Your custom or collector vehicle is more than just fun to drive. It is a financial investment that you need to protect. With a car appraisal New York, you’re taking the right steps to save yourself potential hassle in several arenas, including the IRS, sellers, the courts, and insurance companies.
Let’s talk about everyone’s favorite organization: the IRS. If you are going to donate your vehicle to charity, you’re required to have an appraisal of your vehicle done before you can write it off on your taxes.
If you’re going to purchase a classic or custom car, you should get a pre-purchase appraisal before you hand over any cash. Should the car’s restoration or customization job not be up to par, you’ll be glad you didn’t pay the high price that the seller may have been trying to get you to pay. If you don’t know what to look for in a high-quality restoration or customization job, or if you live too far from the vehicle to look at it closely, you can trust a trained appraiser to do that for you.
In unpleasant situations like legal and official proceedings like financial audits, bankruptcy, estate settlement, or divorce, you will also want to have an appraisal. You can give these documents to interested parties to provide an independent valuation of your vehicle. You don’t want to depend on the lawyers or the courts to determine your car’s value for you.
In the instance that your car is damaged or stolen, you will have to make a claim on your insurance policy. You can give the company an appraisal that proves the value of your car. If you’re going to buy insurance, you need an appraisal so that the insurance company doesn’t provide their own value of what the car is worth in order to decide what to pay you in the event of a claim.
Consider getting agreed value car insurance instead of stated car insurance if you’re in the market for it for custom or classic cars. Agreed value car insurance is different in that it doesn’t have the out that stated value car insurance policies do, namely, that the insurance company can pay you the lesser of either the car’s actual cash value or the stated value on the policy. Agreed value insurance is also usually cheaper because collector and custom cars are in usually in garages and protected, and they’re not daily drivers.
So call us when you’re ready to get a car appraisal New York to protect your investment.