What Is the Best Way to Become Bonded in Illinois?


Quick Answer

To become bonded in Illinois, submit evidence of car ownership, obtain a written appraisal and apply for a bond. Types of bonds include surety bond and cash bond.

Continue Reading
Related Videos

Full Answer

Begin by providing evidence of right to obtain a title. This includes canceled checks, bill of sale or receipt. A notarized statement detailing the circumstances of ownership of the vehicle is used if none of these documents are available. Bonded titles in Illinois cannot be used for repossession, abandoned vehicles or to remove a lien holder.

Next, use a used vehicle price guide or licensed vehicle dealer to obtain an appraisal of the current value of the vehicle. Licensed dealers cannot conduct their own appraisal. A good appraisal includes an accurate appraisal value, current wholesale value and a description of the vehicle.

Finally, select a type vehicle title bond and apply. As of 2015, the bond should be worth 1 1/2 times more than the current value of the vehicle. A surety bond is executed by a licensed surety firm and the applicant. If the applicant defaults on what is owed to a third party, the insurance company is required to pay the third party. A cash bond is executed by the applicant directly. This is paid in cash, cashier?s check, bank certificate of deposit or money order.

Learn more about Insurance

Related Questions