5. When Should A Vehicle Be Appraised?

The timing for having an appraisal done would depend upon the particular matter and any requirements. One needs to be cautious of issues such as court orders, IRS mandates, Insurance policy and/or contract wording and any statutes of limitations. Requirements often depend upon the need and the party requesting the appraisal. Should your particular issue involve a matter of the past, you may elect to seek a valuation for the property’s “pre-loss value” (as it was at the time of the loss) which can be much greater than that at a later date.

If your vehicle is in various stages of customization or restoration, you may be wise to have it appraised during the restoration in the event it is damaged or stolen before being completed. A vehicle may be worth tens of thousands of dollars prior to completion and it would behoove an owner to have it appraised during the investment process (mechanical, interior, body repair and refinishing etc.). This would be especially true when transporting the vehicle to a service provider whereas the vehicle will be in the care, custody and control of another. Possessing a current valuation and having adequate coverage will protect your investment and give you the peace of mind insurance is intended to provide.

Category: Appraisals FAQ

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