It is important for all New Jersey car dealers to start preparing their license renewal application. As always, we would like to stress the importance of your New Jersey auto dealer bond renewal without which the license application cannot be complete.
Both the license and the bond expire on March 31st this year, so we want to make sure you are sufficiently prepared ahead of time with several tips from us.
All dealers need to renew their bonds this year
Bond renewal requirements vary by states and types of dealers. In New Jersey, it is both used and new car dealers that need to secure a $10,000 bond and renew it annually. The bond is submitted as part of the whole license renewal application which is also due March 31st.
Get in touch with your surety agent, who will offer you a bond quote and a bond form to fill out and sign.
Start your bond renewal early
We always advise car dealers to start their bond renewal early. In addition to not having to worry about missing deadlines, that can also help them get a lower rate.
How so? Sometimes you may not be happy with your current surety agency, get a quote from another and find out that it is much lower. Try our free online tool to get an instant bond renewal quote.
There are different ways to reduce your premiums
As we said, different agencies can offer different rates. Some surety agencies such as Bryant Surety Bonds have established connections and partnerships with many different underwriters. Since every underwriter will have different requirements, we can send your application to all of them and choose the one that offers the lowest premiums.
Furthermore, an experienced agent can work with you on improving your application. Sometimes sureties are willing to look into other details besides your credit score when determining premiums. Such details can be your industry experience, which shows trustworthiness or your financial statements which demonstrate that you are capable of paying off potential claims.
Be proactive about your license renewal
Don’t forget that renewing your New Jersey auto dealer bond is just one of the steps you need to take before you can submit your renewal application. Contact the New Jersey Motor Vehicle Commission and make a checklist of all paperwork you need to submit. Sometimes documents take more time to secure and you might end up in a situation where you miss your deadline.
Start your bond renewal application now
Choose Bryant Surety Bonds for your bond renewal and you can start and finish your application entirely online. Our agents will work closely for you and offer as much assistance as you need.
Ready? Start by getting your free bond quote and our online platform will take you through the rest. We are looking forward to working with you!