Anyone selling vehicles in Rhode Island must hold a $50,000 surety bond to be licensed with the Division of Motor Vehicles. The bond guarantees restitution is available to anyone financially harmed by the illegal or unethical actions of a Rhode Island dealer.
Jet provides a unique way of purchasing your bond through our monthly subscription option. month-to-month basis. Pay a low monthly rate for as long as the bond is needed and cancel the minute you no longer require it.
Jet’s rates start at just $23 monthly and $225 for one year in full. The dealer’s credit score and years in business will determine the approved bond premium.
Anyone selling more than four vehicles per year is considered a motor vehicle dealer in Rhode Island. In addition, anyone that converts, assembles, installs, repairs, etc. a vehicle to be sold must be licensed as a dealer.
The Rhode Island Division of Motor Vehicles is tasked with protecting citizens from negligent and fraudulent actions by licensed dealers in the state. They do this by enforcing regulations, such as the surety bond requirement, upon dealers. The bond is written by a third-party surety company to guarantee that compensation is available in the event of a valid claim.
To read the legislation pertaining to Rhode Island auto dealers, look to Rhode Island General Law Chapter 5.
Fill out the application by clicking the button below, get your approved rate, and provide payment! The entire process can be completed in five minutes or less.
After purchase, the bond form is available to download along with the payment receipt. The bond form must be filed by the dealer to the DMV at the address below:
State of Rhode Island, Division of Motor Vehicles
Dealers License and Regulations Office
600 New London Avenue
Cranston, RI 02920-3024
We produce these bonds as Jet Insurance Services through our partnership with Lexington National Insurance Corporation.