Bonds are a requirement in order to do business as a dealer in Alaska. If you are a car dealer, motorcycle dealer, or buyer agent, you need a bond to protect the public from your actions, such as fraud or misrepresentation of the vehicle.
If you are a boat dealer, you are not required to have a bond.
Rates are based on multiple factors, such as dealer type, personal credit, and years in business. At Jet Surety, we take these factors and work to get you the lowest rates available.
Our monthly payments start at $13, providing the lowest cost due. If you are looking for a yearly option, our annual rate starts at $150.
|Price Tier*||Used Vehicle Dealers||Motorcycle Dealers|
|Monthly | Annual||Monthly | Annual|
|Preferred||$21 | $250||$13 | $150|
|Standard||$42 | $500||$21 | $250|
|Credit Repair||$94 | $1000||$47 | $500|
As part of the requirements, different dealers have different bond limits. In Alaska, dealers and buyers agents must have a $50,000 bond to receive their license. A motorcycle dealer, however, needs a $25,000 bond.
These “bond limits” are just that – a limit on the amount of money is paid out in claims. If there is evidence of dealer misconduct, a customer can file a claim that, if proved valid, will result in reimbursement from the bond. Reimbursement can be up to the amount of the bond but not more so.
For example, if a car dealer is found to have tampered with an odometer, changing the value of the vehicle, the customer can file a complaint against the dealer. Once the complaint is approved, the customer can be reimbursed up to $50,000 but not more. However, claims payments will reflect the value lost because of dealer misconduct. Once the claim is paid by the bond, the dealer will still have to reimburse the surety for the amount paid out.
Follow the Apply Now link below that corresponds with your dealer type. Once the application is submitted Jet works hard to deliver a low price within 24 hours.
$50,000 Auto Dealer Bond
$25,000 Bond for Motorcycle Dealers
An Alaskan dealer license is valid for a two-year period. During this time, you must have a bond in effect at all times. As the license ends in your second year, you will have to renew your license before January 1st.
Your bond does not expire with your license. It remains valid until it is cancelled by the surety. This can happen if payment is not received for coverage for a new license period.
There are three things needed to become a registered dealer or buyer’s agent:
Applications with missing information will be returned to applicant. The dealership must be registered with the Department of Commerce before license is distributed.
All documents must be sent to the Dealer/Fleet Unit in Anchorage. You will receive an answer within 10 working days.