Professional Adjustment Services: certified on site appraisals of Antique, Classic, Unique, Vintage, Street Rod, Muscle, Hot Rod, Collectable, Special Interest cars, trucks, Motorcycles, Albany Capital Region Eastern New York , Western New England, VT, MA

Insurance:

Collector car insurance companies such as JC Taylor, Grundy, and Hagerty will allow you to insure a vehicle for an agreed value you provide them or a value they decide is correct. Other standard insurance companies such as State Farm and Allstate will ask you to have the vehicle appraised by a qualified appraiser.

Ask yourself, am I going to trust the insurance company to pay me the correct value of my vehicle at a time when the vehicle becomes involved in an accident, a fire or any other event that causes it to become a total loss? It’s your investment on the line.

Some insurance companies will send a staff or an independent appraiser out to do an evaluation and a damage report on the vehicle. Is this appraiser qualified to do an evaluation on this type of vehicle? Before the loss, have documentation to substantiate the value if need be in a court of law. Insurance is a form of risk prevention and so is an appraisal.

Total Loss Appraisal / Fair Market Value Appraisal: You are involved in an auto accident and your insurance company or the at-fault person’s insurance company determines your vehicle is a total loss. An offer has been made but is it fair market value of the vehicle? Insurance companies use automated systems that cater to their own interest of the lowest value. They do not apply all factors that a licensed appraiser will consider in determining your damaged vehicle value. Professional Adjustment Services’ total loss evaluation report can save you thousands of dollars. Collecting from your own insurance company, you can insert the policy appraisal clause, and on a third party claim, you can sue the third party personally for the difference in value in a court of law.

Common questions:

1) How does the insurance company determine my vehicle is a total loss?

Usually the amount of the estimated damage exceeds 75% to 80% of theestimated value of the automobile.

2) What methods do the insurance companies use to determine the value of my total loss vehicle?

Insurance companies use a variety of methods to arrive at the value of a total loss vehicle. The vehicle year, make, model, color, options, mileage, condition, prior damage and geographical location are all factors that could influence a particular vehicle value. All utilize some method of sampling the values of similar vehicles. The sources of these valuations range from the price of similar models at local dealerships, prices in the NADA guide, Kelly Blue Book, Red Book, local newspapers and classified ads. These value guides appear to be the most accurate and fair way to evaluate a total loss automobile.

Another method used by some insurance companies is to use CCC Valuescope valuations. CCC valuations work exclusively for insurers and therefore have an economic interest to supply valuations that are intentionally below the actual fair market value of what insured vehicles are truly worth. This method involves sending field inventory representatives to a car dealership nationwide and obtaining not the true retail value of an auto of like kind and quality prior to the accident but the value car dealers would sell a vehicle for at basement wholesale prices. Consumers whose settlements are based on CCC valuation method could find a sizable gap between what they receive for a totaled vehicle and what they need to replace it.

Are you unsatisfied with the insurance company’s offer on your total loss? There may be a difference between what the insurance company is willing to pay you, and the fair market value of your vehicle. You are entitled to a fair market settlement and you are always entitled to your own independent appraisal when negotiating a settlement with an insurance company.

Professional Adjustment Services can provide you with a certified fair market value report utilizing considerable training and years of experience.

<<< Remember >>>

When modifying daily driver vehicles you must upgrade the insurance: Do you have the proper insurance on your vehicle? Do you have documentation such as an appraisal and have an agreed value coverage with your insurance company?

These are some of the questions you must ask yourself.

Turning inexpensive automobiles into high performance daily drivers rolling fashion statements or multimedia showcases is an expensive hobby. Brakes, wheels, tires, and certain safety related modifications generally will not raise alarms; many insurers are tolerant of some traditional alterations if the owner discloses this information while getting a quote.

Suppose you buy a used Honda Civic vehicle for $5,500 and get it insured for $X amount. You decide to spend $2,000 on engine modifications followed by another $3,500 in chassis and suspension work, $1,600 for ground effects plus another $2,000 in audio and electronic upgrades. The car drives, sounds and looks great.

Then the vehicle is involved in an accident with another vehicle. Both vehicles are a total loss. The bad news is the adjuster sent out to do a total loss evaluation on the vehicle is not impressed to find $9,100 worth of extras on the vehicle which your insurer has not been informed of. They call it misrepresentation of the policy. The company denies the modifications due to the fact that you misrepresented the vehicle at the time the insurance policy was written. You will receive the book price on a Honda civic. As for the parts, you will be lucky to recover a fraction of the cost.

While it is tempting not to tell the insurer about modifications, remember it is your vehicle and your money on the line.

Professional Adjustment Service recommends that you:

► Save your receipts.

► Get an appraisal from a licensed appraiser as to the value of the vehicle.

► Present the appraisal to your insurance company; get an agreed value that BOTH parties agree to.