There are several vehicle appraisal types I can help with in most cases. There are many reasons why you may have found my website today. If you landed here this could be a great day or a not so great one. Good news is, TDT offers vehicle appraisals and we can likely assist with your appraisal needs. Lets find out what type of vehicle appraisal you need.
I offer free consultations and case reviews. Just fill out the form on the side of this page or CLICK HERE
Fair Market Value Vehicle Appraisals are commonly used in many situations
FMV Appraisals provide the value of the vehicle which you could expect to pay for it or realize at a reasonable sale. Most of the Fair Market Value Vehicle Appraisals I provide are for those about to make a purchase and the buyer looking for a reasonable dollar figure to offer for the vehicle. We also offer FMV Appraisals for people considering selling a vehicle and wanting to know what they should ask for it. I also provide Fair Market Value Vehicle Appraisals for bankruptcy cases, banks and insurance claims.
Replacement Value Appraisals or Stated Value Appraisals for Vehicles are different than FMV
Replacement Value Appraisals are used to provide a value which it would cost to replace your vehicle if it were ever deemed a total loss. RVAs are often performed on classic cars, muscle cars, and collector vehicles. Sometimes they are also performed for campers and RVs that have been remodeled. A lot of times during a claim insurance companies are forced to use data and comparables from the open market to determine what the loss value is on your vehicle. If your insurance situation involves a vehicle which you are wanting to protect its actual value then your insurance company may request proof of that value. This is where a Replacement Value Appraisal comes into play. Sometimes insurance companies also refer to these as Stated Value Appraisals. Most insurance companies have a certain threshold they will insure the value up to and after they will require an appraisal. The Replacement Value or Stated Value Appraisal provides a value in which it would cost to replace the vehicle or sometimes rebuild the vehicle. Do not confuse a Replacement Value Appraisal with a Fair Market Value Appraisal. They are different animals and used for different reasons. While sometimes a vehicle can be replaced in the market at a fair market value due to is commonalty and the availability of the vehicle, the Replacement Value Appraisal report provides specific documentation and language which is needed.
Total Loss Value Appraisals usually come with sad stories
If you are coming to me for a Total Loss Value Appraisal you probably have a sad story. Firstly, I hope that you and your family are safe and okay after the incident. People who come to me for a Total Loss Value Appraisal are usually not happy with the value the insurance company is offering for their vehicle. Few things to remember here. Most insurance companies are big corporations traded on the stock market and have investors to keep happy. They do this by making profits and not giving away the farm. While they have a duty to pay your claim, they will use whatever tactics they can to pay out the least amount in your claim as they can. Even if the loss was not your fault. Most of the big insurance companies use a service that quickly looks up comparables in the marketplace, does some fancy math with making adjustments against your vehicle. On several occasions I have seen where adjusters have used wrong engine sizes and option packages and non data correct adjustment values in valuations. In these cases you would want to invoke your appraisal clause in your policy and hire your own vehicle appraiser. Then your appraiser (me) finds true comparables in the market for sale or sold and makes a case for you on your behalf. Usually what happens then is the insurance company also hires an appraiser and us appraisers try to find some middle ground in values. In some cases, very few, the appraisers are not able to come to an agreement in values and then a 3rd appraiser must be brought in as an umpire. This umpire looks at both appraisers reports and goes with one appraiser or the other or makes a ruling of value. If you feel your insurance company is trying to low ball you and you feel you can make up my appraisal fee in the difference then hiring me is a good idea. In some cases however, it does not make financial sense to move forward. I am happy to assist in a free consultation and seeing if I can help.
Diminished Value Vehicle Appraisals are not to be confused with a Total Loss Value Appraisal
Diminished Value or DV as some call it is used when a vehicle suffers a loss in value due to a major repair or continued repairs to a system in the vehicle. DV should NOT be confused with a Total Loss Value. Total Loss appraisals find the value of a vehicle which it will take to replace the value of the vehicle that is not repairable. Diminished Value Appraisals provide the amount the vehicle has suffered in value due to repetitive repairs or a major repair such as frame damage to a modern vehicle or a repaint of an all original muscle car with factory paint. In either of these cases the fair market value of the vehicle must be found and then the difference of what the vehicle was prior to loss and compared to the vehicle after repairs. In court cases such as lemon law cases, the court uses Diminished Value to determine damages. For these purposes DV is figured based off of the purchase price at the time of sale.
Can I Help With Your Vehicle Appraisal?
I offer free consults and reviews to see if I am able to assist with your vehicle appraisal needs before I take on a case. Each case I take on is different and has different requirements. We (appraisers in general and of all types) are bound by the ethics and rules set forth by the Uniform Standards of Professional Appraisal Practice (USPAP). It is your appraiser’s responsibility to determine what type of appraisal you need. It is an appraiser’s responsibility to represent your best interest during the appraisal process. I am happy to speak with your and look over your case. Please complete the form on the side of this page or send me a message on my contact page to arrange a meeting.
