how to apply for motor vehicle valuation in kenya – complete guide
This article is about how to apply for motor vehicle valuation in Kenya. It is a step to step guide that aims to simplify the process for you.
Step 1: Contact a Registered Valuer
To start the process of obtaining a motor vehicle valuation in Kenya, your first step is to reach out to a professional known as a “Registered Valuer.”
These individuals or firms have the necessary qualifications and approval from relevant authorities, such as the Kenya Revenue Authority (KRA) and the Kenya Association of Valuers and Estate Agents (KAVES).
Make sure you select a reputable valuer who is recognized and respected in the industry. Some of the top motor vehicle valuers in Kenya
Step 2: Provide Vehicle Information
Once you’ve selected a registered valuer, you’ll need to provide them with comprehensive information about the vehicle you want to be valued. This information includes:
- Make and Model: Specify the make and model of the vehicle.
- Year of Manufacture: Provide the year the vehicle was manufactured.
- Mileage: Mention the current mileage on the odometer.
- Condition: Describe the overall condition of the vehicle, including any visible wear and tear or damage.
- Special Features: If your vehicle has any unique features, modifications, or upgrades, make sure to inform the valuer, as these can affect its value.
Step 3: Schedule an Inspection
After providing the initial information, you’ll need to schedule an inspection of the vehicle. This inspection is crucial for the valuer to assess the vehicle’s physical condition and verify the details you’ve provided. It’s a hands-on process where the valuer examines the vehicle and may take notes and photographs.
Step 4: Documentation and History
In preparation for the valuation, gather and provide all relevant documentation and the history of the vehicle, which may include:
- Logbook (Vehicle Registration Certificate): The official registration document for the vehicle.
- Service Records: Any records of routine maintenance or repairs.
- Previous Valuation Reports: If the vehicle has been previously valued, provide those reports for reference.
- Receipts: Keep receipts for significant repairs, maintenance, or upgrades as they may help establish the vehicle’s value.
Step 5: Valuation Process
The valuer will initiate the valuation process, considering various factors, including the following:
- Market Value: They will assess the vehicle’s current market value based on factors such as demand, supply, and prevailing market conditions.
- Condition: The valuer will carefully evaluate the physical condition of the vehicle, taking into account any visible wear and tear.
- Special Features: Any special features, modifications, or upgrades that can impact the vehicle’s value will be factored in.
Step 6: Receive the Valuation Report
Once the valuation is complete, the valuer will provide you with a formal valuation report. This report is a comprehensive document that outlines the valuer’s assessment and the determined value of your motor vehicle. It is an essential record that you can use for various purposes.
Step 7: Use the Valuation Report
The valuation report is a valuable document with multiple applications, including:
- Insurance: You can use it to update your vehicle’s insurance policy to reflect its accurate value.
- Taxation: The report is useful for determining the vehicle’s worth for tax assessment purposes.
- Selling the Vehicle: If you plan to sell the vehicle, the valuation report can serve as a basis for setting a fair price.
- Disputes: In case of disputes related to the vehicle’s value, the report can provide an objective assessment.
Step 8: Pay the Valuation Fee
Be prepared to pay the valuation fee to the registered valuer for their services. The fee may vary depending on the valuer’s policies and the complexity of the valuation. It’s important to clarify the fee structure and payment method with the valuer before proceeding.
By following these steps and working with a registered and reputable valuer, you can obtain an accurate and recognized valuation for your motor vehicle in Kenya. This valuation report is a valuable tool for various financial, legal, and transactional purposes related to your vehicle.
Some insurance companies and agents pay the valuation fee and give you a list of their authorized motor vehicle valuers to choose from
How to apply for a duplicate logbook (if original is lost/damaged)