If you bought a car without full proof of ownership, and now the Department of Motor Vehicles is saying that you need a title bond before you can register it, you may be wondering what insurance companies issue title bonds. Finding an insurance company to issue a title bond can be a frustrating, time-consuming problem. Most people don’t even know what a title bond is, much less where to get one.
To help you in your search, it might be beneficial to know the proper lingo for finding the right bond and the right insurance company. Title bonds are a form of surety bond. In short, the insurance company, for a premium, will pay should ownership come into question. Should a previous owner come forward and hold the state DMV liable for issuing a false title, the surety bond covers associated expenses, legal fees and monetary settlements.
Most, although not all, insurance companies who provide car insurance can handle title bonds. The Department of Motor Vehicles in most states requires that the insurance company be licensed to issue surety bonds in that state. A quick search online for your state’s Department of Insurance will often provide listings for insurance companies licensed to provide surety bonds in that state.
For example, the California Department of Insurance allows consumers to search licensed insurance companies by line of insurance. In other words, you can search based on the type of insurance (such as a surety bond) that you need. The Alabama Department of Insurance provides a similar search function. The key terms to look for include "title" and "surety bonds." If your state DMV or Department of Insurance does not provide such information, a quick call to your insurance agent may be the best option for finding a suitable insurance company to issue the necessary bond.
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