Saturday
Jan102015

DO I REALLY NEED AN APPRAISAL? 

Well, here we are in 2015. We sure hope everyone has success and prosperity in the New Year.

 

With more and more Insurance Companies not requiring appraisals at the time of insurance, we have contacted many of our old customers to see how they are making out. We have been told by many enthusiasts that they have been asked how much their car is worth and the Companies have given them the cost to insure. Once the application is made, if the amount seems extreme or the vehicle has had extensive improvements, the Insurance Company then requests an appraisal. 

 

Now many of our customers in the past have had us appraise their rides long before they intend to put it on the road. That gets them properly planned when they get the app and the certification and have all their paper work together and then, "WOW now I have to get an appraisal before I can get insurance and I wanted to get it transferred so I can go to a show or event on the weekend". I wouldn't be happy either. I guess what I am trying to say is FIND OUT FOR SURE IF YOU NEED AN APPRAISAL OR NOT so you can plan your time accordingly. 

 

There are other instances when, even though you Company does not need an app, that you should definitely have one. One reason is so that you can use the vehicle for collateral. Other times you may be out of the Province or Country and "No Fault Insurance" might not apply. What if the responsible party wants to settle the claim with cash. You should have an Appraisal in hand. 

 

It has happened in the past where a vehicle was stolen and recovered. In this particular incident the car was disassembled and recovered in pieces along with parts from other cars.


The rightful owner could not provide documentation that the parts were his because he did not have a comprehensive appraisal that gave the identification numbers or proper description of the parts.

 

Please protect your investments. 

 

 

 


PrintView Printer Friendly Version

EmailEmail Article to Friend

References (5)

References allow you to track sources for this article, as well as articles that were written in response to this article.

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>
« VINTAGE STOCK CAR BODIES-NEW SERVICE | Main | REPLACEMENT VALUE- DIMINISHED VALUE »