back to running your business.
What is a Rhode Island auto dealer bond?
Rhode Island Code Title 31, Chapter 5 requires individuals file a $50,000 surety bond as part of the state's car dealer licensing process. By filing this bond a dealer agrees to operate their business according to the Rhode Island motor vehicles dealers license law. If they fail to do so, the issuing surety company will pay valid claims up to the $50,000 total bond amount, which the bonded dealer must then reimburse.
Who needs a Rhode Island auto dealer surety bond?
The Rhode Island Department of Revenue Division of Motor Vehicles requires auto dealers who sell 4 or more cars in a year to be licensed and file $50,000 in bond coverage. If you have questions about the motor vehicle dealer bond requirement or the status of your dealer license application, you can call the DMV Dealers Commission and Regulations section at 1(401)462-5746.
How do I file my car dealer bond?
Once you've purchased and received your official bond coverage, you'll file it with the DMV.
Dealers' License and Regulation Office
600 New London Avenue
Cranston, RI 02920
How do I update or change my vehicle dealer bond?
If the Dealers' License and Regulation Office requires your surety bond documentation to be updated for any reason, contact your surety company. If you purchased your auto dealer bond from SuretyBonds.com, email our customer service team at [email protected] to explain the needed change.
The most common changes requested are updating the dealership's name or address.
How do I renew my motor vehicle dealer bond?
You must renew your Rhode Island surety bond before it expires annually on December 31st. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be emailed to you to keep your MVD bond active for your next license term.
How do I get a motor vehicle dealer license in Rhode Island?
Complete the following steps to apply for your vehicle dealer license.
- Establish a permanent business location approved by the Dealers' License & Regulation Office.
- Obtain business name approval from the Rhode Island Dealers' License and Regulations Office. Your business name must include the phrase “Auto Sales.”
- Submit a completed and notarized application form with all required supporting documentation.
- Purchase and file a $50,000 Rhode Island surety bond.
- Pay all required fees.
Note: Corporate and franchise vehicle dealers must also submit articles of incorporation and letters of intent.
Once the state receives your application and documentation, your application will be investigated and scheduled for a hearing before the Dealer's Hearing Board. If the Rhode Island Dealers' License and Regulations Office grants you a license, you'll be asked to provide any additional documents and pay any remaining fees within 30 days before finalizing your licensure with a licensing aide.
During this time, you will also:
- Call the licensing aide at 1(401)462-5732 to request the license and plate numbers that have been assigned to your business.
- Contact the Rhode Island Division of Taxation to order forms by phone at 1(401)574-8869 or 1(401)574-8895 to receive your sales tax permit and blue forms.
- File insurance for dealer plate insurance coverage and submit the original certificate to the Financial Responsibility Office. Call 1(401)462-9246 for more information.
- Fax the Dealers' License and Regulation Office at 1(401)462-5789 to review a blank bill of sale.