Working with an experienced provider is essential so that used vehicle dealerships and other dealers can obtain the correct motor vehicle dealer bonds. USACommercialInsurance.com provides guidance to business owners in over half a dozen states.
Apopka, FL -- (ReleaseWire) -- 09/06/2016 --Auto dealer bonds are an essential part of any motor vehicle dealership's business. It's important to know the ins and outs of any specific requirements or needs though, which is why working with an experienced provider is so important.
USACommercialInsurance.com has a dozen years of experience providing used auto dealer bonds to small businesses and their owners, and knows exactly what's entailed. One of the key considerations is that state by state, there's a great deal of variance in terms of what's required.
It's up to each individual state to set the limits and specifications for what is required for dealerships operating in their locale. The most obvious way that this impacts the business is in the required amount of the bond. For instance, Georgia auto dealer bonds require a $35,000 minimum, whereas Florida auto dealer bonds require less, only a $25,000 minimum.
Another way that these will vary though is in the expiration and renewal date. This could be set at anytime throughout the year, or may instead be based on a dealer by dealer basis, in terms of when their period comes up.
There's also the matter of renewal length. Some states allow bonds to remain for two years or longer, while others have an annual renewal date.
Also keep in mind that different types of dealerships may have different motor vehicle bond requirements. For instance, in Florida, there's half a dozen different classifications for dealer types. With Louisiana dealer bonds, they change requirements from $20,000 for dealers selling less than 120 vehicles in a year, to $35,000 to dealerships operating above that threshold.
There are other potential factors which may be involved in a particular state's requirements for licensure. This may include a specific minimum for garage liability insurance. For example, Louisiana george liability insurance is mandated across the state, and that's set at $55,000.
USACommercialInsurance.com is here to help dealerships and business owners across Florida, Georgia, Louisiana, Alabama, Tennessee, Mississippi, and West Virginia. Learn more by visiting their website or call their team directly at 844.467.4878 for a free, no obligation quote on auto dealer bonds.
About ACI Insurance Services
ACI Insurance Services was established in 2004 by John Rothschild. Based in Apopka, FL, ACI is dedicated to helping consumers and small businesses find affordable coverage options which match their unique needs. ACI offers extensive experience in the field and knowledge of current issues, and a successful track record stretching back over a decade. Today, as leading Florida commercial insurance agents, they provide all types of Florida surety bonds and insurance packages, and continue to put the needs of their clients first above all else. ACI now also serves the Georgia, Louisiana, Alabama, Tennessee, Mississippi, and West Virginia markets. Contact 844-467-4878 for more information, or visit USACommercialInsurance.com.