Licensed car dealers are required to carry a bond in the amount of $25,000 in West Virginia. Jet works hard to deliver the lowest rates in the market and shops with only top-rated insurance carriers. Click Apply Now below to get your quote today. Once the motor vehicle dealer bond is purchased the original bond will be sent to you for your records and filing with your inspector, along with the power of attorney.
Motor vehicle dealer bonds in West Virginia can cost as low as $18 per month or $175 in full for one year. The prices are based on a variety of factors including the dealership owner’s personal credit, number of years in business, etc.
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The auto dealer bond application can be done in less than a minute. By clicking the apply now button below and following the prompts you will receive a quote shortly after submission.
$25,000 Motor Vehicle Dealer Bond
Surety bonds are used to protect the public from misinformation on a vehicle on behalf of the dealer. The motor vehicle dealer bond is required by the West Virginia Division of Motor Vehicles to cover the change in value a consumer would experience if the dealer has not accurately represented a vehicle.
Additionally, a dealership owner needs a bond to be licensed in West Virginia. A dealer cannot legally operate without financial assurance that their actions will not cause monetary loss to the public.
In order for a motor vehicle dealer’s license to be active, their licenses and bonds must adhere to the West Virginia fiscal year which is July 1st-June 30th. If at any point a dealer does not have an active bond, their license will automatically be suspended. To ensure continual coverage, bond renewals should be submitted before June 1st.
There are 38,750 miles of roadway in West Virginia.
Out of the 7,187 bridges in the state, the Federal Highway Administration has declared 25% of them to be either “functionally obsolete” or “structurally deficient”.
The average commute for West Virginians is 25 minutes one way.