Every year Florida Auto Dealers are required to renew their licenses by April 30th. In order to renew your license you must be bonded and insured at $25,000. Your are also required to have PIP protection in the amount of $10,000.
It is important to remember the April 30th deadline to avoid late fees. The renewal fee for auto dealers license is $75. If you apply late there is an additional fee of $100. If you would like to renew for 2 years, the cost is $150. You are also required by the state to have a garage liability insurance policy as well as a Florida auto dealer bond.
Surety bond pricing can vary based on credit, assets and other financial factors. Pricing for auto dealer bond can be as low as $1,500.
Auto dealers insurance is just as important and also required by law. The state of Florida requires auto dealer carry a minimum of $25,000 in liability cover. However, the lowest most insurance companies will go on this coverage is $30,000. Florida auto dealers are also required to have PIP (personal injury protection) in the amount of $10,000.
To speak with an agent at Gould today in regard to your surety bond and garage liability insurance needs feel free to reach out at (386) 734 3970