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I have had an unlicenced appraiser provide an appraisal of my car and it has been accepted by the insurance agent or broker. Isn’t this enough?

April 26, 2017agent appraisal appraiser broker car Insurance isn’t unlicenced

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I have had an unlicenced appraiser provide an appraisal of my car and it has been accepted by the insurance agent or broker. Isn’t this enough?

1 Answer

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A. Agents or brokers don’t “accept” reports. The broker or agent may have seen the appraisal report, possibly skimmed it, and filed it away. However, if you make a claim for a total loss, then the claims department of the underwriter will not accept the appraisal report on face value. Even with a 19A endorsement on the policy there is sufficient legal fine print “wiggle room” for the insurance underwriter to pay out far less than the agreed value if the appraisal report is fraudulent, or inaccurate.