The Florida Department of Highway Safety and Motor Vehicles allows individuals who own a used motor vehicle or trailer but have insufficient proof (or no proof) of ownership to apply for a Title Surety Bond for a Motor Vehicle, otherwise referred to as a Lost Title Bond or Certificate of Title.
Jet Insurance Company provides the Lost Title Bond to act as a financial assurance to the Florida Department of Highway Safety and Motor Vehicles (FLHSMV) that the Department will not be held liable for any lost or stolen motor vehicles or trailers that have received an alternative title or certificate of title. If the true owner of the vehicle comes forward, the surety bond may be used as a means of restitution to cover the financial loss of their personal property.
According to the Florida Department of Highway Safety and Motor Vehicles, the limit for the Lost Title Bond must be in a sum equal to twice the value of the vehicle that has been established by a current Kelly Blue Book Valuation Guide.
At Jet, prices for the Lost Title Bond are a small percentage of the custom bond limit and are based on the personal credit score of the vehicle owner. For instance, if you are seeking an $8,000 bond, rates start at a one-time payment of $150 for the required three-year term.
For additional bond limits at Jet’s preferred tier rates, take a look at the price chart below.
Applications with higher bond limits ($15,000 or higher) may require a review by a Jet underwriter. If this is the case, we’ll give you a quick call to acquire additional information.
To put it simply, the Lost Title Bond is required by the Florida Department of Highway Safety and Motor Vehicles to ensure they will not be held financially liable for giving out a certificate of title for used motor vehicles or trailers that are later on found to be lost or stolen. If this scenario ever occurs, the surety bond will cover the financial losses the original owner has incurred if they are unable to retrieve their property back.
The Department does its best to make sure this kind of thing doesn’t happen through their vetting system of the vehicle’s title, but just in case a previous owner does come forward, they will have the financial backing of the surety bond.
Jet’s application for the Lost Title Bond can be completed fully online. To begin, some general information will be needed such as your contact details, the make and model of the vehicle, the bond limit required, and your social security number for a soft credit check. Once your application has been submitted, Jet will run the credit check (this process won’t affect your score), and either (1) you’ll receive an approved rate immediately or (2) you’ll get an email with the approved rate once Jet does their quick underwriting; number two is reserved for bond limits over $15,000. Once payment is fulfilled, you will receive a copy of your receipt and bond form right away.
Once you have purchased your surety bond with Jet, our team will appropriately sign and seal the form and send it your way. It will then be up to you to sign the original Lost Title Bond form and submit it to your county’s Department of Highway Safety and Motor Vehicles along with your completed Vehicle Identification Number and Odometer Verification paperwork.
If you are unsure which location is closest to your home address, the mailing address and contact information for each Florida Department can be found on the FLHSMV’s Locations webpage.
According to the Florida Department of Highway Safety and Motor Vehicles, your Lost Title Bond must remain active for three years following its effective date. The FLHSMV will release the liability of your bond once this required period has officially expired, and then you will receive an original title for your motor vehicle or trailer.
Unfortunately, this does mean you won’t be able to cancel your Lost Title Bond with Jet. However, if you have any questions or concerns regarding your bond, you can contact the Jet team at 855-296-2663 or [email protected] and we’ll help you out right away!