You recently purchased your first motorcycle. Now that you plan on enjoying it as either daily transportation or something to use on weekends, it makes sense to keep on top of the current market value. The best way to do that is to arrange for a motorcycle appraisal and then put that information to good use. Here are some ideas of how the appraisal results can help.
Determining the Amount of Insurance You Want to Carry
There’s no question of whether or not to have motorcycle insurance. What you do need to determine is how much coverage is sufficient. While there are legal standards that must be met, would that minimum be enough or would you like to have more? If so, how much more?
Whether the cycle is new or used, having an appraisal provides an idea of what it’s worth right now. Use that figure to see what an insurance provider is willing to provide. While you’re at it, ask for quotes that have to do with agreed value coverage as well as standard coverage. That will make it easier to decide which approach works best for you.
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Having Figures For Tax Purposes
There will be tax and tag obligations to meet each year. It’s a good idea to look at the assessments used to evaluate the current value of the cycle. Depending on the age and general condition of the cycle, it may be possible to work with the agency or department that sets the tax obligation and adjust the assessed value.
This is not possible in all jurisdictions. If it is possible in yours, having an appraisal by a recognized professional will provide the evidence that’s needed. Keep in mind that the appraisal will have to be done within a certain time frame prior to making this formal request. Local authorities can tell you if an appraisal that’s three to five months is recent enough for this purpose.
Getting an Idea of How Customization Would Impact the Cycle’s Market Value
If you’re considering the idea of customizing the cycle in any way, it’s smart to get an appraisal first. It’s not just about determining the current market value; the appraiser may be able to provide some idea of how certain changes would impact that value.
Keep in mind customization doesn’t automatically lead to an increase in market value. Certainly upgrading some features like the chrome tailpipes or adding heat to the grips may have a positive effect. Others, like painting the cycle in a color that was not available from the manufacturer, could have a detrimental impact on the market value. Along with the motorcycle appraisal, some tips on what would and would not be likely to add value will come in handy.
A Good Starting Point to Evaluating Damage Claim Offers from the Insurance Provider
Your hope is that you can own the cycle for years and never have any type of accident. Should one take place, it helps to know what the cycle was worth prior to the event. Knowing that information makes it easier to evaluate the offer made by your insurance provider.
Remember that insurance providers are engaged in the task of making money first. Everything else is secondary. Don’t assume the first offer is the only one the provider will entertain. If the appraisal indicates the base value used to create the offer is off, you may be able to use the documentation to get a better one.
There are other reasons for having your motorcycle appraised, up to and including knowing how to set the price if you want to sell it. Talk with an appraiser today and set up an appointment. What you find out could help you in more than one way.