In Virginia, independent and franchise motor vehicle dealers must file a $50,000 surety bond with the Motor Vehicle Board. The Board uses the surety bond to guarantee restitution to those harmed by a dealer’s fraudulent or negligent actions.
Click the Quote button to get your bond in minutes:
Jet has prices that work for everyone—choose from our popular monthly payment plan or pay in full for a discounted rate.
The prices start at $250 for one year and $25 monthly. There are multi-year options available, too. The bond price you qualify for will depend on your credit standing and years in business.
Because the bond is only required for the first three years of licensure (as long as there is no claims activity), Jet recommends choosing the three-year pay-in-full option for new licensees so it’s all taken care of until you no longer need the bond! If you are renewing the bond, Jet would recommend monthly payments or a 1-year term. However, you are free to pick the pricing option that works best for you!
The Virginia Motor Vehicle Board has the responsibility of enforcing regulations upon car dealers to ensure the public’s safety when purchasing a vehicle from a dealership.
The bond is just one tool used to guarantee protection against dealer misconduct, such as failing to disclose important information about a vehicle or rolling back an odometer. Jet, as the surety company, provides this guarantee and will pay out valid claims on the dealer’s behalf. However, surety bonds are unlike insurance and only pay out for actions that can be avoided and/or fixed. Because of this, the dealer is liable to pay any claims back to the surety company.
To read more license-specific legislation, refer to the Code of Virginia, Chapter 15, Title 46.2
The bond process takes less than five minutes to complete.
We collect your business information and social security number for the soft credit check. Then, you’ll be presented with a quote. Choose your preferred term and proceed with payment. Upon successful payment, you can download your bond form and receipt for your records.
It is important that the company and dealership name on the bond matches the application (MVDB 10) name and the State Corporation Commission filing name. The bond form will be filled out with the information provided in the bond application, so make sure you enter it correctly.
Once ready, you must file it to the Board at the following address:
Virginia Motor Vehicle Board
2201 West Broad Street, Suite 104
Richmond, VA 23220
Note: Those renewing their motor vehicle dealer license may opt to file a $100,000 surety bond in lieu of participating in the Motor Vehicle Transaction Recovery Fund, as long as no claims have been filed against them and there has never been a lapse in coverage. If this applies to you, please call Jet at (855) 296-2663 to get a quote.