The Connecticut Department of Motor Vehicles requires a $60,000 Auto Dealer Bond for car dealers in the state. Motor vehicle repairers, leasing and rental companies, and automobile club associations also need a surety bond to operate.
No matter the requirement, your bond will be ready in minutes.
Jet's direct distribution model eliminates middlemen brokers, delivering a quicker process and pricing options that work for everyone.
Looking for the $60,000 Motor Vehicle Dealer Bond? That starts at $27 a month or $270 for one year. Additional bond types and their corresponding starting rates can be found in the table below.
The price you are quoted is based on the bond type, the bond limit, your personal credit, and years of experience.
|Bond Type||Bond Limit||Monthly||1 Year|
|Motor Vehicle Dealer||$60,000||$27||$270|
|Motor Vehicle General Repairer||$25,000||$25||$250|
|Motor Vehicle Limited Repairer||$10,000||$10||$100|
|Leasing and Rental Company||$15,000||$11||$113|
|Automobile Club Association||$10,000||$10||$100|
The soft credit check is standard in the surety industry for Auto Dealer Bonds. It doesn’t impact your score, but it lets the surety company peek at your credit standing and offer an appropriate rate base on that. Newly licensed dealers, repairers, leasing companies, and auto club associations carry more risk, just like with any type of new business. Having a successful track record along with great credit qualifies you for the lowest rates.
The bond limits are current as of July 1, 2022. These are the changes made effective on that date:
Motor Vehicle Dealer - those selling new vehicles and/or used vehicles.
General Repairer - offers all repair services, including assembling, disassembling, repairing, adjusting, or overhauling a vehicle.
Limited Repairer - offers minor repair services, including repairing/replacing cooling, electrical, exhaust, and fuel systems, doing brake inspections, adjustments, and repairs, completing wheel alignments, and repairing/replacing shocks.
Leasing Company - those offering vehicles for rent or lease.
Automobile Club Association - anyone offering membership to the public to perform services that protect vehicle owners/drivers (not including insurance) for a stipulated fee.
The Connecticut Department of Motor Vehicle is responsible for the enforcement of legislation upon auto dealers, repairers, leasing and rental companies, and auto club associations, among others. One of their mission statements is “to promote and advance public safety, security and service”. Along with a thorough licensing process, the surety bond is a way to ensure the citizens of Connecticut are protected from licensee fraud or negligence.
Jet Insurance Company is the provider of the bond, guaranteeing compensation to those who file valid claims. Surety bonds are unlike insurance, only paying restitution when the situation involved an intentional or irresponsible act. Because of this, licensees are liable to pay Jet back. Just so you know, claims can be avoided—it’s important to follow rules and regulations and, should a dispute arise, address the issue before it reaches the point of a bond claim, license revocation, or fines.
To read license-specific legislation, refer to Connecticut General Statutes, Chapter 246.
Click the quote button to get your Connecticut Auto Dealer Bond:
The application gathers information that’s needed to get you a quote, fill out the bond, and provides us with contact information. After this, all you need to do is select the payment term, input your credit card information, and boom—your bond form and receipt are ready for download.
Jet will send you the original bond form via mail, so you can sign it and send it to the Department of Motor Vehicles:
DMV - Dealers & Repairers Unit
60 State St, Room 102A
Wethersfield, CT 06161