Role & Significance of Automobile Appraisal

Need of an automobile appraisal

Automobile appraisal is a way to protect your investment in vehicles. Whether your automobile has been declared as a loss or you need to claim diminished value for a non-at fault accident, professionally certified automobile appraiser helps in determining the accurate value of the claim. There are many circumstances when you are required to get automobile appraisal from a professional Certified Appraiser such as:

  • When you have modified your vehicle
  • When you are transferring the ownership of any used vehicle
  • When you need to prepare and protect your insurance coverage
  • When assessing the value of an estate for sale and purchase
  • When you need to negotiate the value of assets in divorce agreements
  • When you are donating vehicle for charity purpose
  • When Ministry of Transportation requires appraisal.

Hiring a professional automobile appraiser

The value of vehicle changes as per market condition. It is also affected if the vehicle has undergone extensive additional restoration or whether modifications have been made to the vehicles.

It is advisable to hire appraisers through full appraisal service providers. There are companies offering comprehensive range of appraisal services to meet your diversified appraisal needs for all kinds of vehicles including antique autos, classic cars, muscle cars, exotic cars, custom street rods, kit cars, motorcycles, Classic Car Appraiser and lot more. These companies have competitive professionals having experience, credentials and expertise to provide competent vehicle valuation representation. Automobile Appraiser provides a wide array of appraisal services including pre-purchase inspections as well as total loss and diminished value appraisals on your late model automobiles, fair market appraisals or replacement cost appraisals and prior to loss appraisals.

Key essentials of automobile appraisal report

Getting a worthy appraisal initiates with finding the right appraiser. It is important to know the qualification, experience, and knowledge beyond their communication skills or a brand of car owned by them. Some of the key items should be included in proper appraisal are:

  • Who has prepared the report?
  • Who has ordered the report and for what purpose report will be used?
  • Complete details of the vehicles being appraised such as VIN, mileage and correct model
  • Date of the inspection of the vehicle
  • Date of completion of the report
  • Name and résumé of the appraiser
  • Detail description of the vehicle including current options as well as available options, actual build sheet and protector plate present vs. researched, documentation of the valuation sources such as price guides
  • Methodology used for arriving at the final value for the vehicle
  • Photos of the vehicle or copies of documents used for preparing the appraisal report
  • The report should have a specific value for the vehicle being appraised and not a range.

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