Tornado destroyed TT - Cash Out, Replace or Upgrade?
Our family purchased a TT in June 2018. We had only used it one week locally before taking it cross-country to Colorado. Sadly, while traveling on i70 in Kansas on July 25th, we got stuck in a terrible storm. Parked on the side of the freeway, we lost our trailer to severe wind, hail and debris. [We believe small tornado.] (The locals said they hadn't seen "purple" on the radar before.) Long story short, our brand new trailer was destroyed. We are now at the cross roads of using insurance/gap coverage to "go back to square one"; use replacement insurance to get identical make/model or use replacement insurance towards upgrading (most likely to a Class A or C, as towing a trailer has become not so fun anymore). While we aren't worried about our loan getting paid (gap coverage), we don't know if we'll get much of our deposit back. And if we do decide to later get another RV, would we have been better off using this money towards the new one rather than paying another deposit? Anyone have any similar experience or recommendations? (We also realize that we may have missed our window of opportunity to purchase a lottery ticket, given the odds we experienced.) [Quick side note: No one was injured and we recovered 98% of our personal belongings. I may, however, have PTSD going through a car wash for awhile. ]
