The Ohio Department of Public Safety, Bureau of Motor Vehicles (BMV) oversees the licensing of remanufactured motor vehicle dealers in the state. Dealers must file a $100,000 Remanufactured Vehicle Dealer Bond throughout their licensure. The bond is a tool used by the BMV to guarantee recompense in the event a member of the public sustains financial harm during or after the purchase of a remanufactured motor vehicle.
Jet Insurance Company provides the Ohio Remanufactured Vehicle Dealer Bond at a low cost, whether you are applying for the first time or renewing your license. Apply by clicking the button above!
At Jet, the bond starts at $800 for one year or just $80 monthly. A review of your credit will determine the rate you are approved for. Check pricing options in the chart below for someone in the preferred credit tier.
With the high bond limit, the monthly subscription is a popular option. Pay a small monthly price rather than a large lump sum up front and cancel at any time!
The Bureau of Motor Vehicles oversees motor vehicle licensing and registration to ensure the safety of Ohio’s citizens. Dealers of remanufactured vehicles are among those regulated by the BMV and must hold a surety bond to obtain licensure. The bond may provide recompense (through the surety company) when a dealer violates any section of Ohio Revised Code Chapter 4517 that results in financial loss to the public.
A remanufactured motor vehicle dealer is defined as anyone who:
Just fill out our step-by-step application within a matter of minutes! All we need is basic business information and your social security number for the credit check (it’s a soft inquiry that won’t affect your credit score).
A Jet underwriter will review your application and send you an approved rate via email shortly after submission. You can simply click the link in the email and pay for the bond online! After payment, you will receive a copy of the bond and your receipt.
Of course! Jet will take care of the bond filing for you at no additional cost. If you choose to file the bond yourself, it should be sent to the address below with any additional paperwork.
Ohio Department of Public Safety
Bureau of Motor Vehicles
1970 West Broad Street
Columbus, Ohio 43223
Yes, Jet allows you to cancel the bond at any time. Keep in mind a bond must be active for the duration of your operations as a remanufactured motor vehicle dealer, so make sure you have another bond lined up unless you are ending the license and no longer require the bond. When you are ready to cancel, send us an email to [email protected] and we will notify the BMV. The BMV requires that the bond remain active for 30 days upon receiving the notice, and that time must be considered for any refunds.
If you paid for the bond in a one-year or multi-year term and are cancelling early, Jet will evaluate the bond for any unused premium and return it to you once the BMV releases you and Jet of liability.
Those utilizing a monthly payment plan will have their payments discontinued after the 30-day cancellation period.
For those paying monthly, continued payments will keep your bond active. If you want to change your card at any time, just give us a call.
Anyone who paid for the bond in full will receive an invoice via both mail and email to remit renewal payment. As long as we receive the payment before the bond term’s renewal, your bond will stay active with the BMV.
You can find the regulations you must abide by in Ohio Revised Code Chapter 4517, which may be particularly helpful in avoiding any violations of said Code. For example, ensuring that the remanufactured vehicles you are selling are up to standards is critical in avoiding penalties.
The Bureau of Motor Vehicles often works with you to correct any problems prior to pursuing disciplinary action. If you do not comply with the BMV at this time, you may receive civil penalties, license revocation, or a bond claim.
Although the BMV is heavily involved in the disciplinary process and generally reviews everything thoroughly, Jet still conducts an investigation to weed out false claims and malfeasance.
Any claims deemed legitimate will be paid to the claimant, not to exceed the bond limit of $100,000. As a licensed dealer of remanufactured vehicles, you must be held accountable for your actions and pay Jet back in the claim amount.
Getting a claim leads to future complications obtaining licensure and bonds.