What is a bonded title in Maine?
A Maine bonded title is a certificate of title – proving you legally own your vehicle – with a surety bond attached. The surety bond is called a title bond (or defective title bond or certificate of title bond). By obtaining a bonded title in Maine, you’re confirming that you’re the rightful owner of your vehicle and didn’t acquire it illegally (e.g., by stealing).
The surety bond gives other parties the ability to file a claim if your actions cause them financial harm. For example, if there’s a lien on your vehicle or someone has a security interest in it, they could file a claim if they suffer loss if you get into an accident or junk the vehicle. Your surety would settle any valid claims for you upfront, but you must repay them in full.
Get Your Maine Title Bond:
- A Maine bonded title is a certificate of title with a surety bond attached.
- If you want to register, insure, donate, or sell your vehicle but don’t have a title, you may need a bonded title.
- By obtaining a bonded title in Maine, you’re confirming that you’re the rightful owner of your vehicle and acquired it legally.
- A three-year title bond in Maine could cost as little as $100.
Who needs a bonded title in Maine?
If you want to register, insure, donate, or sell your vehicle but don’t have a title, you may need a bonded title. The surety bond will protect the rightful owner, lienholders, and the Maine Bureau of Motor Vehicles if you end up not being the actual owner.
If you fall into any of these categories, you may need a bonded title in Maine:
- You never received a title for your car.
- The title you received was defective and, therefore, invalid (due to missing information, incorrect information, etc.).
- You received a title but lost it before you could transfer a vehicle to your name.
To know for sure whether you’re eligible for a bonded title in the state of Maine, contact a Bureau of Motor Vehicles office. You won’t need one if your vehicle is over a certain age.
How do I get a bonded title in Maine?
Follow this process after contacting your local Motor Vehicle branch office and confirming that you need a bonded title.
1. Obtain a title bond in Maine.
Your surety bond must be in the amount of one and a half times the appraised value of your vehicle. So if your car appraised for $4,000, you’ll need a bond for $6,000. You can get your bond from a reputable surety provider like ZipBonds.
Title bonds are quickly issued and typically cost around $100. Your title bond will be valid for three years and then expire.
2. Apply for your bonded title.
Visit your Motor Vehicle branch office and submit your Maine title application with your title bond. You may need to pay a processing fee. Once your application is approved, you’ll receive your bonded title.
A three-year title bond in Maine may cost as low as $100. Throughout the three-year active bond period, if anyone comes forward and claims to be the valid owner or has a security interest in your vehicle, they may file a claim against your bond. Your surety will investigate to ensure the claim is valid – that your actions cost the claimant money.
If no claims are filed throughout the three years, your bonded title will expire, and you can replace it with a regular Maine title.
Get a Title Bond in Maine
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.