What is an Vermont Lost Title Bond?
Vermont Lost Title Bonds are required by the state of Vermont's DMV 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 Vermont 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 Vermont Lost Title Bond cost?
For Vermont Lost Title Bonds under $5,000 the cost of the bond is $100. For bonds over $5,000 the rate is 1.5%
Vermont Lost Title Bond Information and Requirements
Vermont titles vehicles (including Motorboats, ATVs, and snowmobiles) that are 15 years old or newer based on the calendar year. For example: from January 1, 2021, through December 31, 2021, Vermont will title vehicles (including Motorboats, ATVs, and snowmobiles) with the model year 2007 or newer.
· Motorcycles 15 years old and newer and 300cc's or more also require a title.
· Trailers 15 years old and newer with an empty weight of 1501 lbs and more are titled.
· Motorboats will require a title if they are 15 years old and newer and at least 16' in length.
The owner or lienholder of a vehicle registered in Vermont must possess the vehicle's title. You must have a title in order to register, sell, or transfer a vehicle.
If your Vermont title has been lost, altered, or destroyed, and meets the above criteria, you may apply for a replacement (duplicate) title.
Replacement Titles are only available by mail or from the Montpelier office. ALL owners are required to sign for a replacement title.
If appearing in person, the "Personal Delivery of Title" (form VT-016) must be completed and signed by ALL titled owners.
If any liens were shown on the original title:
· For each lien on the original title, submit a lien release on the lien holder’s letterhead including make, model, year, vessel length (Boat/Vessel), Vehicle/Vessel identification number, owner's name and signature of lien holder, or submit "Title Change - Release Lien" (form VT-008).
· If liens are still in effect, only the lien holder may apply for a replacement and MUST sign this application.