A collector or custom vehicle is a significant investment, and you definitely want a car appraisal Massachusetts to keep with all of your records on the car. It’s a smart investment, and it’s one that protects you and the time and money you’ve put into your vehicle.
First, if you’re donating your car to charity, it’s important to know that the IRS requires an appraisal before you can claim the gift on your taxes. Without it, your donation will not be something that you can write off.
You also should have an appraisal done if you’re planning to purchase a classic or custom car. If the restoration on the vehicle is less than of the best quality, that should be reflected in the price. You don’t want to get taken advantage of, and that is easy to do when you don’t know how to spot the signs of a faulty restoration or customization job or if you live too far from the vehicle to inspect it yourself.
Another reason to get an appraisal is when you have to deal with legal and official proceedings like divorce, estate settlement, bankruptcy, or financial audit. These situations can cause the courts, lawyer, or other officials to determine the value of your vehicle on their own if you don’t have a current appraisal, and this is something you want to avoid because the value they come up with has a high probability of being inaccurate.
When you are dealing with an insurance company over payment of a claim to your vehicle, you want to be able to hand them an appraisal that independently verifies the value of the vehicle. Also, if you’re going to buy insurance, you want an independent valuation to hand to the insurance company so that they don’t use their own estimation of the vehicle’s worth in their determination of what to pay you if you make a claim.
If you’re going to buy car insurance, know that stated value car insurance is probably not the type that you want to get for a classic or custom car. Agreed value car insurance is usually cheaper per month and doesn’t have the clause in it that allows car insurance companies to give you the lesser of two values: stated value of the vehicle or the actual cash value. This type of insurance is cheaper because collector and custom cars are usually better taken care of and aren’t driven every day.
So call us today, and get a car appraisal Massachusetts to protect yourself and your investment.