Who needs a Virginia Driving School Surety Bond?
The state of Virginia requires anyone who operates a driver training school to be licensed through the Virginia Department of Motor Vehicles (VDMV). To obtain a license, the applicant must submit a driving school bond to the VDMV.
What is the purpose of a Virginia Driving School Surety Bond?
This type of license and permit surety bond guarantees that the principal (driving school operator) complies with all regulations in Title 46.2 –Chapter 17 of the Code of Virginia governing the operation of driving schools, and ensures that the principal provides reimbursement to students for instruction and/or services not supplied. If a harmed party files a valid claim against the bond, the surety will pay out up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all monies paid out, including any attorney fees incurred.
What is the required amount for a Virginia Driving School Surety Bond?
The amount for a Virginia Driving School Bond varies and is based on the type of training provided:
- Class A Training School $100,000 Bond
- Class B Training School $5,000 Bond
What is the fine print?
This bond has a continuous term and remains in full force and effect until canceled. The surety can terminate the bond at any time by giving a 30 day written notice to the VDMV.
How much will my Virginia Driving School Surety Bond cost?
Pacific Surety is proud to offer a variety of approvals regardless of credit, with rates as low at 1% of the total bond amount annually for well qualified applicants. The process typically takes just a few hours for a quote, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.