Auto dealer bond does not protect the used car dealer from lawsuits, Your will need Dealer Garage Insurance to protect your dealership from claims and lawsuits, but Surety Bond protects the consumer from any fraud or misrepresentation by the car dealer.
Auto Dealer Bond guarantee compliance with state laws, each state sets its own bond amount, duration, and expiration date. Motor Vehicle Department charges a license and application fee to issue a dealer license. You need to get a dealer surety bond in the amount set by the State where you will be conducting business.
Rates for Auto Dealer Bonds start from $200 in some States, and every State have different Bond limit requirement,
For more insurance and auto dealer bonds or to apply for a dealer bond call 800-374-9227 or apply online www.allstatesuretybonds.com