Tim M’s 2014 Kia Sorrento was stolen in December 2018, never to be seen again! His insurance company offered to compensate him $11,329 for his total loss. Tim felt this was less than fair market value so contacted us to help him. We advised him to inform his insurance company that he wished to invoke the ‘Appraisal Clause’ in his policy. We all have one in our policies!
Want to get into the collector car hobby through financing? Here are some options to consider and remember in almost all cases the lender will require an independent current Fair Market Value Appraisal to determine the amount of the loan. Hobby-Specific Financing: This is a fairly new alternative for someone wishing to buy an antique, classic or collectible vehicle. The loan representatives understand the collector car market – namely, why a 40-year old car might cost upwards of $50,000, or much more! Interest rates tend to be low and loan terms can be generous, keeping monthly payments affordable. See a list of potential loan providers. PROS: Very low monthly payments doesn’t tie up cash CONS: The cost of borrowing money
This 1985 Ferrari 288 GTO coupe sold for $2,540,251 at Bonhams’ Bond Street Sale on December 2, 2017. This was good money at the time, but RM Sotheby’s just sold a 288 GTO for $3,360,000 at their just-completed 2019 Arizona Auction. The car was high sale for RM Sotheby’s. Only 272 of these beautiful cars were built. Are we seeing a market rise for these cars? Stay tuned for Amelia Island in a few weeks!
Here's what a good appraisal provides: The condition of the boat and its equipment: A marine appraisal determines the condition of the boat's visible components and accessible structures at the time of the inspection. An appraisal provides a list of deficiencies as well as needed repairs and focuses on safety. Deficiencies in an appraisal can be used to renegotiate the sales price or scrap the deal altogether if needed repairs are too expensive or complicated.
No one wants to overpay for a boat, so how can you get a good idea of its worth? For popular production boats, there are a few places that can help. Nadaguides.com and www.bucvalu.com list values of hundreds of models. Keep in mind that estimates from any service presume clean boats typically and appropriately equipped, with everything in proper working order.
According to the results of the J.D. Power and Associates Vehicle Dependability Study, a better warranty is not one of the most important factors considered by consumers when choosing a new vehicle. The same study, however, consistently finds that consumers say reliability and durability are the most important factors in their choice of vehicle.
By law, if a car owner wants his or her car to be legal to drive, then that car must have a car insurance policy in force, which is a law that also extends to modified cars. This is true even if the owner drives the car or not, whether the car has a registration plate or not, and whether it runs or not. However, insuring a modified car is not the same as insuring a non-modified car, and there are strict rules and regulations the modified car owner must follow. While many modified car owners purchase full tort insurance policies from specialized insurance agents experienced with modified car insurance policies, getting any policy for the car has some downfalls.
Carrera commemorates Porsche’s success in the Carrera Pan American Race. Porsche developed its first 4-cam racing "Carrera" engine for the 356 in 1955 known as the Porsche 356 Carrera. The name was synonymous with high performance race cars, but in the late 20th and early 21st century has become a luxury flagship for Porsche and has helped build the brand into one of the most famous automotive names
Even if you've never been involved in a car insurance scam, rest assured that you have felt their effects in the form of higher premiums. There is no national authority that keeps track of all types of auto insurance scams, but reports from various sources indicate the phenomena can cost insurance companies upwards of $6 billion per year and may account for up to 15 percent of all claims filed. Having to pay these claims results in higher premiums for policy holders, including you and me.
Q: Can I keep my car if the insurance company totals it? A: Yes. After it's been declared a total loss, you have the option to keep the car. The insurance company will subtract the salvage value from the car's market value. The salvage value is the amount a salvage yard will pay for the damaged car. If you keep the car, it will have a salvage title. If it is successfully repaired or rebuilt, you can apply to transfer the salvage title to a rebuilt title. Caution! A vehicle with a rebuilt title can be difficult and/or expensive to insure. Do your homework!