If the claim is determined to be valid, you would be responsible for satisfying the claim. If someone comes forward later on and says that they are the owner of the vehicle and that you should not have been granted a bonded title, they can make a claim on your bond. When you get a bonded title, you are promising that you are the true owner the vehicle and that you will take responsibility for any bond claims. Your title will be marked “bonded”.įor more information on how to obtain an IL Bonded Title, call 21 What it Means to be Bonded It could take up to a couple of weeks for the Secretary of State to process your IL Certificate of Title Bond paperwork. Upon approval, you will be mailed an IL Bonded Title. Springfield, IL 62756-7000 Step #8: Wait on decision Submit your Illinois Bonded Title paperwork and Illinois Lost Title Bond to the Secretary of State at the address below: You will also need to pay a title fee, payable to the Secretary of State. Surety Solutions, A Gallagher Company does not issue Certificate of Lost Title Bondsīefore you purchase your title bond – learn important payment info Step #6: Complete a Title Application Otherwise, your bond might be rejected by the DMV. You do not need to pay the entire bond amount, but you do need to make sure you apply for the right bond amount. Make sure you apply for the correct bond amount that you calculated in Step #4. Purchase a bond from a surety bond company. Step #5: Purchase an Illinois Lost Title Bond Your bond amount must be 1.5 times the value of your vehicle (that you determined in Step #3).įor example, if your vehicle is valued at $2,000, your bond amount needs to be $3,000.Ĭalculate your bond amount, then move on to the next step. Get this appraisal from either a licensed vehicle dealer or a used vehicle price guide such as Kelly Blue Book or NADA Guide. Step #3: Get a written appraisal of the current value of your vehicle If none of these items are available, you must write a notarized statement explaining how you came into possession of your vehicle. Qualifying evidence could include a bill of sale, receipt, or canceled check from when you purchased your vehicle. If they say yes, you can move on to step #2. Call your local DMV, explain why you do not have a title, and ask if you could get a bonded title. While we, Surety Solutions, can provide you with information on when you might need a bonded title, we cannot say for certain. Your local DMV is the only entity that can tell you if you are eligible for a bonded title. How to get an Illinois Bonded Title Step #1: Contact your local DMV to see if you are eligible for a bonded title Not sure if you need an IL Bonded Title? Check out this awesome infographic. You must own your vehicle to qualify for an IL Bonded Title. In this case, you can apply for a Duplicate Certificate of Title.
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