3. Why and When Might an Appraisal be Necessary?

An appraisal may be desired or required for various reasons including, but not limited to:

  • Verifying the condition of a vehicle prior to lease turn-in (no damage or if damaged, the reasonable cost of repair [Repair Assessment])
  • Valuation for true “residual value”
  • Determining a fair replacement value of a vehicle determined to be a total loss,
  • Establish loss (diminution) in value due to accident damages

Insurance policy contracts may have an “Appraisal Clause” which calls for both parties to secure the services of independent appraisers to aid in settlement of claim disputes. Vehicle Value Experts offers its services to all parties which enables us to help our clients regardless if an insurer, consumer, legal professional, corporate or state official. Vehicle Value Experts offers a true balance of clientele which ensures fair and unbiased activities which many professionals (who only serve either defendants or plaintiffs) cannot attest to.

In some instances, an appraisal may be required to obtain documentation to support an IRS deduction, valuation of a donation, value for adequate insurance coverage, collateral, legal requirements (i.e. bankruptcy, divorce, estate settlement) and other various issues.


Category: Appraisals FAQ

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