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Monday, August 15, 2016

Louisiana MVD bond

May 31, 2016, Louisiana Governor John Bel Edwards signed House Bill 271 in regards to Louisiana motor vehicle dealers.  The changes  include a increase of the $20,000 and $35,000 bond to $50,000 and the removal of the differentiation in number of vehicles sold. The new required amount will take effect on August 1, 2016.




What does the new bond amount mean for you?


The current $20,000 & $35,000 bond requirement is effective until July 31, 2016.  On or after August 1, 2016, any new dealers should purchase the bond in the new amount of $50,000.  If you are already bonded, your current bond amount will be valid until December 31, 2016 but at that time you will need to have an increase rider in place.

Dealers who are needing to renew may find that the renewal rate is higher than previous years even if there has been no change to their credit.  It is important to remember that premiums are a percentage of the total bond amount.



Let Ashton help with your Louisiana MVD bond!

With one simple application, Ashton Agency will shop around for the best rate possible.  Our in-house underwriters are able to look at many personal variables on your application and can offer some of the most competitive rates! We also have programs for challenged credit if you are needing a used car dealer bond.



Ashton Agency offers an experienced insurance department that can help with your garage liability insurance.  We are your one-stop shop for all of your auto dealer needs!

Start saving time and money immediately!  Call us today at (800) 452-2663 to speak with one of our helpful customer service representatives (hablamos español). 

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