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What is a New York certificate of title bond?

New York Vehicle and Traffic Law Chapter 71, Title 10, Article 46 requires individuals without sufficient proof of vehicle ownership to file a certificate of title surety bond. By filing this bond, the individual verifies they legally own the vehicle and that it was not acquired under fraudulent conditions. These bonds must be filed within 30 days of issuance.

The New York legislature enacted the bonding requirement to ensure that the rightful vehicle owner will receive compensation if the title applicant does not actually own the vehicle. The bond will be active for three years from the date of issuance and must be in an amount equal to one and a half times the vehicle’s value.

How much does a certificate of title bond cost in New York?

New York title bond costs start at $100. The exact cost varies depending on the surety bond amount required by the New York Department of Motor Vehicles.

• Bond amounts up to $3,300 cost just $100.
• Bond amounts from $3,301 to $25,000 cost $30 for every $1,000 of coverage, starting at $100.
• Bond amounts from $25,001 to $50,000 cost $15 for every $1,000 of coverage, starting at $375.
• Bond amounts greater than $50,000 must be reviewed by an underwriter for pricing, starting at $1,500.

The New York Lost Title Bond costs either $100 or 1.5% of the bond amount, whichever is greater (rates may vary for bonds greater than $25,000).

How do I get a New York certificate of title bond?

New York defective title bonds can be purchased online 24/7. The following information must be provided for DMV approval.

• name
• address
• vehicle identification number (VIN)
• vehicle year and make

Once your payment has been processed, you’ll receive a digital copy of your surety bond by email. Your official bond will be delivered based on your preferred shipping method.

Why is the New York defective title bond required?

Certificates of title bonds protect previous lien holders, owners, and potential future owners from expenses or losses resulting from the bonded certificate issuance. If the original title is found and a valid claim is filed against the bond, the surety company will pay damages up to the full bond amount. The bonded vehicle owner must then reimburse the surety company for the claims paid out.

Who registers vehicles in New York?

The New York State Department of Motor Vehicles enforces registration requirements for vehicles with lost, stolen, or missing titles.

Who needs a New York state title bond?

Individuals trying to register vehicles with missing titles in the state must file a certificate of title bond. Vehicles with open liens cannot be bonded.

Please note a New York certificate of title bond is required if you have insufficient vehicle ownership. If you’re planning to sell vehicles, a separate New York vehicle dealer bond is required.

Who is Required to Purchase a Bond?

The New York Department of Motor Vehicles requires title applicants to purchase a surety bond if the applicant cannot present the department with tangible proof that they own the vehicle and are unable to contact the vehicle’s previous owner. Lost title bonds are typically required for the following reasons:

• The vehicle has never been titled
• The applicant never received the title
• The previous owner never titled the vehicle
• The applicant has the title but there is an error in the title transfer
• The applicant purchased an unclaimed/abandoned vehicle and is not a bonded agent

How is the bond amount determined?

The required bond amount is calculated as 1.5 times the current vehicle value as determined by a licensed appraiser in the state. If you have questions about your required bond amount, contact your local DMV before purchasing your bond.

Is a Credit Check Required for the New York Lost Title Bond?

How do I update or change my surety bond form?

If the New York Department of Motor Vehicles requires your vehicle title bond documentation to be updated for any reason, contact your surety provider.

The most common changes for these bonds include the owner’s name or the specific vehicle information.

Does your bonded title expire?

Your New York certificate of title bond will expire at the end of its 3-year term. It will then be returned to you if the vehicle is no longer registered in the state and there are no pending claims against it.

How do I Apply for a Bonded Title in New York?

To apply for a bonded title, New York residents must complete the following steps:

1. Contact the DMV
   Bonded title applicants in New York should consult their local DMV office prior to purchasing a surety bond. New York does not require all title applicants to obtain a bonded title, and usually only does so as an absolute last resort. Title applicants should ensure that they actually need a bond before purchasing one.
2. Find a licensed appraiser to determine the value of your vehicle. If the DMV determines the applicant needs a bond, they will assist the applicant in determining the vehicle’s value.
3. Purchase a Surety Bond
   Once the DMV determines the applicant needs a bonded title, the applicant must purchase and maintain a surety bond in an amount equal to one and a half times the vehicle’s value.
4. Complete the Application
   Bonded title applicants can submit their completed title applications to their local DMV office. The application must be completed in its entirety, and be accompanied by the following documents:
   • Proof of ownership (bill of sale, canceled check, manufacturer’s statement of origin, etc)
   • Proof of the applicant’s name and date of birth
   • Sales tax clearance
   • List of all liens against the vehicle
   • Bonded title applicants must pay a $50 fee when submitting their title application.

Submit a title application and surety bond to the following address.

Department of Motor Vehicles
Title Bureau
6 Empire State Plaza
Albany, NY 12228

How Do New York Bonded Title Applicants File Their Bond?

In New York, bonded title applicants should mail the completed bond form, including the power of attorney, to their local DMV office. The New York Lost Title Surety Bond requires signatures from both the surety company that issues the bond and the bonded title applicant. The surety company should include the following information on the bond form:

• The legal name, city, and state entity/individual(s) buying the bond
• Surety company’s name, city, and state of incorporation
• Bond amount
• Vehicle information
• Date the bond is signed
• Witness signatures for both the principal and surety company

What Are the Insurance Requirements for Bonded Title Applicants in New York?

New York requires all motor vehicle owners to purchase auto insurance with the following minimum limits:

• $10,000 per person
• $25,000 per accident
• $50,000 property damage per accident

Bonded title applicants must purchase and maintain a surety bond in an amount equal to one and a half times the vehicle’s value.

How Can New York Residents Avoid Claims Against Their Lost Title Bond?

To avoid claims against their bond, bonded title applicants in New York must ensure that they are the rightful owners of the motor vehicle.