You might not think a car appraisal is something that you need to pay for, but you’d be wrong because car appraisals are vital pieces of information to have in case your car is damaged or stolen. These are only two instances when you want to have an appraisal.
First, if your car is damaged or stolen, you want to have an appraisal in-hand to show your insurance company that an independent party has verified the amount you think the vehicle is worth. You have a better chance of getting a fair settlement than if you just tell the company the amount you think it’s worth. The insurance company will likely go with what it thinks is the fair market value.
Let’s talk briefly about agreed value insurance. If you have a classic or custom car, you want this type of policy from a specialty car insurance company because it is cheaper than regular car insurance. Also, there is no nasty little clause in your policy that the insurance company can go with the lesser amount of either the fair market value or how much the car is insured for. With an appraisal, you can get the car insured for the right amount.
An appraisal is also important to have if you’re going to purchase a car. You want to know exactly what it’s worth and what is wrong with it. If it’s been in an accident, you want to know its diminished value, and the appraiser can tell you that as well. This is especially the case if there is a particular classic or custom car you want to buy as it can be difficult to determine their value.
If you’re going through a financial audit, bankruptcy, divorce, or estate settlement, you also need an appraisal. This will help the entire process go more smoothly and expediently. If you have an up-to-date appraisal, you can avoid having to get an appraisal when you’re in the middle of this type of situation. Don’t expect the worst in life, but being prepared for an unfortunate incident can ease the stress of the situation.
An appraiser takes dozens of detailed photographs of the vehicle and then consults our extensive online database of recent comparable sales. Using this information and the data from the car inspection, the appraiser arrives at an appraised value. Our appraisers are experienced and trained professionals who know how to accurately determine the value of a car in a car appraisal.