Hail damage insurance claim question
Our travel trailer got hail damage to front back and one side. Just tiny dings in the aluminum siding, everything else is fine. I was thinking about putting the insurance money toward the loan instea...
Forum Discussion
Insurance is designed to "indemnify" you for a covered loss. That is a fancy term for "making you whole" after suffering a financial loss. What you do with the money is usually up to you if you own the trailer outright. If you have lien-holder they have a final interest. If you pay down the loan that makes lien-holders very happy.
If you have a second loss that involves things not paid by the first loss you have suffered a financial loss and your insurance company will indemnify you again.
If, by some chance, you change insurance companies and have another hail loss and you say, "I know it broke the skylights" and nothing else and your new company just happens to include the previous damage you did not break the law. You have a rather incompetent insurance company but you are not liable for their errors. Insurance companies share loss data. Your current insurance company has probably already reported your trailer's VIN, the type of loss (Comprehensive) and the amount of the settlement to the reporting agency. If a subsequent insurance company fails to run the necessary report and misses the previous loss and you do not intentionally mislead you are not legally committing fraud. Now, your conscious and your eternal fate may be compromised, but not the letter of the law.
If you have a second loss that involves things not paid by the first loss you have suffered a financial loss and your insurance company will indemnify you again.
If, by some chance, you change insurance companies and have another hail loss and you say, "I know it broke the skylights" and nothing else and your new company just happens to include the previous damage you did not break the law. You have a rather incompetent insurance company but you are not liable for their errors. Insurance companies share loss data. Your current insurance company has probably already reported your trailer's VIN, the type of loss (Comprehensive) and the amount of the settlement to the reporting agency. If a subsequent insurance company fails to run the necessary report and misses the previous loss and you do not intentionally mislead you are not legally committing fraud. Now, your conscious and your eternal fate may be compromised, but not the letter of the law.
