A total loss appraisal is a specialized service offered by professional appraisers to assess the value of a vehicle when it has been completely damaged. The information gathered can be used to determine whether an insurance company should declare the vehicle a total loss and provide compensation for repairs or replacement.
This article will explore some instances when you might need a total loss appraisal.
When the Cost of Repairs Exceeds the Value of Your Vehicle
When your vehicle has suffered significant damage that renders it a total loss, you might need a total loss appraisal to determine the car's true value and how much money you should receive in compensation. This is especially important if you have an older car or an exotic model, as the insurance company might be lowballing its value.
A total loss appraisal can ensure you receive a fair offer for your totaled vehicle. Typically, a total loss appraisal involves an experienced appraiser examining and inspecting your car inside and out. They'll measure body panel straightness, examine upholstery for wear and tear, and check for any additional custom features that could add to the overall value of your car.
With all this in mind, they can then compare your vehicle to similar models in their database to come up with an accurate amount based on its condition before the accident.
Once the appraisal is complete, you'll receive a detailed report with all the particulars of your car's condition and its estimated worth to dispute any lowball offers from the insurance company. The report also lets you know exactly how much money you should receive once all repairs have been completed or when selling a salvage model car.
Professional documentation backing up these offers gives you more bargaining power within your negotiations and helps you get fair compensation for your vehicle's loss.
When Determining Value for a Salvage or Rebuilt Model
A total loss appraisal can also be beneficial when dealing with a salvage or rebuilt model car.
Salvage cars are vehicles that have been declared total losses due to the extensive damage they've sustained and have to be repaired before they can be put back on the road. Rebuilt models have been repaired and certified by a state motor vehicle department to be safe for operation, but they still carry a stigma that can affect their value.
In these cases, getting a total loss appraisal is an excellent way to determine the accurate value of your vehicle. The appraisal can factor in the repair cost and detail any other issues that might have affected its value, like a salvage title or major structural damage. This information can help you determine the true worth of your vehicle and ensure that you get a fair offer when it comes time to sell it.
For more information on total loss appraisal, contact a professional near you.Share