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Do you have to pay the whole amount on a surety bond.?
I want to get my used car dealer licenses and I need a surety bond. I am in Georgia, any help would be good.
2 Answers
- AnonymousLv 71 decade agoFavorite Answer
Well, the insurance company that underwrites your bond is giong to look at your financial worth and creditworthiness, to decide how much you have to pay for the surety bond.
MOST of the time, you only pay about 2 1/2 to 5% of the face value of the bond, but you have to guarantee it with your personal assets.
Source(s): agent, 21+ years - 1 decade ago
Talk to your insurance agent. Up here in Massachusetts you can get a $20,000 bond for a car dealership for roughly $100 a year. You'll want to have some sort of liability coverage separate from the bond however just to protect yourself. That will be more expensive. Good luck.