Whether you have just bought a new motorcycle or completed your custom-built bike and would like to upgrade it, it is advisable to get it appraised. Motorcycle appraisal is also perfect for those who either want to buy or sell a used motorcycle. An appraisal gives you an estimate of the current market value of a product, given its current conditions.
One of the reasons why many people get their bikes appraised is for insurance purposes. Truth is insurance is a necessity for every vehicle. And, any insurance company you approach for a policy will definitely request for an approved appraisal. This way, they will know the true worth of your bike and offer the best coverage options suited to your needs.
This is where a motorcycle appraisal expert comes in. The insurance company would prefer a reputable appraiser to produce an appraisal report detailing all necessary details including the history and value of the bike.
However, there’s a major problem. Any individual or bike shop can claim to offer a motorcycle appraisal service. All they need to convince you is a shop sign or a shabby looking website. These scammers have a way of making the reports look official; some insurance companies may not even read through the fine prints before accepting.
Now, you’ve submitted your appraisal report and your bike is duly covered. Just imagine the unthinkable where you had an accident in which the bike was damaged beyond repair. How about a scenario where it’s stolen? Good thing is that your stolen or damaged bike is insured. It’s now time to play truth or consequences with your insurance company.
At this stage, your insurer will read through the fine prints of your appraisal reports carefully. Once they discover that the report isn’t official or a few discrepancies such as higher value or the appraiser did a shady job, you’ve got a big issue.
To make matters worse, if they did an underground work only to discover that the appraisal report wasn’t done by an approved, reliable, and certified motorcycle appraisal, then you’ve got even bigger problems.
You wouldn’t have found yourself in this mess in the first place if you had done the right thing from the onset. Choose a reputable motorcycle appraisal company to provide you with an approved report. Keep this in mind: If after you’ve spent all savings on buying a bike unless you have the appropriate appraisal document, your chances of filing a claim and getting compensation are slim.
No matter the circumstances, choose your appraiser wisely. With the sheer number of appraisers out there offering these services at affordable prices, choosing the right one can be daunting. In this case, your best bet is to narrow down the list to five. Schedule an appointment with representatives of each company to get details of their proposals. By so doing, you can go for the one you feel comfortable working with.