Buying Better Equipment

Working With An Independent Appraiser To Determine The Condition Of Your Trucks And Other Equipment

23 March 2021 by Jared Perez

Heavy equipment appraisals can be necessary for many reasons, and some independent appraisal companies provide this service to determine damage to equipment or establish the overall condition. Heavy equipment appraisals are commonly used to assess damage after an accident but can be used for other purposes.

Equipment Damage

There are many ways that heavy equipment can be damaged, and when that happens, the insurance company coving the equipment needs to assess the damage. In some situations, it makes more sense to have a service that provides heavy equipment appraisals take a look at the equipment and determine the validity of the claim. 

Often the insurer will not have an office nearby, so hiring a service that can send someone to the scene or location that the equipment is in can save time and prioritize the evaluation so that the claim can get processed and resolved quickly. 

Selling Heavy Equipment

 If you are trying to sell a machine that you no longer use, getting an appraisal is an excellent way to certify the machine's condition and value. 

The information can be beneficial if you have a buyer interested in the machine but they are not close by. They can review the appraisal and the pictures of the equipment to get a better idea about its condition before making a trip to see the equipment in person. 

Because heavy equipment appraisals are done by independent representatives and companies, the appraisal is often considered unbiased and a good way for the seller to know that they are getting accurate information about the equipment that they are considering. If the buyer is looking at the machine personally, the appraisal is still often helpful because the buyer can look at the report and the machine before determining if this is the machine for them.

Lease Termination Appraisals

Some leasing companies will use independent heavy equipment appraisals at the end of a lease agreement to determine the condition of the machine and the hours that are on it. Heavy equipment leases often come with limitations that allow the lease company to charge fees for damage, poor conditions, or late returns. 

The appraisal is a good way for the lease company to get a report of these conditions when a lease is terminated so they can determine if there are fees that need to be levied, if the machine is in good condition, and if the operator met the terms of the lease.

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