August 10, 2020 – Sarkhosh Insurance Agency, the Fresno based, family owned insurance agency, serves a variety of insurance requirements of auto dealers and commercial vehicle owners. An important regulatory requirement in California is the Auto Dealer Bond that every auto dealer is mandated to possess to protect the interests of their customers.
An auto dealer’s bond is mandated by the California Department of Motor Vehicles. This is a legal agreement that dealers sign to affirm that their practices will comply with all existing laws while dealing with customers. For new and used car dealerships, the bond value is worth $50,000. Bonds are also applicable for wholesale car dealers, motorcycle dealers, or recreational vehicles. The actual cost to pay is usually between 1-10% of this amount determined by credit scores or experience.
An auto dealer’s bond protects the customers, and when they make a claim that is approved for settlement, the dealer must pay the claimed amount. The bond agreement comes into picture when the dealer can’t settle the claim, and the surety company has to do this on their behalf. In this case, the bond is revoked and the dealership business needs to shut.
“At Sarkhosh, we deal with all insurance carriers, and offer customized insurance solutions for auto dealers. We undertake bond guaranteeing and motor vehicle dealer bonds at the very best prices,” said Reza Sarkhosh of Sarkhosh Insurance Agency.
Serving the California businesses for over thirty years, Sarkhosh Insurance Agency offers many other insurance solutions for small businesses that are recommended to save on litigation and liability costs. These include workers’ compensation. commercial auto insurance, business owner’s policy, commercial general liability, commercial property, commercial umbrella, directors and officers’ liability and employment practices liability insurance.
Sarkhosh Insurance Agency is an independent, family owned Insurance Agency in the heart of Central California. Our driven team works in a collaborative, progressive environment and work culture. Sarkhosh Insurance Agency has been a champion for small to mid-sized businesses for over 30 years, serving Fresno, the Central Valley and beyond.
For more information, please visit: https://www.sarkhoshins.com/