An appraisal, referred to as a Value Appraisal, should be completed on your classic automobiles for a number of reasons:
– When establishing the correct insurance coverage;
– Before buying or selling an automobile;
– After a new restoration ;
– When securing collateral for a loan;
– When negotiating divorce agreements;
– When donating your vehicle to a non-profit organization;
– Whenever you need to know the current value of your automobile or collection;
– When assessing the value of your estate;
– Upon your death, does your wife know the true value of your collection or vehicle?
– A pre-purchase inspection through out the United States;
– When settling an Agreed Value Claim with your insurance company;
– When determining diminished value on newer automobiles.
How Does An Appraisal Work?
A certified agent provides an on-site comprehensive inspection of the auto, taking photographs and paying close attention to details related to each auto's current condition. The agent verifies vin numbers and matching numbers through out the automobile.
This information is reviewed and researched at the home office. This research includes verification of originality or correctness, market comparable availability and current market value analysis.
A good appraisal company maintains a central resource data base (200,000 entries+/-) that records detailed information on every car appraised by the company as well as current sales transactions involving foreign and domestic collectible vehicles.
A Certified Appraisal Can Save You Both Time and Money
With an appraisal in hand, you will have much greater confidence that you won't pay too much, settle for too little or under insure your collectible automobile. A good company's appraisals are recognized worldwide by major insurance companies, lending institutions, federal agencies, and state and federal courts. Check out your Appraiser.
Submitted by Landon S., Certified Appraiser • Auto Appraisal Group
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