As a vehicle ages most insurance companies request an independent appraisal of your vehicle. This normally happens when your vehicle is 20 years old. The reason is that at this point the average condition of your type of car or truck is very poor. An independent appraisal ensures that your insurance company knows what condition your vehicle is in, what options and features your vehicle has and an opinion on what the insurance value should be.
An appraisal covers all areas of the vehicle. Each area is evaluated for quality of workmanship, condition and features. Your vehicle is compared against similar vehicles and an opinion on value is determined. Many pictures are taken and included in a written evaluation of your vehicle. You are provided with two copies of the appraisal. One copy is for your insurance company and one copy is for your files.
I also do appraisals for bankruptcy and divorce proceedings.
Vehicles more than 20 years old require an independent appraisal of the vehicles value as part of registration in Ontario. For vehicles newer than 20 years you may wish an appraisal be performed when the value of the vehicle is less than the wholesale value. Lower value can be caused by poor cosmetics, high mileage, requirement for expensive repairs, etc. as compared to the average vehicle of that year.
As an approved independent appraiser for the Ontario Ministry of Finance I am able to perform RST appraisals.
Buying a special vehicle can be a stressful but exciting occasion. It can be worth the peace of mind to have an independent evaluation done on the prospective vehicle. Many times deficiencies can be spotted by a person who is not emotionally attached to the vehicle. This may provide you with additional leverage when negotiating price.
