How much does an vehicle verifier bond cost?
To get your vehicle verifier bond, you need to pay a premium to the surety bond company. The premium (also called the bond rate) is equal to a small percentage of the total amount of your bond.
The bond amount of the California vehicle verifier bond is $5,000. You can get your verifier bond for as little as $100.
How much exactly you will need to pay depends on a number of factors. Typically, when offering a rate, surety bond companies will review an applicant’s personal credit score first, followed by other factors, such as their financial statements, liquidity and assets. The applicant’s credit score is the most important indicator to a surety.
Usually, applicants who have a high credit score– above 700 FICO– get the lowest rates on their bond. Look at the table below to get an idea how much you might have to pay to get your verifier bond.
|Bond Type||Surety Bond Amount||Above 700||Between 650-699||Between 600-649||Below 599|
|California Vehicle Verifier Bond||$5,000||$100||$100-$125||$125-$250||$250-$500|
Options for applicants with bad credit
If you have just average credit– or even bad credit– you can still get bonded just as easily. Bond applicants who have a low credit score only need to pay a different rate than those with a high score.
Getting a bond with bad credit is simple thanks to our Bad Credit Program. By getting bonded, you’ll be able to complete your vehicle verifier license application, and start working as a verifier. This gives you more opportunities to work towards improving your finances, and your credit score. By improving your credit score, you’ll also improve your bond rate.
The reason applicants with lower credit need to pay a higher rate is because of the higher risk sureties assume when issuing bonds to them. The exact cost of your vehicle verifier bond will depend on your unique situation. To get a quote on your bond, visit the Bad Credit Program page and request your quote by contacting our bond experts.
What is the purpose of the vehicle verifier bond?
The California vehicle verifier bond is a pre-licensing requirement for vehicle verifiers in the Golden State. The bond’s purpose is to guarantee that a vehicle verifier (as defined in CVC Section 675.5) will conduct business in accordance with the requirements set forth in the CVC and in the bond agreement. This means that the verifier agrees to perform their work in an honest and professional manner.
This bond provides protection to those who could suffer losses or damages if the verifier breaks the rules or acts dishonestly. If that happens, the bond agreement guarantees that the parties who suffer losses can file a claim against the bond, and receive compensation up to the full bond amount– in this case, $5,000.
When a claim is made against the bond, the surety company investigates the issue to determine whether the claim is justified. If it is, the surety extends compensation to the claimants. In turn– as the bond agreement stipulates– the bonded vehicle verifier needs to repay the surety for any compensation it gave to claimants.
How do you get a vehicle verifier license?
To get a vehicle verifier permit from the California Department of Motor Vehicles, you’ll need to submit a number of forms and pay some fees. Vehicle verifier licenses are issued for two-year periods. Here’s what you need to cover:
- Complete and submit your vehicle verifier’s permit license application form (OL 19)
- Complete and submit a personal history questionnaire (OL 29)
- Obtain a $5,000 vehicle verifier bond
- Provide receipt of Request for Live Scan Clearance
- Pay application and licensing fees in the amount of $116
If you have any questions regarding the licensing process for vehicle verifiers in California, make sure to contact the California DMV.
For more information regarding the vehicle verifier bond, you can always call us at 866.450.3412. Our bond experts can provide you with all the details regarding the bonding requirements and conditions.