Notary Bond Application:
X
Lost Title Bonds
If you purchase a vehicle without a valid title, you may need a Lost Title Bond. 36 states in the United States require a surety bond when the vehicle you’re purchasing lacks a proper title. This bond is commonly called a Bonded Title or a Certificate of Title Bond. The purpose behind this type of surety bond is to provide monetary backing through a third-party surety company in the event there is fraud involved, such as the rightful owner coming forward stating the vehicle has been stolen.
Jet has simplified this process to be completed from the click of the button above to payment in five minutes or less, so you can get your bond quickly and be on your way.
Before purchasing a bonded title, there are sometimes steps you can take to avoid this red tape, including acquiring a bill of sale, ensuring your vehicle’s registration is under your name, and keeping copies of ownership documents (such as insurance), and doing research on the title and any existing liens on the vehicle.
How Much Does a Lost Title Bond Cost With Jet?
The cost of the bond is directly related to the bond limit, which is determined by the obligee (governing entity, like the DMV).
Let’s use Arizona as an example, which mandates the bond limit to be one and a half times (1.5x) the vehicle’s value:
Vehicle Value: $5,000
Bond Limit: $7,500
For Florida, the bond limit must be two times (2x) the vehicle’s value. Here’s a scenario:
Vehicle Value: $5,000
Bond Limit: $10,000
Here is Jet’s general pricing for Bonded Titles:
| Bond Limit | Cost (3-Year Term) |
|---|---|
| $5,000 | $100 |
| $10,000 | $150 |
| $15,000 | $225* |
*At Jet, most bond limits under $15,000 will be automatically approved, meaning you can fill out the app and purchase the bond in minutes. Any limit of $15,000 and over must be manually approved and further information may be requested.
When and Why Is a Certificate of Title Bond Required?
There are several reasons you may need a Certificate of Title Surety Bond:
- You lost the title of a vehicle you already own.
- You never received the title from the prior vehicle owner, or they didn’t have one to provide in the first place.
- You received the title, but it was completed incorrectly or is missing a signature.
- You purchased an abandoned or unclaimed vehicle.
A title is required when you are selling or purchasing a vehicle. The surety bond’s purpose is to ensure you are the rightful owner of the car, truck, SUV, etc. It financially protects any prior and future vehicle owners from damages that could occur from undisclosed ownership interests. If there are lienholders or others that still have legal ownership of the vehicle, they can be compensated for damages that occur.
After a set period (typically 3 years), the bond is no longer needed and the governing entity (such as the DMV) will provide a title for the vehicle.
How to Get a Bonded Title With Jet
The application only takes a few minutes to complete.
If you want to be prepared with the necessary documentation ahead of time, here are the main questions asked in the Lost Title Bond Application:
- Bond limit - based on the vehicle's value
- Vehicle owner's name
- Phone
- Address
- VIN (Vehicle Identification Number)
- Vehicle model, make, year, body
- Are there any liens on the vehicle?
- Is the bill of sale available?
Depending on how you answer the above, additional questions may be asked.
If you have any questions or updates regarding the application process, you can call us at (855) 296-2663.
Your Bond Is Active, Now What?
Lost Title Bonds are to remain in effect for a duration—generally three years—determined by the obligee. These bonds cannot be cancelled, but after the required term a permanent vehicle title will be issued and the bond will no longer be required. Each state has unique requirements so it is important to understand and follow them.
Certificate of Title Bond Claims
Bond claims can generally be avoided by following state laws. However, tricky situations come up that can cause disputes, and in these instances, it is best to comply with the obligee and any aggrieved person(s) to get it worked out and avoid a bond claim.
Jet’s role as the surety company is to compensate any financially harmed person or entity in the event of a vehicle that has been stolen, lost, or otherwise fraudulently obtained and a valid claim is filed.
A claim paid by Jet doesn’t end there. It is up to the person holding the bond to reimburse Jet for the full claim amount. Unlike typical insurance, surety bonds do not cover accidents—they only provide restitution when a fraudulent or negligent act has been committed, i.e. something that’s avoidable.
To read more about this process, check out our Lost Title Bond Claims Guide.