Rhode Island Auto Wrecking and Salvage Yards Bond Guide
If you’re applying for an auto wrecking & salvage yard license in Rhode Island, you’ll need this surety bond.
Bond Overview
- Purpose: To ensure wreckers and salvage yards properly handle vehicles, parts and titles
- Who Needs It: All auto wreckers and salvage yards in Rhode Island
- Regulating Body: The Rhode Island Department of Business Regulation
- Required Coverage: $10,000
- Premium Rate: $100
Learn all about the bond requirements and process in this guide.
What Is a Rhode Island Auto Wrecking and Salvage Yards Bond?
This bond ensures that auto wreckers and salvage yard owners in Rhode Island uphold state regulations and operate ethically.
The Rhode Island Department of Business Regulation (DBR) requires this bond as part of the statewide auto wreckers and salvage yard licensing process.
How Much Do Auto Wrecking and Salvage Yards Bonds Cost?
A $10,000 Rhode Island auto wrecking and salvage yards bond costs a flat rate of $100. No application or credit check is required.
Click below to buy your bond in minutes!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Do I Get My Bond?
With SuretyBonds.com, you can buy your Rhode Island auto wrecking and salvage yards bond instantly online. Just enter your information and checkout in minutes.
We’ll email you the bond shortly after purchase. Be sure to file it with the DBR as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Rhode Island Auto Wrecking and Salvage Yards Bond Work?
An auto wrecking and salvage yards bond creates a legal contract between these three parties:
- Principal: You, the auto wrecker filing the bond
- Obligee: The Rhode Island Department of Business Regulation requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Rhode Island Code of Regulations, 230-RICR-30-05-5.
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 auto wrecking and salvage yards bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
