I have a 34 chevy 2 dr sedan with no title or vin tag. Without the vin tag , can I go through the bonded title deal? I asked my insurance agent , and she said she had never heard of a bonded title.
Google is your friend <DT>Bonded Title — <DD id=BONDEDTITLE_dd>A title is bonded when the owner has no proof of ownership during the titling process. The bond remains in effect for three years or until the vehicle is no longer registered in the state. a bonded title is another name for a document known as a Certificate of Title Surety. Utilized in lieu of a standard car title, obtaining the bond makes it possible to move forward with registering the motor vehicle with the local Department of Motor Vehicles or DMV. The document also serves as proof of ownership, making it possible to purchase insurance for the vehicle. </DD>
I jumped thru all the hoops with the state of NE. and when I got to the end I couldn't find a company to do the bond. Going another direction.
In Wisc. you can get a surety bond in the event that you do not have proof of ownership or a bill of sale. The bond is issued in case there is ever a title dispute, in other words if someone says " hey thats my car ". Of course then they have to prove ownership. It usually comes into play when someone gets a car with no title from a field or whatever. I just went that route with my 29. You need to have receipts and a VIN inspection done and pics of the finished car so the MVD can "appraise" it and then the MVD will require a bond for 1 & 1/2 times the value of the car. Surety bonds are available thru your Ins. Co. They cost $1.50 per $100.00 of bond issue. My 29 was appraised at $16,000.00, so the bond was for $24,000.00 or 1 & 1/2 the appraised value which was $360.00 for the bond. It sounds like alot of bullshit but it was really pretty easy. Call your MVD and talk to someone and have them send you the forms. PM me if You need any more info, I'd be glad to help if I can. I have to log off now but I'll be back on tomorrow night.
There's a cheaper way..... I did the bonded title thing with my 36 Nash and it cost about $250 for the bond. When it can time to do the same thing with my Zephyr, I did a little homework and decided to post my own bond. The State of Minnesota wanted a bond of 1 1/2 x the car's value, or $4500 in this case. I went to the local bank and put up $4500 of my own money and bought a 3 year CD co-owned by myself and the State of Minnesota. I then sent the certificate into the state and received the bonded title. There years later I received a letter from the state relinquishing all interest in the CD. I went back to the bank with the letter and my copy of the CD and got my $4500 plus $600 in interest! So, you can turn this into an investment if you can spare the cash. The risk is that, if the title is challenged within the 3 years (ie: someone makes a claim against it), you could loose all or some of your cash.
http://www.cyberdriveillinois.com/departments/vehicles/home.html Your Illinois State bonded title bonding procedures are set forth in 625 ILCS 5/3-109. http://www.ilga.gov/legislation/ilcs/documents/062500050K3-109.htm Have you looked here first??? Do it right and do it legal. Too easy.
State Farm is one of the insurance companies that can back a surety bond. There are many companies listed on Google in the Chicago area.
+1 for state Farm insurance company they bonded a title for my truck for what i had in the project. Cost me $50 and some time but no problems afterward.
It's so funny that the States have no clue what they're doing. If they let you post a bond to get a title to a car without any proof of ownership or a VIN tag, what prevents you from breaking the window of the local dealership, taking whatever you want, removing all tags, and says it's a 1937 Whatzit? No one is going to show up to claim it or dispute your title - because you're not calling it what it is (2010 Mercedes V12), and that's what they're looking for.
Its not that easy in Iowa. They don't issue the title untill a DOT inspector comes and checks the car over. He looks for a VIN checks the #'s on the block trans and another part. He or she then runs down the safety requirements and makes sure that you're up to code. Then your issued a signed paper then youre allowed to be issued a bonded titile.
Have you ever actually done it? Never done a car, but have done four bikes. The inspector has never checked anything other than the VIN on the steering head. None of them has been in roadworthy condition. I just tell her that I'm not going to spend any money on them until they're titled(which is true). Could just be that the inspector that does my area is easy to get along with, but I look for cheap untitled bikes. It's that easy. I have also been my own bondholder once. Time's not up yet, but I'll get my money back eventually. Going forward I may do that more rather than just giving money to the ins company.
I Did the process here. No biggie. There are car title companies that make it even easier for a bit of $$.
Interesting that everyone is tauting State Farm for bonds. I do a large amount of business with my local agent and my last auto related claim was about 30 years ago and he said he new nothing about doing a title bond.
Surety Bonding is not solely about car titles. A situation where one particular insurance agent happens to have access to a bonding company is merely a happenstance. I know one that sells insurance, surety bonds, and is a bail bondsman, but they are three different entities. Surety bonds are three party guarantees. The parties are: <DIR><DIR>Principal - primary person or entity who will be performing a contractual obligation Obligee - party who is the recipient of the obligation. Surety - ensures (guarantees) that the principal's obligations will be performed. Sureties are similar to (sometimes divisions of) insurance companies. </DIR></DIR>Via this agreement, the surety agrees to uphold, for the benefaction of the obligee, the contractual obligations of the principal, if that principal fails to demonstrate its obligations to the obligee. A surety bond is provided so as to induce the obligee to contract with (or license) the principal. For example it demonstrates the credibility of the principal and/or guarantees performance and completion as per the terms of the agreement at question. The two primary categories of bond types are: contract bonds and commercial bonds. Contract bonds guarantee a specific contract. For example this includes bid, payment, performance, supply, maintenance as well as subdivision bonds. Commercial bonds guarantee as per the terms of the bond form used. See the whole story at http://www.vikingbondservice.net/surety_bonds.htm
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