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Idaho Auto Dealer Bond

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What is an Idaho Auto Dealer Bond?

Auto dealers operating in just about any state in the country need to comply with licensing requirements if they want to operate a legal business. Securing a surety bond is one of these requirements for auto dealers in Idaho, known more commonly as an Idaho auto dealer bond. As a type of surety bond, an Idaho auto dealer bond protects customers of a licensed auto dealer as well as the state from fraudulent business activities or failure to comply with state rules and regulations in the operation of an auto dealer business.

An Idaho auto dealer bond is not insurance for the auto dealer. Instead, customers or the state may file a claim against the bond to cover financial damages they incur due to the auto dealer's conduct.

Who Needs an Idaho Auto Dealer Bond?

In the state of Idaho, all auto dealers must have a license. That means that anyone who plans to engage in the business of selling new or used vehicles is required to post an Idaho auto dealer bond. Auto dealers in Idaho include individuals or businesses that sell motorcycles, ATVs, UTVs, snowmobiles, retail new or used vehicles, or wholesale new or used vehicles.

Idaho Auto Dealer Bond Obligee Details

Surety bonds like an Idaho auto dealer bond represent a contractual agreement between the surety company providing the bond, the auto dealer, known as the principal of the bond, and the obligee, or the licensing authority requiring a bond to be in place. The obligee for an Idaho auto dealer bond is as follows:

Idaho Transportation Department

Dealer Services Division

PO Box 34

Boise, Idaho 83731

How Much Does an Idaho Auto Dealer Bond Cost?

An Idaho auto dealer bond varies in cost based on two main factors: the total amount of the bond required by the state and the financial track record of the licensed auto dealer. It is first necessary to understand what the state requires in terms of the bond amount. Motorcycle, ATV, UTV, and snowmobile dealers must have a bond of $10,000. Retail auto dealers need a $20,000 bond, while wholesale dealers are required to secure a $40,000.

The amount of the bond is not the out-of-pocket cost paid by the auto dealer, however. Instead, the surety company providing the bond calculates a bond premium as a percentage of the total bond amount. The cost ranges from 1 to 10% of the total bond amount for most auto dealers. Because the surety company takes on risk when issuing an Idaho auto dealer bond, a credit check is required. Auto dealers with a healthy credit history pay a lower bond premium than those with a spotted financial history.

How do You Get an Idaho Auto Dealer Bond?

Getting an Idaho auto dealer bond is a straightforward process. Licensed auto dealers can submit a quote request online to see what the cost of the bond will be. Once approved and paid, the surety company provides the bond details to the auto dealer for their records. Idaho auto dealer bonds renew every two years, at the same time the license renews.

Frequent Questions

What does an auto dealer bond cost?

Costs are a percentage of the auto dealer bond amount that's required of you, which is based on your personal credit. Use our bond pricing tool to get a quick ballpark estimate.

Can I get a bond with bad credit?

Yes. You can get approved for a bond regardless of your credit situation. However, the price will increase. You can apply to get an instant approval. As the largest writer of surety bonds in the U.S., we have access to high risk markets that many other agencies do not.

How long does the application take?

It only takes minutes, as we can approve you for your bond instantly online. You can get a no obligation quote on our website at any time.

Can I get auto dealer bond insurance to protect myself?

No. An auto dealer bond does not protect you, it protects the public. However, you can protect yourself or your customers by getting fidelity bonds.

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Jennifer Henson
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
David Tillotson
Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.

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About JW Surety Bonds
We are a family owned and operated agency established in 2003. We started with just two people, and grew to become the largest volume bond producer in the nation with 50+ employees. Since day one, our team focus has been on providing real-time online quotes, an easy process, and the best in claims defense. Learn more about our company.