The Washington State Department of Licensing (DOL) requires motor vehicle businesses to post a surety bond as part of their licensing requirements. Bond amounts vary for each license type:
- Vehicle Dealer Bond – $30,000
- Business or Auctioneers that sell new or used cars, trucks or motorhomes at wholesale or retail value
- Vehicle Manufacturer Bond – $40,000
- Manufactured homes only
- Vehicle Manufacturer Bond – $20,000
- Travel trailers only (including 5th-wheel trailers)
- Vessel Dealer – $5,000
- Each business location that sells watercraft, unless you sell human-powered watercraft that is:
- Under 16 feet in length
- Unable to be powered by a motor or the wind
- Not designed for use on commonly-used navigable waters
- Registered Tow Truck Operator Bond – $5,000
- Vehicle Wrecker Bond – $1,000
The bonds ensure that the principals follow all applicable laws of the State of Washington, and conducts business in an ethical manner. If an individual suffers a loss due to unethical or unlawful actions by the principal, the surety will reimburse the affected individual up to the full penal sum of the bond. The principal is then required to reimburse the surety for all damages paid out.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.