You’re proud of the updates you’ve made to your motorcycle. While there’s no plans to sell it right now, opting to arrange for a custom motorcycle appraisal does make sense. What you learn can be helpful in a number of ways. Here are some examples to consider.
Satisfying Your Curiosity About the Current Value
You had some idea about the cycle’s market value before any customization work was done. How has the custom features affected that value? Has it has any impact at all? Choosing to have the cycle appraised is a good way to find out.
You may learn that the changes haven’t done much to enhance the market value. There’s also the possibility that they added quite a bit to the value. It’s also possible that they led to a lower market value for some reason.
Whatever the outcome, don’t allow the current market value to interfere with enjoying the cycle and the customization. That’s especially true when the custom work was to make the cycle better for you.
Determining If You Need to Make Any Changes to the Insurance Coverage
Based on what you learn about the market value, it’s worth taking a second look at the scope of your insurance coverage. It may be that you need to increase the value named in the policy. This is important, since that value will have some impact on what sort of compensation you would receive if the need to file a claim materialized.
This is also a good time to decide if you have the best type of insurance coverage for your needs. Many cycle owners prefer to go with agreed value coverage after some customization work. Doing so enhances the potential to receive a more equitable amount if you end up needing to file a diminished value claim after a covered event.
Thinking About What Further Customization Could Mean
Given what you know about the outcome of the previous customization, would you like to make a few more changes? The results of the custom motorcycle appraisal provide some insight into how this type of work impacts the market value. While that’s not your first concern, it never hurts to decide if further changes would be in your best interests.
When the plan is to keep the cycle and maybe pass it on to a loved one later on, the market value is not likely to be a big deal. With that in mind, it never hurts to consider additional customization that makes the cycle more to your liking.
Entertaining Offers For the Cycle
Even though you’ve not placed the cycle on the market, people sometimes approach you and ask if you would consider selling it. It’s true that if the right offer were to come along, you might think about parting with it. What would the right offer involve? A price that either matches or exceeds the value stated in the appraisal.
Using the appraisal details as your guide, weigh the pros and cons of selling. On the one hand, the offer is a good one and you could do a lot of things with the money. At the same time, the custom work was done to your liking and using the cycle is a lot of fun.
Whatever you decide, it’s a safe bet that the results of the appraisal on your custom motorcycle will come in handy. Use it to keep up with the current market value, make changes to your insurance coverage, or even to entertain any offers that come your way. When you do, there will be no doubt that having the appraisal done was a smart move.