Nevada residents who are unable to provide a certificate of title or other suitable forms that prove ownership of a vehicle must file a custom Lost Title Bond (also known as the Vehicle Bond Affidavit) with the Nevada Department of Motor Vehicles.
Jet Insurance Company provides the Lost Title Bond to the applicant as an assurance to the Nevada Department of Motor Vehicles (DMV) that they will not be held liable for unknowingly lost or stolen vehicles that have received a new certificate of title. The surety bond also acts as a financial guarantee for the public in cases where the true owner of the vehicles comes forward and is seeking restitution for losses incurred.
The custom bond limit is determined by the Nevada Department of Motor Vehicles and is mandated to be equal to 1.5 times the value of the vehicle according to the Manufacturer’s Suggested Retail Price (MSRP) or 25% of the MSRP if it is a salvage vehicle.
At Jet, prices for the Vehicle Lost Title Bond are based on a small percentage of the custom bond limit and the personal credit score of the applicant. For example, a $5,000 bond can cost as low as $100 for the required three-year term at Jet. Refer to the chart below for additional custom bond limits and Jet’s preferred tier price options.
Applications with higher bond limits may require a review by one of our underwriters. But no need to worry, this process is simple and we will get you an approved rate as quickly as possible.
All of Jet’s bond applications were created to be quick and easy which is why they can be completed directly online. The Lost Title Bond application asks for general information such as your contact details, the year, make, and VIN of the bonded vehicle, an indication of the required bond limit, and your social security number. Jet will run a soft credit check to get you an approved rate? but, don’t worry, this won’t affect your current score. Once submitted and reviewed, Jet will send you over approved rate options that are ready for immediate purchase. Simply complete payment and receive a copy of your bond and receipt right away.
Jet can file your bond for you! However, if you would prefer to file the bond yourself, this option can be selected at checkout. The original signed and sealed bond must be filed with the Nevada Department of Motor Vehicles, Title Research Section. All documentation should be sent to the following mailing address:
Nevada Department of Motor Vehicles
Title Research Section
555 Wright Way
Carson City, NV 89711
Further details regarding how to apply for a lost certificate of title can be found on the “Bonded Titles” webpage.
The Nevada Department of Motor Vehicles requires the Lost Title Bond to remain active for three years following the date of filing, even if you sell the car. The Nevada Department of Motor Vehicles will release the bond of liability once the required three-year period has passed, but only if no claims have been made and if the DMV is not given notice that a civil action is pending on the bond.
According to the Nevada Revised Statutes Chapter 482, the Lost Title Bond applies to individuals who are unable to provide an original certificate of title (or other proof of ownership) for their vehicle to the Nevada Department of Motor Vehicles; it is also typical for the individual to not be able to get into contact with the previous owner of the vehicle for all necessary documentation.
In such cases, the individual will apply for a Vehicle Bond Affidavit through the Nevada Department of Motor Vehicle Title Research Section. Upon application, the vehicle in question will go through an inspection, vehicle theft investigation, and brand history search. If the vehicle passes, the individual can receive a new certificate of title, but only if they file the required bond with the DMV and keep said bond active for three consecutive years.
It is rare for a claim to be filed on the Lost Title Bond, but this may occur if the true owner comes forward seeking restitution for their lost or stolen vehicle. The damaged party will have to take civil action against the individual, and if the court rules in favor of the claimant, the bond will cover the estimated value of the car and/or losses incurred.
If you receive a court-ordered bond claim notice, immediately contact Jet with all available vehicle/claim information and documentation. These resources will be used for our own review and investigation of the accused violation.
In cases where the claim is found to be justified, Jet is legally obligated per the Vehicle Bond Affidavit form to make payment up to the custom bond amount?claim payouts will not exceed the surety bond’s limit. You are ultimately held responsible for your actions and are required to reimburse Jet for the claim payout made on your behalf. Failure to do so will lead to future difficulties in acquiring surety bonds in the State of Nevada.