Rhode Island Title Bonds

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Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Rhode Island title bond needs.

What Are They?

Purchasing a Rhode Island title bond (technically known as a Rhode Island certificate of title bond) is the only way to get a title for a vehicle you own as a Rhode Island resident but don’t have a valid title for. With a title bond, you can get a bonded title that will allow you to do the same things you can do with a standard title, such as register the vehicle, insure it, sell it, or donate it.

The state of Rhode Island requires a title bond in such cases for two main purposes:

  • To protect the Rhode Island Division of Motor Vehicles (RI DMV) against liability if it turns out that you are not the vehicle’s rightful owner and should not have been issued a bonded title
  • To provide a source of funds to compensate the rightful owner (if one should surface) for any financial loss incurred as a result of you claiming ownership of the vehicle.

Who Needs Them?

You may need to purchase a Rhode Island title bond if:

  • The party who sold you the vehicle did not give you a title, though you may have received a bill of sale or receipt.
  • The title you were given is invalid because it was altered, damaged, or was improperly assigned.
  • You received a title but it was lost or stolen before you could register the vehicle in your name.

Speak with a Surety Bond Professionals agent today to discuss your bonding needs.

How Do They Work?

Your local RI DMV staff will tell you whether you are eligible for a bonded title and appraise the vehicle’s current market value. The required amount of the Rhode Island title bond you purchase must be 1.5 times that appraised value, and the bond must have a duration of three years.

A former owner or someone with an active lien on the vehicle could possibly show up sometime during the three years that the bond is in place. If someone can prove an ownership interest in the vehicle and a financial loss incurred because you were issued a bonded title, that person can file a claim against your Rhode Island title bond and be compensated for that loss.

A surety bond represents a line of credit that the surety bond company will use to pay any valid claim against the bond. If a legitimate claim is filed against your title bond, the surety bond company will pay it on your behalf, tapping into your line of credit. However, you are then legally obligated to repay them in full.

What Do They Cost?

The one-time premium for a Rhode Island title bond is typically around 1.5% of the required bond amount, with a minimum of $100. For vehicles appraised at less than $25,000, no credit check or underwriting is required.

If you’re applying for a title bond for a vehicle appraised at $25,000 or more, your application will be subject to underwriting, and your premium rate will be determined largely by your personal credit score. The better your credit score, the lower your premium rate, but even people with poor credit should be able to get bonded.

Get a Quote

Our surety bond professionals will get you the Rhode Island title bond you need at a competitive rate.