What is an Alabama Lost Title Bond?
Alabama Lost Title Bonds are required by the state of Alabama’s Department of Revenue to obtain your title and register your vehicle, boat, RV, mobile home or trailer. The bond ensures that you are the rightful owner of the vehicle, Mobile home, trailer etc. The lost title bond guarantees damages up to the bond limit for a legitimate title holder that may surface in the future with a valid claim to the vehicle, Mobile home, boat or trailer.
Different parts of a bond:
The bond is required when The Obligee (obligator) is the entity requiring you to get the bond. There are 3 parts to a surety bond. The Principal, The Surety Company, and the Obligee. The Principal is the business or individual applying for the Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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How much does a Lost Title Bond cost?
For Lost Title Bonds under $5,000 the cost of the bond is $100. For bonds over $5,000 the rate is 1.5%
Lost Title Bond Information and Requirements
Standardized bond amounts (below) will be underwritten by the insurance company.
The owner normally pays the insurance company a percentage of the bond amount.
Insurance companies often determine the percentage based on the owner's credit worthiness.
On average, the insurance company may charge $15 per $1,000 of the bond amount.
Administrative Rule 810-5-75-.34 provides that when the owner(s) of a vehicle deemed
“salvage,” applies for a certificate of title under surety bond, the bond amount must be:
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