home built plans
I am in the process of selling Class A and getting back to the basics. I am looking for a set of plans for a trailer that is a little bigger then a tear drop but small enough to be towed by a small SU...
Forum Discussion
JBarca writes "Now to the rebuild, my camper is approaching 10 years old.
I can still collect a total loss payout the same as day I bought it and I'm covered unhooked from the truck if we are on extended trips away from home.
If in 3 or 4 years I do a total rebuild on this same camper, the question comes up, what will happen to the insurance? I'll have to call them and ask.
I'm sure on a 14 year old camper by then I'm not able to reset the value any higher than the original payout regardless of improvements.
But if it will stay at that value, that is not a bad deal. And yes the ~ $6 to $8K more I just put in it for a total overhaul gave me a new materials camper, along with a year long labor of love project... But this is a whole lot less than buying a brand new camper. "
Insurance on a depreciating asset does not work that way, period.
If the coverage you have is "replacement value" then you are only going to get what it was worth the DAY it was damaged or stolen. You WILL not get reimbursed from the PRICE you paid when it was NEW.
Using your "logic" I could buy a 10 yr old trailer for $4K, insure it for the price it cost when it was brand new ($10K). Then damage it and collect $10K... netting me a cool $6K "profit" from the insurance co.
Put it to you this way, would YOU pay $10K for your near 10yr old trailer? I highly doubt that you would be willing to part with even $4K to buy it at 10yrs old.
Try putting your trailer up for sale for the price you paid for it when it was new. See if you can find anyone willing to pay that much for a 10 yr old trailer . if you do find someone that foolish, run and take the money.. Report back with your results...
Stick and bricks homes APPRECIATE in value over time.
RVs DO NOT.
No insurance co is ever going to write a policy which will allow them to KNOWINGLY LOSE MONEY. They are in the business of making money, gambling that they will never payout on you policy and better than 99% of the time they WIN.
If anything happens to your trailer as of this moment I would doubt you would get much more than a couple of thousand..
I can still collect a total loss payout the same as day I bought it and I'm covered unhooked from the truck if we are on extended trips away from home.
If in 3 or 4 years I do a total rebuild on this same camper, the question comes up, what will happen to the insurance? I'll have to call them and ask.
I'm sure on a 14 year old camper by then I'm not able to reset the value any higher than the original payout regardless of improvements.
But if it will stay at that value, that is not a bad deal. And yes the ~ $6 to $8K more I just put in it for a total overhaul gave me a new materials camper, along with a year long labor of love project... But this is a whole lot less than buying a brand new camper. "
Insurance on a depreciating asset does not work that way, period.
If the coverage you have is "replacement value" then you are only going to get what it was worth the DAY it was damaged or stolen. You WILL not get reimbursed from the PRICE you paid when it was NEW.
Using your "logic" I could buy a 10 yr old trailer for $4K, insure it for the price it cost when it was brand new ($10K). Then damage it and collect $10K... netting me a cool $6K "profit" from the insurance co.
Put it to you this way, would YOU pay $10K for your near 10yr old trailer? I highly doubt that you would be willing to part with even $4K to buy it at 10yrs old.
Try putting your trailer up for sale for the price you paid for it when it was new. See if you can find anyone willing to pay that much for a 10 yr old trailer . if you do find someone that foolish, run and take the money.. Report back with your results...
Stick and bricks homes APPRECIATE in value over time.
RVs DO NOT.
No insurance co is ever going to write a policy which will allow them to KNOWINGLY LOSE MONEY. They are in the business of making money, gambling that they will never payout on you policy and better than 99% of the time they WIN.
If anything happens to your trailer as of this moment I would doubt you would get much more than a couple of thousand..
