This bond is required for anyone who wants to sell cars, trucks, or other motor vehicles as a business in Rhode Island. The state requires this $50,000 bond to protect customers from dishonest practices like fraud, misrepresentation, or failure to transfer titles properly. If a dealer breaks the rules and a customer s…
Overview
What it is.
This bond is required for anyone who wants to sell cars, trucks, or other motor vehicles as a business in Rhode Island. The state requires this $50,000 bond to protect customers from dishonest practices like fraud, misrepresentation, or failure to transfer titles properly. If a dealer breaks the rules and a customer s…
Who usually needs it
Licensed motor vehicle dealers in Rhode Island selling cars, mopeds, and motorcycles, as well as individuals or businesses selling 4 or more vehicles per year or performing vehicle conversions, assemblies, installations, or repairs for sale must obtain this $50,000 bond as part of their dealer licensing requirements with the Rhode Island DMV.
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.
StateRIBond amount$50,000ObligeeState of Rhode IslandBond classLicense BondCategoryMotor VehicleBondRhode Island Motor Vehicle Dealer BondJurisdictionStatePlain descriptionThis bond is required for anyone who wants to sell cars, trucks, or other motor vehicles as a business in Rhode Island. The state requires this $50,000 bond to protect customers from dishonest practices like fraud, misr…Who needs this bondLicensed motor vehicle dealers in Rhode Island selling cars, mopeds, and motorcycles, as well as individuals or businesses selling 4 or more vehicles per year or performing vehicle conversions, assemblies, installations…
