A Motor Vehicle Towing & Servicing Bond is required for businesses that tow or service vehicles in Minneapolis, Minnesota. This $10,000 bond protects customers and the city by ensuring the towing company follows local laws and regulations. If the business damages someone's vehicle, overcharges customers, or violates t…
Overview
What it is.
A Motor Vehicle Towing & Servicing Bond is required for businesses that tow or service vehicles in Minneapolis, Minnesota. This $10,000 bond protects customers and the city by ensuring the towing company follows local laws and regulations. If the business damages someone's vehicle, overcharges customers, or violates t…
Who usually needs it
Towing companies, vehicle servicing operators, roadside assistance providers, and general towing services operating within Minneapolis city limits must obtain this $10,000 bond before receiving approval for a towing or motor vehicle servicing license. The bond must be renewed annually to maintain an active business license and ensures operators follow local…
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 de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMNBond amount$10,000ObligeeCity of MinneapolisBond classLicense BondCategoryOtherBondMotor Vehicle Towing & Servicing BondPlain descriptionA Motor Vehicle Towing & Servicing Bond is required for businesses that tow or service vehicles in Minneapolis, Minnesota. This $10,000 bond protects customers and the city by ensuring the towing company follows local l…Who needs this bondTowing companies, vehicle servicing operators, roadside assistance providers, and general towing services operating within Minneapolis city limits must obtain this $10,000 bond before receiving approval for a towing or …
