Hail! Trailer is a write off
After a torrential hailstorm in August, the insurance assessor has the verdict: the trailer is a write-off.
I can either:
A) receive the original value of $16K and give up the trailer
B) receive the salvage value of $12K and keep the trailer (with no insurance, of course)
As it is just the exterior that is pockmarked and otherwise in good condition, I see no reason not to take option B. We will eventually buy something a bit larger but not until we move into a house that has a larger parking pad (we are at max length for storage at home). That is about 5 years away. DW and I haven't found a floor plan we prefer over our existing trailer if we were to replace it anyway. Trailer is 6 years old.
Am I missing anything or does it make the most sense to keep it and invest the salvage value as a downpayment for a replacement in the future?
Howie
I can either:
A) receive the original value of $16K and give up the trailer
B) receive the salvage value of $12K and keep the trailer (with no insurance, of course)
As it is just the exterior that is pockmarked and otherwise in good condition, I see no reason not to take option B. We will eventually buy something a bit larger but not until we move into a house that has a larger parking pad (we are at max length for storage at home). That is about 5 years away. DW and I haven't found a floor plan we prefer over our existing trailer if we were to replace it anyway. Trailer is 6 years old.
Am I missing anything or does it make the most sense to keep it and invest the salvage value as a downpayment for a replacement in the future?
Howie
