1. What is an Automotive (Vehicle) Appraisal?

An appraisal is a service whereas a professional appraiser, proficient in the particular field, evaluates the subject property and prepares a formal assessment whereas an opinion of value is rendered. Vehicle Value Experts currently provides appraisals for various types of vehicles (i.e. cars, trucks, motor homes, travel trailers, motorcycles etc.) and services including, but not limited to:

  • Appraisal Clause Activities (insurance policy contract claim resolution)
  • Appraisal of Physical Damage/Correction (auto body repair, cosmetic repair, insurance claim)
  • Value Assessments (i.e. classic, custom, exotic value etc.)
  • Total-loss Replacement Valuations (pre-loss Actual Cash Value (ACV), Salvage Value etc.)
  • Estate Liquidation/Settlement Valuations
  • Insurance Coverage, (Stated value, Appraised value, Replacement value etc.)
  • Dissolution of Marriage (Divorce) Property Settlements
  • Bankruptcy Proceedings, (Chapter 11 reorganization, Chapter 7 liquidation etc.)
  • IRS Tax issues, (Donated vehicle, casualty loss deduction, depreciation etc.)

Real estate, fine jewelry, and art are among the most common items appraised. A motor vehicle appraisal is conducted much like other types of valuation appraisals whereas a qualified expert thoroughly inspects the subject vehicle, performs market research and opines to its monetary value range. The opinion rendered may not be the same by each and every appraiser as the appraised value is the expert opinion of the assigned appraiser and is based upon his interpretation of the vehicle’s condition, research and findings.

One needs be cautious in their selection of an appraiser to ensure competence. While in some instances the costs associated with the appraisal process may be recoverable, a basic rule to consider when seeking a qualified and competent appraiser is, not to base your selection of an appraiser on lower pricing. Remember: “Cheaper is Rarely Better and Better is Rarely Cheaper!”

Category: Appraisals FAQ

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