What is an Washington Lost Title Bond?
Washington Lost Title Bonds are required by the state of Washington'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 Washington 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 Washington Lost Title Bond cost?
For Washington Lost Title Bonds under $5,000 the cost of the bond is $100. For bonds over $5,000 the rate is 1.5%
Washington Lost Title Bond Information and Requirements
Before the issuance of a bond: 1. The vehicle must be inspected by an authorized inspector to determine the correct Vehicle Identification Number (VIN) or Motorcycle Motor Number, year and make. 2. The bond shall be in an amount equal to 1-1/2 times the value of the vehicle as determined by the Department of Licensing.
When the bond is obtained: 1. Take it and all supporting papers, including the vehicle inspection form, to a license agent for processing. 2. When the application is approved by the Department, a title will be issued indicating “BONDED.” All subsequent titles will be in a like manner. 3. At the end of three years, the owner may apply for a reissue of title eliminating the “BONDED” designation.