Appraisal Resources
If you are looking for an appraisal for your collector, high value, rare, unique or specialty car, below are a list of directories and resources you can use to find a certified appraiser. Traction recommends you only work with a certified appraiser who is familiar with appraisals for your type of vehicle in your specific situation of need.
We also don’t recommend reaching out to an appraiser until you truly know you need one. For most agreed value policies you won’t need an appraisal unless it is particularly high value or there is a unique situation where your insurance company requires one.
Directory Of Certified Appraiser Organizations
The American Society of Certified Auto Appraisers
ASCAA is an organization dedicated solely to the Auto Appraising Industry. Their approach is to make sure all auto appraisals in America adhere to the Society’s Standards, Ethics, Quality and Methodology.
ASCAA certified appraisers are experts. They are required to go through their meticulous ASCAA certification process ensures that ASCAA-certified appraisers are accurate, impartial, and credible. They deliver independent valuations that assure automobiles are appraised at its fair market value.
Click To See The American Society Of Certified Auto Appraisers Directory Of Appraisers
International Automotive Appraisers Association
The IAAA has a strict Code of Ethics and the Uniform Standards for Automotive Appraisal Procedure (USAAP). They are a first in the automotive appraisal industry, in that they are specific & unique to the community that IAAA automotive appraisers serve.
The Association members are represented and identified on the advisory board of the J.D. Power N.A.D.A. Classic, Collectible and Special Interest Car Appraisal Guide. IAAA appraisals have specifically been used as a determining factor by Judge’s in cases. While there is no guarantee that will happen in every circumstance, it says a lot about the quality of methodology.
Click To See International Automotive Appraisers Association Directory Of Appraisers
Bureau of Certified Auto Appraisers/IACP Certified in Georgia
Our Certified Auto Appraisers have experience appraising fine automobiles as featured in Hemmings Motor News, Barret-Jackson Auction Company, Mecum Auction Company, RM Auctions, Russo and Steele, & Worldwide Auctioneers. BCAA/IACP appraisers work on antique, vintage, classic, and modern cars. They have been used for insurance, court ordered appraisals, loans and investments.
Click To See Bureau of Certified Auto Appraisers/IACP Certified Appraisers Directory
Independent Auto Damage Appraisers Association
Click To See Independent Auto Damage Appraisers Association Directory Of Appraisers
About Appraisal Resources
We should note that these organizations have their own methodology and certification process. The information below about each organization was furnished by the organization and shouldn’t be considered a review or endorsement.
The resources above are provided for informational purposes only. Traction does not endorse any specific appraiser or appraisal/adjuster organization.
Do I Need An Appraisal For Agreed Value Insurance?
For most agreed value policies you won’t need an appraisal unless it is particularly high value or there is a unique situation where your insurance company requires one. We don’t recommend getting an appraisal unless you are explicitly told during underwriting that one is required for your policy or you don’t have any other way to quantify the replacement value of your car.
We do highly recommend that you have reasonable documentation about your vehicle and how you come up with the valuation. In the case where there is restoration, modifications or other factors that impact the valuation you also keep additional documentation, like a list of modifications, invoices for restoration work and pictures that help justify it.
One of the major points of an agreed value policy is that you establish an agreed to value upfront. Once that is established, you generally won’t need an appraisal unless your insurance company believes something was misrepresented originally.
When Do I Need An Appraisal For Agreed Value Insurance?
There are a few special scenarios where you may need to get an appraisal for agreed value insurance. Most often this will be because of an extremely high value or a requirement from underwriting because your specific policy may not meet their typical risk profile. We most often see this with very unique vehicles and situations.
While most enthusiast policies will not require them, you are more likely to be asked for an appraisal with some conditions like:
- If the value of the policy is extremely high – we typically see this well above $100,000, though even then for a well known, high value car like an McLaren, Lamborghini or Ferrari it may still not be required.
- When potential values and conditions may have a wide range – older cars that may have a variety of potential conditions or values are more likely to need an appraisal, particular at the higher end of the range.
- If there is something non-tangible that may impact the value, such as being a piece of history or previously being owned by a famous person – appraisals are often required if a big portion of the justification for your policy amount is tied to something over the traditional fair market value of the vehicle and/or physical parts on the vehicle that can be easily quantified.
- Too much of the value is in additional parts or components – while not always required, if you have a show, race or highly modified car where a huge percentage of the valuation comes from claimed upgrades or modifications it may trigger an underwriting request for an appraisal.
- When you and your insurance disagree on the value – while within a specific range most insurance companies will just factor some of the risk into the price, if your preferred insurance company has a known value for a vehicle like yours but your requested amount is very different from what they expect, you may be asked to provide an appraisal.
- For certain high risk vehicle types in high risk areas – Lowriders, Custom Cruisers, Show Cars and other types customized cars can be considered high risk by some carriers or in certain states. In these situations, an appraisal may be required.
- For high net worth agreed value providers – while enthusiasts and collector companies generally don’t require appraisals outside of the reasons listed above, many of the High Net Worth carriers that provide agree value coverage are known for requiring appraisals for highly modified, unique or collectors cars.
These are just a few examples, but there may be a variety of other reasons specific to the insurance companies underwriting requirements.
Blog Post Disclaimer
The information in this blog post is intended as general information and not direct insurance advice. The goal is to give you information to think and ask a licensed agent about. This information should not be the sole source of information when making an insurance decision. Every situation is unique, products and coverages may vary by state, company and situation.
