Bond Amounts
Standardized bond amounts (below) will be underwritten by the insurance company.
The owner normally pays the insurance company a percentage of the bond amount.
Insurance companies often determine the percentage based on the owner's credit worthiness.
On average, the insurance company may charge $15 per $1,000 of the bond amount.
The owner normally pays the insurance company a percentage of the bond amount.
Insurance companies often determine the percentage based on the owner's credit worthiness.
On average, the insurance company may charge $15 per $1,000 of the bond amount.
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Trailers:
- Less than five (5) model years old – $25,000
- Five (5) model years old but less than ten (10) model years old - $10,000
- Ten (10) or more model years old – $5,000
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Passenger vehicles and pickup trucks:
- Less than five (5) model years old – $50,000
- Five (5) model years old but less than ten (10) model years old – $25,000
- Ten (10) or more model years old – $10,000
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Trucks, buses and recreational vehicles:
- Less than five (5) model years old – $100,000
- Five (5) model years old but less than ten (10) model years old – $50,000
- Ten (10) or more model years old – $25,000
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Motorcycles:
- Less than five (5) model years old – $25,000
- Five (5) model years old but less than ten (10) model years old – $10,000
- Ten (10) or more model years old – $5,000
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Manufactured homes *:
- Less than (10) model years old – $50,000
- Ten (10) or more model years old – $25,000
Administrative Rule 810-5-75-.34 provides that when the owner(s) of a vehicle deemed
“salvage,” applies for a certificate of title under surety bond, the bond amount must be:
- 25% of the bond amount for vehicles less than ten (10) model years old
- 20% of the bond amount for vehicles ten (10) or more model years old