Auto Dealer Bonds Florida, an independent surety bond agency based in Orlando, Florida, offering auto dealers great deals to renew or purchase the dealer bond.
Online PR News – 26-June-2016 – Orlando, Florida – Every year, motor vehicle dealers in Florida, are required by the State of Florida Department of Highway Safety and Motor Vehicles, to provide or renew a surety bond in the amount of $25,000. The general definition of the bond is a financial guarantee that a licensed dealer will comply with the terms of any written contract in connection with the sale of a vehicle and that the dealer will not violate any of the Florida laws governing dealers. If a dealer fails to maintain the requirements of the bond then they are guilty of a second-degree misdemeanor. This could land them in jail for six months and be penalized with a $500 fine from the state. They will also be liable for civil law violations, under Florida’s Deceptive and Unfair Trade Practices Act which makes them liable for $5,000 per violation.One of the big differences between a bond and an insurance contract is that the principals of the dealership are required to personally indemnify the insurance company in the event the claim is paid. In other words, the owners are personally responsible to pay the insurance company back for a claim.This explains why credit scores of principals play such a big role in the pricing of the bond. Just like a car loan where your ability to pay the bank back directly affects the cost of the loan, your ability to pay the insurance company back directly affects the cost of the bond.AutoDealerBondsFlorida.com is now offering Florida auto dealers great deals to renew or purchase the state required $25,000 surety bond. Florida auto dealers with good credit and experience may pay as little as $250(in some cases even less)depending on the dealer\'s application. There are multiple factors that go into determining the price for a bond, but the amount that each car dealer pays is based on personal credit and other determining factors. In order to obtain a quote, you must submit an application which includes providing your current credit score. Unlike “Direct Writers”, whose agents may only sell the products of one company, as an independent agency, AutoDealerBondsFlorida.com is free to offer Dealers competitive insurance products and services from a wide range of companies.AutoDealerBondsFlorida.com carefully selects the companies they represent and they are able to offer competitively priced products from a wide variety of “A” rated insurance companies for virtually all of a auto Dealers insurance needs.Auto dealers should apply now for a free Florida auto dealer bond quote. AutoDealerBondsFlorida.com provides the fastest turnaround (24hrs in most cases) & exceptional customer service. Being an independent agency, they have numerous options for quoting auto dealer bonds and can almost always beat the competition.Even if a dealer\'s credit score is not perfect, they should fill out an online Florida auto dealer bond application at https://autodealerbondsflorida.com. AutoDealerBondsFlorida.com have been specializing in providing insurance to Florida auto dealers for over 25 years, so they understand the unique challenges auto dealers face and they have they are now offering the best rates available in Florida.