You’re proud of your motorcycle and the custom work you’ve had done. How has the customization impacted the overall market value? If you’re not sure, it makes sense to schedule a custom motorcycle appraisal and find out. In fact, there are several reasons why an appraisal may be a good thing. Here are some examples to consider.
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Making Changes to Your Insurance Coverage
You’ve been wondering if the amount of insurance that’s currently carried on the motorcycle is enough. One way to find out is to have the bike appraised. Once you know how much the bike is worth in the current market, it’s easy to compare it with the coverage amounts.
You may find that what you have in place is just fine. If so, there’s no need to make any changes. On the other hand, if the modifications to your custom cycle have added significantly to the value, it may be time to consider some additional points of coverage or raising the limits on the existing ones.
Thinking of Donating the Cycle to a Charity
It’s been on your mind to do something for a local charity that’s close to your heart. With a fundraising event coming up soon, you’re thinking of donating the bike. There’s a good chance it would bring a good price at a charity auction.
For your part, there’s the need to place a value on that donation. One way to make sure no tax agency questions the amount you claim is to have the cycle appraised before you make the donation. With that type of documentation on hand, you’re sure to have everything in order for tax purposes.
Selling the Bike
Events can arise that make it necessary to part with some of your possessions. That’s particularly true when you need some case to settle a debt that you didn’t expect to incur. Before you start trying to find a buyer for your bike, it makes sense to have a custom motorcycle appraisal done by a certified professional.
Your goal is to identify the current market value and use that information to set the price. Doing so will help you determine if selling the bike will cover the cost of that outstanding debt or at least settle a significant part of it. Assuming you can get at least the market value, your financial woes will be easier to resolve.
Going Through a Divorce
Even with amicable divorces, there’s the need to figure out how to split the marital assets. In the case of some assets, splitting is not possible. It will be necessary to sell them and divide the cash that’s generated. Depending on the circumstances, that may be the case with your custom cycle.
Even if you are able to keep it as part of the settlement, identifying the market value will make it all the easier to ensure each part receives a fair share of the assets. The result is that both are in a better position to move forward with the next phase of their lives.
Would an appraisal of your custom motorcycle be helpful? If so, call today and set a date and time to take the bike in. Once you have the appraisal in hand, it will be helpful to you in more than one way.