The most common reason is for insurance purposes. If the published value guides say that a perfect '40 Ford Coupe is worth $36,000.00, but you have around $160,000.00 invested in your fully customized Street Rod, then you better have every facet of that conversion work verified, photographed, and documented in a professional appraisal. You can't blame your insurance company for undervaluing your vehicle if the insurance company doesn't know what you have!
We have never been involved in an insurance claim yet where the adjuster looked at one of our appraisals and said, "That's just way too much information." We have, however, tried to help many unfortunate owners after they have already filed a claim without a professional appraisal and been told, "We have no idea what your car is worth." Lack of a professional appraisal not only cost them thousands of dollars but months of stress and aggravation as well. Our advice? Be prepared.
The second most common reason to have a vehicle professionally appraised is probably financing. Banks and credit unions will often finance classic cars and even customized vehicles, but they need to know exactly how much that special vehicle is worth in order to lend money on it.
Other common situations that require professional appraisals include: legal disputes, insurance disputes, diminished values, divorces, estates, probate cases, and charitable donations.
Of course, some of our clients just want to know the right sale price to set for their vehicles! We have an appraisal format to suit each customer's needs.