Motor Vehicle Dealer Bond in West Virginia

What this bond requires in West Virginia

West Virginia requires a $25,000 continuous surety bond from new and used motor vehicle dealers per W. Va. Code § 17A-6-4, payable to the State of West Virginia for the benefit of consumers and the state. Licenses are administered by the WV DMV Dealer Services Section and expire annually on June 30. The bond must be on the DMV-approved form (DMV-DS-1 series) and remain in continuous effect.

Who requires it

The motor vehicle dealer bond is required by the West Virginia Division of Motor Vehicles, Dealer Services under W. Va. Code § 17A-6-4.

How to file in West Virginia

Applicants submit the Dealer License Application (DMV-DS-1) to WV DMV Dealer Services along with the $25,000 surety bond on the approved form, certificate of garage liability insurance, business registration, zoning approval, lot photos, and license fees. DMV conducts a site inspection of the established place of business; licenses are issued for the state fiscal year ending June 30 and must be renewed annually.

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FAQ

Common questions

Is a motor vehicle dealer bond required in West Virginia?

Yes. West Virginia requires motor vehicle dealer bonds issued by an admitted surety. The required amount is $25,000.

How much is the bond in West Virginia?

The bond amount is $25,000. Your annual premium is a small percentage of that, based on credit and experience.

Who requires the bond?

The bond is required by the West Virginia Division of Motor Vehicles, Dealer Services.

How is the bond filed?

Applicants submit the Dealer License Application (DMV-DS-1) to WV DMV Dealer Services along with the $25,000 surety bond on the approved form, certificate of garage liability insurance, business registration, zoning approval, lot photos, and license fees. DMV conducts a site inspection of the established place of business; licenses are issued for the state fiscal year ending June 30 and must be renewed annually.

What does the bond cover?

Surety bonds protect the obligee, not the principal. If you fail to meet the obligation the bond guarantees, the surety pays the claim and recovers from you.

Is a surety bond the same as insurance?

No. Insurance protects you. A surety bond protects whoever required the bond. You repay the surety for any claim they pay.