Individuals and business entities that are applying for a motor vehicle damage appraiser license with the Nevada Division of Insurance (DOI) are required to obtain a $2,500 Motor Vehicle Damage Appraiser Bond.
Jet Insurance Company provides the Auto Damage Appraiser Bond in order to hold licensees accountable to follow the regulations of license. The surety bond also protects the public from damages by acting as a financial guarantee when losses are faced due to a license violation.
At Jet, the Vehicle Damage Appraiser Bond costs just $100 a year or $10 a month. The Nevada Division of Insurance requires renewal of the motor vehicle damage appraiser license every 3-years, so Jet has provided multi-year bond terms with this in mind. Take a look at the chart below for all pricing options.
Pricing listed for the MV Damage Appraiser Bond above is guaranteed. All you have to do is apply online and you can get your bond today!
The Nevada Motor Vehicle Damage Appraiser Bond application takes just a few minutes of your time and can be done fully online. The application will just ask for your contact information, preferred bond term, and method of payment. Once all has been submitted and payment is fulfilled, you’ll instantly receive a copy of your bond form and receipt. It’s as easy as that!
Jet can file your surety bond for you! However, if you would prefer to file the bond yourself, perhaps with your initial or renewal license application, this option can be selected at checkout. The original, signed and sealed Motor Vehicle Damage Appraiser Bond and any other documents should be sent to the mailing address below:
Nevada Division of Insurance
Consumer Compliance & Licensing
1818 E. College Pkwy., Suite 103
Carson City, NV 89706
Motor vehicle damage appraiser license applications are not available online and must be requested from the Commissioner of Insurance.
Those who choose Jet’s monthly plan will not have to worry about renewing their bond. The Auto Damage Appraiser Bond will remain in effect as long as payments are made or until cancellation is officially requested. As for bondholders who choose our annual and multi-year plans, Jet will send a renewal invoice far before your bond term expiration date. No extra fees will be charged, all we need is standard payment and you’ll be set for another bond term with the Division of Insurance.
You can cancel your bond at any time with Jet. We just need a written cancellation request, which you can send directly to us at email@example.com. We will notify the Division of Insurance, and the liability of your bond will be released within 30 days.
Monthly bondholders will be required to make one last payment during the 30-day cancellation period as your bond remains active during that time. Your payments will cease once this last step has been completed. As for those who have purchased the bond in full and cancel early, the Jet team will review your plan for any unused premium. Reimbursement will be sent to you right away if available.
Anyone licensed to appraise the damages of motor vehicles insured under a physical automobile damage policy or on behalf of a third-party claimant must abide by all regulations pursuant to Chapter 684B of the Nevada Revised Statutes. An omission to uphold rules listed in the statutes may lead to a loss of license, large fines, civil action, and/or a claim on your surety bond.
Serious motor vehicle damage appraiser license violations involve the following:
Real-life scenarios of such violations include intentionally appraising auto damages incorrectly, withholding insurance information, or withholding funds from the claimant.
If a damaged party files an official complaint with the Nevada Division of Insurance, the Commissioner may inflict license penalties onto the individual or business entity. However, the claimant will need to take civil action if they are seeking restitution. In cases where a Nevada State court ruled in the claimant’s favor and the licensee refuses to pay what is due out of their own pocket, the license bond will be tapped to cover losses caused up to the bond’s limit.
Immediately contact Jet if you receive a court-ordered claim notice. We will begin the claim process by asking you to provide us with all information and physical documentation of the accused violation; the Jet team will utilize these tools for our own investigation of the claim.
If the claim is found to be justified, Jet is legally obligated per the Motor Vehicle Damage Appraiser Bond form to make all valid claim payouts up to the $2,500 bond limit. You, the licensee, are ultimately responsible for your actions and must reimburse Jet for the payout made on your behalf. Failure to do so will result in future difficulties obtaining surety bonds throughout the State of Nevada.