4 Reasons Why an Appraisal Matters When Establishing Car Value For Insurance Claims

When you purchase auto insurance, the hope is that you never have to use it. In the event that you do need to file a claim, how do you know that the provider’s answer is really the best that can be offered? One way is to arrange for an appraisal of your own. Your appraiser can determine both the prior to loss value and the value after the event. Here are some reasons why knowing this type of car value for insurance claims matters.

Setting a Benchmark for Evaluating the Cost of Repair

The question on the table now is determining what it will take to repair the vehicle. While it will never quite be the same again, the car could provide reliable transportation for a number of years. Before deciding if making the repairs is worth it, an appraisal to establish car value is a smart move.

Basically, it will help you decide if spending the money on the repair makes sense financially. While that’s not the only consideration, it’s a big one. If the appraisal indicates the repair costs far exceeds what the vehicle will be worth, you may want to move forward with any offer by the insurance provider to total the car.

Determining if the Provider’s Assessment is Adequate

You can bet that the insurance provider will have the vehicle evaluated by an approved auto repair specialist. They also want to determine if the projected cost of repairs is reasonable in terms of the stated value of the vehicle. If so, then they may proceed with an offer to cover the cost of repairs, less any deductible that you’re obligated to pay. They may also determine repairs are not worth the cost, and provide you with an offer to total the vehicle.

It’s up to you whether to accept the offer or to attempt to counter using information supplied by the appraiser. Keep in mind that the insurance company is ultimately in existence to make money. That can meant the offer is intended to minimize the loss to the insurance provider and not necessarily to ensure you have the best deal. If you suspect that’s the case, submitting a counterclaim and attempting to negotiate with the provider may be a good idea.

Documentation to Use in a Counterclaim If Necessary

If you’re going to submit a counterclaim, there has to be some hard evidence to back it up. The fact that you love the car and want to keep driving it is not sufficient. That’s where hiring an appraiser to determine the car value for insurance claims becomes so important.

The detail in that appraisal may or may not agree with all points in the provider’s evaluation. Your appraiser will also look over your coverage and identify any small details or provisions that might strengthen your counterclaim. Armed with that information, you have a reasonable chance of having the counterclaim approved.

Helping You Work Toward the Best Possible Outcome

What you really want is to settle this entire manner in the most equitable way possible. That means you do want to make the most of the insurance benefits that you’ve been paying for all these years. Having an appraiser who can help you work toward that goal makes the task less daunting.

Just as the insurance provider will have their own interests at heart, you do want to protect your own. It’s not about getting one over on the provider; it’s about receiving all of the benefits that are provided in your auto insurance policy. If an independent appraisal will help with that, it’s worth the time, effort, and money.

Don’t assume the first offer made by the insurance provider is the best. Have your vehicle appraised. If the appraisal outcome is significantly different from what the insurance company has extended to you, seek something better. You may be surprised at how much that appraisal helps make the process a little easier.

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