Illinois Mileage Tax Bond

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How Do I Get Bonded?

What Is an Illinois Mileage Tax Bond?

Businesses that operate commercial vehicles using public highways in Illinois are required to post an Illinois mileage tax bond.

The bond guarantees that the vehicle owners will pay any due taxes– as well as fees, interests, and penalties– that they may owe to state authorities. It’s an extra layer of security for the state, that companies will comply with relevant tax laws when using their business vehicles on public highways.

Mileage tax bonds function similarly to other types of surety bonds. The bond is a contract between three entities. Your company is the principal that needs the bonding, the Illinois Secretary of State is the obligee, and the third party that provides the bonding is the surety.

Apply for your surety bond today and lock your rate for 90 days!

Questions about Mileage Tax Bond in Illinois

Who needs to obtain an Illinois mileage tax bond?

Illinois companies owning fleets of vehicles that they use for commercial operations, and which move on public highways, are required to post an Illinois mileage tax bond. The bond is also called a highway use tax bond. The required amount is $500 per vehicle.

The Illinois Secretary of State is the authority that requires the bond. Its purpose is to safeguard the interests of the state against non-payment of taxes or other fees incurred by vehicle operators on public highways. The bond also ensures that companies with vehicle fleets will abide by the Illinois Compiled Statutes.

How much does an Illinois mileage tax bond cost?

The surety bond price that you have to pay to get your bond depends on what bonding amount is required from you. In the case of the Illinois mileage tax bond, this is $500 per every vehicle operated on public highways.

The bond premium is only a fraction of the bond amount. If your finances are in good shape, your bond price is likely to be 1%-5% of the bond amount. For example, if you have 10 vehicles and need to get a $5,000 bond, your premium may be about $100-$250. You can see the breakdown of costs depending on your credit score in the table below.

What factors are considered when calculating your mileage tax bond price? Your surety examines your personal credit score, business financials, and liquidity and assets. In this way, it can assess the risk of getting you bonded. If you are seen as a stable applicant, you can expect to pay less for your bond.

Our surety bond cost page is an extensive resource on how your bond cost is formulated.

Can I get bonded with bad credit?

It’s possible to get an Illinois mileage tax bond even if your finances aren’t perfect. Lance Surety Bonds operates its Bad Credit Surety Bonds program to assist businesses with low credit scores, tax liens, bankruptcies, or civil judgements get the bond they need.

The bad credit premiums are in the range of 5% to 15%, since they need to compensate for the higher risk. We foster close partnerships with numerous A-rated, T-listed surety companies, which means we can get you a top bonding rate regardless of your credit score.

How do I get my Illinois mileage tax bond?

Ready to start your bonding process? You can apply online for a free Illinois mileage tax bond quote today. Once you complete the full application and attach all paperwork, we’ll provide you with an exact quote.

Apply for a free no-obligations quote on your surety bond!

If you need more information about how bonding works, make sure to check our How to Get Bonded page.

Our bonding specialists are here to help if you have more questions or need assistance with your application. You can call us at (877) 514-5146.

How are bond claims handled for Illinois mileage tax bonds?

Mileage tax bonds are not protection for your business. Their purpose is to safeguard state authorities from non-payment of taxes and fees by your company. If you fail to follow applicable regulations, you can face a claim on your bond.

For proven claims, your surety may reimburse the claimant for any claims you don’t pay, up to the penal sum of your bond. You need to compensate the surety in full afterwards. This means that bond claims can pose a financial threat to your business. They can also prevent you from getting bonded in the future.

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About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

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What Our Clients Have To Say?

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