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Nevada Motor Vehicle Wrecker and Salvage Pool Bond
The Nevada Department of Motor Vehicles requires individuals in the motor vehicle wrecker and/or salvage pool business to be licensed with the Occupational and Business Licensing office. The filing of a $50,000 bond is an additional requirement of the initial and renewal business license application process.
Jet Insurance Company provides the Motor Vehicle Wrecker and Salvage Pool Bond as an assurance to the Nevada Department of Motor Vehicles that the wrecker or salvage pool business owner and their employees will uphold all license regulations and protocol standards. The surety bond acts as a financial guarantee for the Nevada public if actions of negligence or fraud are committed by the business.
What Is the Cost of the Nevada Motor Vehicle Wrecker and Salvage Pool Bond?
Jet’s surety bond prices are based on a small percentage of the bond limit and the credit score of the applicant. For the $50,000 Salvage Pool and Motor Vehicle Wrecker Bond, rates start at $300 annually or $30 monthly. We also offer multi-year bond terms for motor vehicle business owners that would prefer to not worry about annual renewals. Take a look at the chart below for our preferred tier rates with monthly, annual, and multi-year bond term options.
| Bond Term | Cost |
|---|---|
| Monthly | $30 |
| 1 Year | $300 |
| 2 Years | $525 |
| 3 Years | $750 |
Our monthly bond payment plan is a convenient and affordable option for wrecker and salvage pool business owners who want to ensure that their license remains in good standing with the Nevada Department of Motor Vehicles for the foreseeable future. Just set up a preferred account for monthly payments and your bond will stay active with Jet until cancellation is officially sought.
The Nevada Salvage Pool and Motor Vehicle Wrecker Bond Process With Jet
You can apply for the Nevada Motor Vehicle Wrecker or Salvage Pool Bond directly online at Jet. The application will ask for some general information such as your contact details, business license type (i.e. wrecker or salvage pool), and your social security number. Once submitted, Jet will run a soft credit check?don't worry, this process is quick and won’t have an effect on your credit score. You’ll then receive approved rate options via email. Just choose your preferred bond term and instantly get a copy of your bond form and receipt once payment is fulfilled.
The Nevada Department of Motor Vehicles requires the original signed and sealed Motor Vehicle Wrecker and Salvage Pool Bond to be filed with the Occupational and Business Licensing office. The status of your business license will rely on your bond remaining active and on file.
At Jet, we give you the option of having us file the bond for you, free of charge, or you can choose to file the bond yourself. Either option can be selected at checkout. All documentation, including your initial business license application, should be sent to the mailing address below.
Nevada Department of Motor Vehicles
Occupational & Business Licensing
555 Wright Way
Carson City, NV 89711
Further details about licensing requirements for auto wreckers and salvage pool businesses can be found on the Wrecker and Salvage Pool Information sheet.
Jet’s monthly payment plan bondholders won’t have to worry about renewing their bond! The Nevada Motor Vehicle Wrecker or Salvage Pool Bond will remain active as long as payments are continuously fulfilled. For those who choose our annual or multi-year payment option, Jet will send you a renewal invoice far before your bond term expiration date hits. Payment is all that's needed to keep your bond active with the Department of Motor Vehicles.
If you need to cancel your bond with Jet, you can request to do so at any time. Just send a written cancellation request to us at [email protected] and we will begin the process of notifying the Nevada Department of Motor Vehicles. Once the termination has been received, you will be released from any further liability within 30 days.
For individuals that are a part of our monthly plan, one last payment must be made for the Motor Vehicle Wrecker or Salvage Pool Bond’s 30-day liability period as it remains active during that time. All payments will immediately cease once this step has been completed.
For annual or multi-year terms, if there is any unused premium, a reimbursement will be issued once you and Jet are released from liability by the Nevada Department of Motor Vehicles.
How Does a Nevada Licensed Motor Vehicle Wrecker or Salvage Pool Business Owner Avoid Bond Claims?
The Nevada Department of Motor Vehicles requires licensed motor vehicle wrecker and salvage pool business owners, as well as their employees, to comply with all protocol obligations stated in Chapter 487 of the Nevada Revised Statutes. License violations may result in the suspension or revocation of your business license, large penalty fines, misdemeanor charges, civil action, and/or a claim on your surety bond.
For profit and/or recycling purposes, automobile wreckers are licensed to dismantle, scrap, process, dispose, and wreck nonrepairable, salvage, or junk vehicles. Licensed salvage pool businesses sell wrecked, recovered stolen vehicles, nonrepairable, and salvage vehicles. To legally engage in these operations, the wrecker or salvage business must report the make, model, vehicle identification number, and registration number to the Nevada Department of Motor Vehicles five days before processing. If the licensee receives permission to process the vehicle then they are good to scrap, wreck, dispose of, sell the salvage vehicle, etc. However, the act of not completing the proper reporting steps before processing the vehicle is grounds for a license violation. Further problems will arise if the true owner of the vehicle comes forward and now you have either destroyed or illegally sold their property without permission.
The true owner of the vehicle has the option of reporting you to the Director of the Department of Motor Vehicles with an official complaint or taking civil action via the Nevada State court system. If a violation is justified, a hearing will be scheduled and the Director will decide whether or not to use your Motor Vehicle Wrecker or Salvage Pool Bond to cover the losses incurred by the claimant. In cases where civil action is taken and the court’s judge rules in favor of the harmed party, the surety bond will be used to cover damages, as well as attorney fees and costs of the claimant.
Immediately contact us at Jet if you receive a claim notice from a Nevada State court or the Department of Motor Vehicles. Be ready to provide us with all relative information and documentation regarding the incident surrounding your bond claim. The Jet team will utilize these details for our own investigation of the accused license violation.
If Jet finds the claim to be valid, we are legally obligated per the Nevada Salvage Pool and Motor Vehicle Wrecker Bond form to make payment up to the $50,000 limit (claim payouts will not exceed the bond limit). You are ultimately held responsible for your actions and the actions of your employees, and therefore must reimburse Jet for the claim payout made on your behalf. Non-fulfillment of this requirement will lead to future difficulties obtaining surety bonds in Nevada, particularly bonds that are needed for business licenses in the motor vehicle industry.
