salvage title
Ok, new to the site and just trying to get some info on this. I have owned a trailer previous, so I am not new to the camping world, but I came across a really awesome deal at the insurance auction an...
Forum Discussion
westernrvparkowner writes "Might want to re-read your homeowners and vehicle insurance policies. They are only going to pay a claim based on the value of the property lost. They are going to value a salvage titled RV at near zero, regardless of what anyone paid absent some agreed valuation appraisal. In this case, the buyer paid around $8000. That is either a lot to lose, or insignificant, depending upon an individual's financial situation. And these forums also answer questions for others in similar, but not identical situations. I would bet the OP could withstand the loss of $8000, but someone putting the proceeds of selling their home into the purchase of a three year old diesel pusher costing over $100,000 with a salvage title might very well be financially destroyed if they had an uninsured total loss."
Umm.. we are having a discussion in the TRAILER FORUM, not Motorhome forum. We are also discussing a FIVE YEAR OLD TRAVEL TRAILER, NOT A THREE YEAR OLD DIESEL PUSHER.
A huge difference between a travel trailer that originally cost perhaps $25K vs a motor home that cost upwards of $150K or more.
Perhaps you should re-read your RV "policy".. Your RV policy is going to reimburse just the same as your vehicle insurance which is TODAYS "VALUE" MINUS YOUR DEDUCTIBLE, IF YOU ARE LUCKY, you may even get less than what you think you might.
The ONLY DIFFERENCE is your RV policy will cover whether you are hooked up or not..
Putting a lot of unnecessary money into an insurance policy for a depreciating asset is a lot like dumping your money into a toilet..
Insurance companies are in the business TO MAKE MONEY.
They are not a "charity", they are GAMBLERS but they only gamble when the "odds" are in their favor.
For a $8000 trailer in which the OP paid cash for it is pretty much a no brainer that the OP is comfortable in some "risk" So really the insurance card guilt trip laid on here often really should not be of much concern.
The OP got a pretty decent deal (although most likely not as good as the seller since they had to "buy out" the insurance co in order to "keep" the trailer, they most likely got the trailer paid off then bought it for salvage price then flipped it and turned some profit).
The downside is the OP DOES have some work to do, from a quick check of the Texas DMV it looks like the OP will need to apply for a "reconstructed" title..
Most states do not allow salvage titles to be registered for plates (salvage title is given to allow salvage yards to hold the item and to use or sell off the parts), Texas from my quick glance is one of those states.
OP needs to check with their local DMV to get all the correct procedures and paperwork..
Umm.. we are having a discussion in the TRAILER FORUM, not Motorhome forum. We are also discussing a FIVE YEAR OLD TRAVEL TRAILER, NOT A THREE YEAR OLD DIESEL PUSHER.
A huge difference between a travel trailer that originally cost perhaps $25K vs a motor home that cost upwards of $150K or more.
Perhaps you should re-read your RV "policy".. Your RV policy is going to reimburse just the same as your vehicle insurance which is TODAYS "VALUE" MINUS YOUR DEDUCTIBLE, IF YOU ARE LUCKY, you may even get less than what you think you might.
The ONLY DIFFERENCE is your RV policy will cover whether you are hooked up or not..
Putting a lot of unnecessary money into an insurance policy for a depreciating asset is a lot like dumping your money into a toilet..
Insurance companies are in the business TO MAKE MONEY.
They are not a "charity", they are GAMBLERS but they only gamble when the "odds" are in their favor.
For a $8000 trailer in which the OP paid cash for it is pretty much a no brainer that the OP is comfortable in some "risk" So really the insurance card guilt trip laid on here often really should not be of much concern.
The OP got a pretty decent deal (although most likely not as good as the seller since they had to "buy out" the insurance co in order to "keep" the trailer, they most likely got the trailer paid off then bought it for salvage price then flipped it and turned some profit).
The downside is the OP DOES have some work to do, from a quick check of the Texas DMV it looks like the OP will need to apply for a "reconstructed" title..
Most states do not allow salvage titles to be registered for plates (salvage title is given to allow salvage yards to hold the item and to use or sell off the parts), Texas from my quick glance is one of those states.
OP needs to check with their local DMV to get all the correct procedures and paperwork..
