What is a Nevada Motor Vehicle Dealer Bond?

Nevada Motor Vehicle Dealer BondThe technology of self-directed vehicles offers substantial gains for public safety and wellbeing. Nevada was the very first state to permit the operation of autonomous vehicles in 2011. As the technology for these independent automobiles continues to evolve, it is imperative for municipal and state governments to address the possible effects on the motorways. It is also vital that guarantees be made to protect consumers. One of the safeguards is the Nevada Motor Vehicle Dealer Bond.

The Nevada Motor Vehicle Dealer Bond is an unequivocal pledge to protect consumers from any damages sustained as an outcome of mediocre work efforts or unjustified miscalculations and lapses committed by the motor vehicle dealer. It is also a demonstrable assurance that if a dealer engages in dishonest activities or corrupt business practices like selling vehicles for the wrong price or suppressing vital information about the vehicle, a claim can be made thru the bond to help affected consumers.

 

Why do you need a Nevada Motor Vehicle Dealer Bond?

You need the Motor Vehicle Dealer Bond because you profoundly want to demonstrate to your clients that you have the capability of providing services in an honorable and competent fashion. This is essential in advancing your status as a business owner and simultaneously enhances your image among your peers within the industry. With the bond up in your sleeves, customers feel secure as they avail of your services.

 

More details about Motor Vehicle Dealer Bond

The following are the different bond amount requirements:

Nevada, Motor Vehicle Dealer

  • $100,000 Surety Bond

Nevada, Utility/Boat Trailer Dealer (trailers with unladen weight of 3,500 or less)

  • $10,000 Surety Bond

Nevada, Utility Trailer Dealer (trailers with unladen weight of 3,501 or more)

  • $50,000 Surety Bond

Nevada, Horse Trailer Dealer bond requirement (without living quarters)

  • $50,000 Surety Bond

Nevada, Motorcycle Dealer

  • $50,000 Surety Bond

 

What is the cost of a Nevada Motor Vehicle Dealer Bond?

The amount of coverage required for your dealer license bond varies and will depend according to the type of business license you are applying to have and the kind of vehicles you plan to sell.

Premiums are computed on a case-to-case basis awaiting underwriting concerns. Those applicants with robust financial credentials typically pay rates calculated at just 1% – 4% of the bond amount.

 

How do I get a Nevada Motor Vehicle Dealer Bond?

Getting a bond is simple. However, be sure to contact only genuine professionals in the field of surety. Give Surety Bond Authority specialists a call now! With Surety Bond Authority taking care of your business affairs, you will have the answers you need and the solution to whatever concerns you have in protecting your business.

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