Effective April 8, 2017, the New York Department of Motor Vehicles made changes to the surety license bonds required of Used Motor Vehicle Dealers:
• Annual sales up to 50 vehicles will now require a $20,000 bond.
• Annual sales over 50 vehicles will now require a $100,000 bond.
We remain an active market for these bonds and can help you with your bond for the increased amounts! We have many companies to choose from and can shop around to find you the best rate.
If you currently have a bond through our agency with CNA Surety, we are proactively assisting by automatically increasing all current $25,000 bonds to $100,000 by rider at their next renewal. However, we are unable to automate the $10,000 bonds, because with the changes in the sales thresholds, we would need to know which bond amount is needed before increasing the bond to either $20,000 or $100,000. Once you know your bond amount, you can contact us for help.
If you have any questions, please feel free to contact us at 315-363-0223 or firstname.lastname@example.org. Tanner Insurance Agency Inc. continues to lead the industry by striving to be the Motor Vehicle Dealer insurance expert. Let us assist you with the entire process from the bond, filling you in on the application process, helping with liability & property insurance and much more! We are here for you!