New Mexico Motor Club Bond Guide
If you’re applying to open a motor club in New Mexico, you’ll likely need this motor club surety bond.
Bond Overview
- Purpose: To cover any fines or penalties levied against a motor club owner
- Who Needs It: Motor club owners in New Mexico
- Regulating Body: The New Mexico Office of the Superintendent of Insurance (OSI)
- Required Coverage: $25,000–$200,000, based on membership fees
- Premium Rate: 1–10%, starting at $250
Learn all about the bond requirements and process in this guide.
What Is a New Mexico Motor Club Bond?
A New Mexico motor club bond is a financial security to ensure motor service clubs operate legally. It ensures payment for any fines or penalties if a motor club breaks state regulations.
New Mexico Motor Club Bond Requirements
Your bond coverage requirement will be calculated based on annual membership fees collected in New Mexico. The minimum bond amount is $25,000 and maximum bond amount is $200,000.
| Annual Membership Fees Collected | Bond Amount |
|---|---|
| <$150,001 | $25,000 |
| $150,001–$250,000 | $40,000 |
| $250,001–$500,000 | $80,000 |
| $500,001–$1,000,000 | $150,000 |
| $1,00,001+ | $200,000 |
Verify your bond amount with the OSI before purchasing.
How Much Do Motor Club Bonds Cost in New Mexico?
New Mexico motor club bonds typically cost 1–10% of the total bond amount based on credit score. However, if you only need the minimum $25,000 bond amount, it costs a flat rate of $250.
Click below to buy or apply now to get started!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a New Mexico Motor Club Bond Work?
A motor service club bond creates a legal contract between these three parties:
- Principal: The motor club owner(s)
- Obligee: The New Mexico Office of the Superintendent of Insurance
- Surety: The issuing surety provider
This holds you financially responsible for upholding the provisions of NMSA 59A-50-4 (B)(5).
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety.
How Do I Get a Motor Club Bond in New Mexico?
SuretyBonds.com provides the fastest and easiest way to get a New Mexico motor club bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll email you the bond shortly after purchase. Be sure to file it with the OSI as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Fast Can I Get My Bond?
If your bond is $25,000 or under, you can get your bond in minutes! No application is required.
For larger bond amounts, follow the steps above to get your same-day quote.
Can I Get Bonded With Bad Credit?
You can get a $25,000 motor club bond in New Mexico with any credit score! Larger bond amounts will use credit score to determine your rate and qualification status.
Apply now to find out if you qualify.
How Do I Renew My Bond?
These bonds expire annually. To renew your motor service club bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
