What is a bonded title in Florida?
A bonded title in Florida guarantees that a current vehicle owner is legitimate. In other words, it protects the state and the public by ensuring that a vehicle owner purchased a car legally. It protects previous owners, lienholders, and future owners from potential damage or loss. The Florida Highway Safety and Motor Vehicles (FLHSMV) requires a surety bond (a certificate of title bond) before issuing a bonded title. You may need a bonded title if you don’t have a vehicle title. Without a title, you can’t prove you’re the rightful owner.
How are lost titles different?
When your title is registered in your name and goes missing afterward, you will need a replacement title rather than a bonded title.
Get Your Florida Title Bond:
- A bonded title in Florida guarantees that the current vehicle owner is legitimate.
- The Florida Highway Safety and Motor Vehicles requires a surety bond before issuing a bonded title to a vehicle owner.
- To qualify for a bonded title, your vehicle must be between 10 and 25 years old, and the last registration must have been in Florida.
- To get your Florida certificate of title bond, you need to know the required bond amount (penal sum), which will be twice the appraised value.
When do I need a bonded title in Florida?
You need a bonded title if you never received a title from the seller or the title was lost or stolen before it was issued to you.
Florida bonded titles are three-party agreements between you, a surety bond company, and the FLHSMV. If anyone files a valid claim against your title bond, your surety may cover the costs involved up to the total bond amount. You must then repay your surety in full. The surety bond protects previous owners, lienholders, and future owners from potential damage or loss.
Florida Bonded Title Process
All vehicles must be between 10-25 years old, and the last registration must have been in Florida. Contact the nearest FLHSMV office to determine if you’re eligible for a bonded title in Florida, then follow this general process to submit a complete and successful application. If your vehicle has any liens or security interests on it, they must be cleared before you can obtain a bonded title.
1. Complete a VIN and Odometer Verification form.
Fill out form HSMV 82042. To complete Part B, you must have your vehicle inspected by a licensed dealer, a Florida Notary Public, a police officer, a Florida Division of Motorist Services employee, or a tax collector employee.
2. Complete an affidavit form.
You must submit form HSMV 82026 along with your bonded title application. Here, you’ll explain why you don’t have a title and fill out basic information about your vehicle.
3. Get a title bond from a surety provider.
You can obtain a surety bond once you know your vehicle’s current retail value (use Kelley Blue Book). The bond’s penal sum (value) should be at least two times your vehicle’s retail value.
4. Fill out the rest of your bonded title application.
Complete the Application for Certificate of Title With/Without Registration form (HSMV 82040).
5. Pay your fees and submit your application.
Pay any required fees to obtain your Florida bonded title, and submit your application (including your surety bond) to the nearest FLHSMV service center. Once your application is approved, you should receive your bonded title.
To get your Florida certificate of title bond, you need to know the required bond amount (penal sum), which will be twice the appraised value of your car. Title bonds are quickly issued and often cost only $100 for a three-year term. If the required bond amount is $6,000 or above, it may cost slightly more. Once your bond expires, there’s no further requirement for the bond.
If no one has filed a claim on your bond, you can revisit your FLHSMV to apply for a clear title after the three years are up.
Get a Florida Title Bond
The experts at ZipBonds can help you obtain the bond you need. To connect with one of our team members, please give us a call at 888-435-4191 or email us at firstname.lastname@example.org. We’ll walk you through the process for title bonds to help you get bonded in a flash.
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.