Maintaining licensing and registration for businesses can be expensive, so we understand why applicants are so interested in what their Minnesota surety bonds will cost. The primary factor that affects pricing is the risk associated with the specific bond type. For example, certificate of title bonds involve limited risk, so they can typically be issued instantly without a credit check. Other bond types, such as contractor license bonds, are riskier, so pricing is subject to underwriting consideration.
Bonds that qualify for standard market underwriting are typically quoted at 1-3% of the coverage amount. For exmaple, a $50,000 vehicle dealer bond typically costs just $500-$1,500 for applicants who qualify for a standard market.
The best way to determine your exact surety bond cost is to consult a surety expert. You can request your free quote online instantly, or give us a call at 1 (800) 308-4358 to speak with an experienced bond specialist. SuretyBonds.com works to provide the lowest available rate for your needs.