A Defective Title Surety Bond or Certificate of Title Bond is demanded by the Registration Division of the CA Motor Vehicle Department.
What Purpose Does the Bond Serve?
Your car or vehicle may require a title when you need to sell or discard it. If you lately purchased a car and do not possess a title or the title has been misplaced or damaged, you may be required to obtain a bonded title.
This is a title established on the vehicle value when the original ownership proof is misplaced or damaged, and cannot be duplicated. Hence, to acquire a bonded title, you will be required to follow the registration procedures of the CA Motor Vehicle Department:
- Complete application form
- Declaration of Fact Form
- Weight Certification
This bond must have settings that safeguard the CA Motor Vehicle Department, the candidate, and any future car owners. These settings provide safety from any loss or damage due to a defect or undisclosed claim the owner did not claim.
What Is the Bond Value?
If you are unsure about what should be the amount of the Certificate of Title Bond, you may contact the CA Motor Vehicle Department. Surety corporates are unaware of what amount of bond you require. However, only the CA Motor Vehicle Department can confirm. A few CA Motor Vehicle Department will demand that the bond amount should be equal to the value of the vehicle, however, some demand it to be twice the value of the vehicle. So, you won’t be able to complete the surety bond application, and the company cannot write your bond until the CA Motor Vehicle Department mentions the bond value. Therefore, you must contact the CA Motor Vehicle Department before dealing with the surety company. For instance, if your vehicle is valued at less than $7,000, you can typically acquire them at a hundred dollars premium.
How Can Acquire the Defective Title Surety Bond?
Once you know the exact bond amount from the Unit of Motor Vehicle, you will be required to contact some reputable surety bond company. They may ask you to fill out an application stating all your details and will contact you with a quote to acquire the Defective Title Surety Bond. You will have to compare the quotes and details of every company and make a final decision. Whichever company you choose to proceed with, you will be required to process the payment to receive your bond.
You should always carry out a detailed investigation of the surety company you want to proceed with. A lower quote might be attractive but it might be a scam also. So, review the company website, customer testimonials, Better Business Bureau rating, social media pages, and for how long has the company been operating in the market.
