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Platinum Bonds Insurance Agency

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Bond of New Motor Vehicle Dealer

New motor vehicle dealers (franchise dealers) selling new vehicles on behalf of a franchise. Required when: Applying for a new motor vehicle dealer license. Exemptions: Used and wholesale motor vehicle dealers are exempt from this specific bond but must obtain a $15,000 Bond of Designated Agent required by the Mississ…

Bond amount$25,000
State or jurisdictionMississippi
ObligeeMississippi Motor Vehicle Commission

Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.

Amounts can vary

Selected requirement: $25,000. Other available requirements: "$25,000 for a single franchise location; $100,000 for multiple franchise locations.". Exact options still depend on the obligee, state, and underwriting.

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2323 yearsHelping clients and agents
Overview

What it is.

New motor vehicle dealers (franchise dealers) selling new vehicles on behalf of a franchise. Required when: Applying for a new motor vehicle dealer license. Exemptions: Used and wholesale motor vehicle dealers are exempt from this specific bond but must obtain a $15,000 Bond of Designated Agent required by the Mississ…

Who usually needs it

New motor vehicle dealers (franchise dealers) selling new vehicles on behalf of a franchise.

Pricing & timing

What to expect.

Generic pricing

License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher depending on the specific bond type, state program, or underwriting requirements.

Your quote determines the actual premium.

Typical timeframe

Issuance timeframe varies by bond type and underwriting

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

Platinum Bonds

Experience behind every bond.

Helpful guidance, a real agency team, and a clear path from research to application.

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“My bond application was processed and received very quickly.”

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“I highly recommend you do business with these folks.”

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Offering service to clients and agents alike.

Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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