If you do not have proof of ownership (a title) for your boat, motor vehicle, motorhome, mobile home, motorcycle or other titled property, you can provide the State of New York with a Certificate of Title Bond in order to replace your lost, stolen, damaged or defective title. You will be able to register your vehicle with this new title.
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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.
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.
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).
New York defective title bonds can be purchased online 24/7. The following information must be provided for DMV approval.
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.
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.
The New York State Department of Motor Vehicles enforces registration requirements for vehicles with lost, stolen, or missing titles.
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.
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 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.
We do not conduct a credit check for bonds that are less than $25,000. At limits over $25,000, we will review your standing to determine the qualification and rates for the bond.
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.
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.
To apply for a bonded title, New York residents must complete the following steps:
Submit a title application and surety bond to the following address.
Department of Motor Vehicles
6 Empire State Plaza
Albany, NY 12228
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:
New York requires all motor vehicle owners to purchase auto insurance with the following minimum limits:
Bonded title applicants must purchase and maintain a surety bond in an amount equal to one and a half times the vehicle’s value.
To avoid claims against their bond, bonded title applicants in New York must ensure that they are the rightful owners of the motor vehicle.