[DML] Re: How does a company like Hemmings come up with such incorrect information?

["David Teitelbaum" <jtrealty@xxxxxxxxxxxxx>]

If you do actually require an appraisel have the appraiser get in
touch with DMCH. They can provide enough background materiel to help
your appraiser set a value to the car. The way it is done is you take
a car in perfect or #1 condition and see what it sold for. A recent
auction is generally the best measure but private sales can be used
too. You then try to acertain the condition of the car being
appraised. For instance if a #1 car sold at a recent auction for
$37,000 and you have a #1 condition car then you can say that car is
worth $37,000. If the car you are trying to value is in less than #1
condition, say #2, then you would deduct a certain amount for what it
would take to get it from #2 condition to #1 condition. Most insurance
companies will insure up to $25,000 without an appraisel. They will
ask for some pictures to document it's condition at the time you
insure it. Most appraisers will purchase from auctioneers a book of
recent sales so they can see what the market is for a particular car.
This is what is known as "comps" or comparable sales. Before you go
spending money on an appraiser get some quotes from several insurance
companies. I tend to prefer Haggerty but there are many good ones. The
better ones advertise in Hemmings.
David Teitelbaum
vin 10757



--- In dmcnews@xxxxxxxxxxxxxxx, "John" <silversurfer@...> wrote:
>
> or is it just me?!!  
> I am planning on paying for a professional appraisal for insurance 
> purposes, and I hope they don't use this as a reference. Does anyone 
> have any suggestions if they come in "too low"
> 
> http://tinyurl.com/7vj5y
> 
> John
> #7009
>









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