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Learn more about Nebraska motor vehicle dealer bonds, and apply today. Single Source Insurance offers surety bonds nationwide through a convenient online application system.
What Are They?
Nebraska requires applicants for licensing as a motor vehicle dealer to purchase a surety bond. This bond is known as a motor vehicle dealer bond, which is a form of �license and permit� bond. Such bonds guarantee that dealers abide by all applicable state rules and regulations.
In Nebraska, all auto dealer bonds expire on December 31. There must be a valid bond in place in order for a dealer�s license to be renewed.
Nebraska�s Motor Vehicle Industry Licensing Board doesn�t distinguish between new, used, franchise, or wholesale dealers when it comes to bonding. Every type of motor vehicle dealer must purchase an auto dealer bond in the amount of $50,000.
Every surety bond is a contract binding together three parties. Nebraska dealer bonds are no exception. These three parties are:
The rights and responsibilities of these three parties are spelled out in the terms and conditions of the bond. If the dealer violates any of the terms and conditions of the bond, a consumer who suffers a financial loss as a result of that violation can file a claim against the dealer�s bond.
The surety company will determine the validity of the claim and will then step up and pay it. Unlike the case with insurance, this doesn�t relieve the dealer of financial responsibility. The surety�s payment to the claimant is actually an advance that the dealer must repay in full.
The premium cost for a Nebraska auto dealer bond is a small percentage of the $50,000 required bond amount. The exact percentage is determined on a case-by-case basis, taking into consideration the dealer�s credit score and personal and business financials.
You can expect to pay anywhere between .5% to 5% of the bond penalty amount if you maintain good credit. Applicants with excellent credit typically pay the standard market premium rate, while those with worse credit can expect to pay a bit more.
After you�receive your vehicle dealer bond from Single Source Insurance, you will need to file it along with the attached power of attorney with:
State of Nebraska
Motor Vehicle Industry Licensing Board
301 Centennial Mall South
P O Box 94697
Lincoln, NE 68509
Apply Now
Call us for a quick quote on a Nebraska auto dealer bond, or submit an application online.
