Working With Heavy Equipment Appraisal Services: Ensure Effective Claims Management and Low Supplement Rates

Heavy equipment appraisal services help keep claim payouts low and provide effective claims management. Accidents happen, but they can be costly for insurers when calculating payouts for heavy equipment values — especially if the insurance appraiser makes a mistake.

A fumbled appraisal can lead to reopened claims and high supplement rates, making the claim process longer and more expensive. To maintain low supplement rates and other costs to the insurer, it’s critical that these evaluations are done correctly.

The professional best suited to do this work is a qualified and experienced heavy equipment appraiser. This specialist has a high level of expertise and understands the intricacies and true value of the heavy equipment.

This specialized knowledge allows for a meticulous assessment of machinery from standard tractor-trailers to complex industrial equipment. 

Keep reading to learn more about the role of a heavy equipment appraiser, the effect of appraisals on supplement rates and how this professional can contribute to an effective claims management process. 

The Role of a Heavy Equipment Appraiser 

A car and a truck are similar, right? It shouldn’t be too hard for someone who can accurately appraise the damage on a sedan to assess heavy equipment values.

Nope. An auto appraiser does not have the expertise to handle heavy equipment claims and it could be dangerous if they tried. Understanding heavy equipment, and heavy equipment repairs, takes years of training and practice. 

If you enlist an auto appraiser, it will often cost more in supplements and repairs. Also, your company could also be held liable for the danger of driving heavy equipment that has not been correctly repaired. An auto appraiser cannot credibly evaluate complex equipment. 

Heavy equipment appraisal services leverage expertise in evaluating heavy machinery. Unlike auto appraisers, heavy equipment appraisers have the mechanical and industry knowledge to ensure an accurate assessment.

Their proficiency enables them to:

• correctly identify damages.
• create detailed estimates.
• recommend appropriate repairs. 

Whether it's a tractor-trailer or a specialized mining vehicle, a skilled appraiser ensures that the evaluation process is thorough and precise, helping to maintain low supplement rates. 

Working With Heavy Equipment Appraisal Services Improves Supplement Rates 

One focus when calculating heavy equipment values should be to maintain low supplement rates. A sloppy appraisal costs more money, especially if the case is reopened for missed damage. A good appraisal should keep repair costs low and reduce vehicle downtime. 

When you hire a heavy equipment appraiser, you want it to be someone who will get the job right the first time. Errors in appraisals lead to:

• higher costs of repairs due to having to return to the shop.
• lost income due to driver and vehicle downtime.
• higher insurance and claims management fees. 

Heavy equipment appraisal services prevent these increased costs because they have the knowledge to accurately assess damage so that repairs can be done at the same time.

This reduces the cost of the claim and helps maintain low supplement rates — and it also ensures that the driver and truck can be back on the road quickly and safely.

Heavy Equipment Appraisal Services and Effective Claims Management 

Partnering with a heavy equipment appraisal service that employs specialists with the technical ability needed to evaluate damage keeps supplement rates low and allows for efficiency in claims processing.

It can be hard to estimate heavy equipment values without knowledge relevant to the vehicle that you are using, whether the claim is for agricultural equipment, tractor-trailers or other heavy equipment. 

Veritas Administrators specializes in heavy equipment appraisals and offers claims handling services nationwide. Our specialists understand how to customize services to fit your needs and serve as an extension of your organization so that you can manage your claims with ease and agility. 

Schedule a call with us to learn more. 

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