West Virginia Car Dealer Bonds
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.
Cost of the $25,000 Surety Bond in West Virginia.
Motor vehicle dealer bonds in West Virginia can cost as low as $16 per month or $188 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.
|Price Tier*||West Virginia $25,000
|Monthly | Annual|
|Preferred||$16 | $188|
|Standard||$32 | $375|
|Credit Repair||$63 | $750|
*West Virginia car dealer bonds are based on a number of factors. The chart above reflects the lowest rates Jet offers for a one-year term or monthly fee, are not guaranteed, and are subject to change.
What Is the Bond Application Process Like?
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.
|Application for West Virginia Car Dealers|
|$25,000 Auto Dealer Bond|
What Are the Requirements of the Car Dealer Bond in West Virginia?
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.
What Else Is Needed to Obtain a Dealer License in West Virginia?
- Completed application
- $25,000 surety bond accompanied by Power of Attorney
- 20/40/10 fleet-type no-fault insurance (not necessary for Is-license service)
- Personal property tax receipt in each owner or corporate officer’s name or an affidavit stating no taxes are owed from the county where the dealership will be in business
- Photos of the dealership must be provided. Letters on the dealership sign must have a minimum height of 4”.
- A valid West Virginia business license
- Garage arrangement, if needed
- Franchise negotiation, if needed
West Virginia Auto Facts.
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.