Hail! Trailer is a write off

[Howie3]

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

[JiminDenver]

bradyk wrote:
Yes lots of hail damaged units in this area after the nasty hail storms this summer. Lots of hail damaged units still on lots too and from what I have heard some can't get rid of them. Saying that I bet they are not giving them away either.

I can understand why after going through this process and seeing what it cost to repair one side with hail damage. (we had two) The local dealer of my trailer barely dropped their prices after the storm even though the damage was similar. They advertized big discounts but nothing even close to the $12,500 the shop wanted to repair ours.

[BubbaChris]

Thanks for the updates and it is always nice to hear that someone has given real consideration to what is shared here.

Good luck with "Dimples"

[Howie3]

OP here with an update.

Thanks to all of you who responded, I appreciated all the information. (Sorry the thread was 4+ pages Chr$, but thanks for your input anyway).

I have confirmed with the appraiser that the roof should be OK. He had written it up on the insurance claim for replacing as a proactive measure to bring the trailer up to new condition (as insurance claims are supposed to do). So perhaps a shorter life span but functional and no leaks detected.

The insurer is stating that the title remains as is (i.e. no salvage title) and just the trailer is no longer insurable. Contents are covered by my homeowners policy so I'm OK that the trailer itself is no longer covered.

Based on this, I am taking the salvage value and we will continue to use 'Dimples' until she is has fulfilled her usefulness to us. The insurance money will be invested for our next trailer.

Although the majority of you felt that this was the logical route to take, I appreciated the other points of view (particularly Bruce who stated that it was preferable to replace a written off trailer). This motivated me to think this through carefully and ask more questions regarding the true condition of the trailer. As a result, I feel much more confident of my decision.

Now that the trailer is winterized, I will not need to start any new topics for awhile....except maybe about toilet paper.

Howie

[chr_]

At least with all the dimples, it may save you on gas. Less wind resistance like a golf ball... ;D

[Francesca_Knowl]

If you do keep it, don't forget to rename it "Dimples"!

[Timtation]

Had this happen to our first trailer (15')when it was about 15 years old. It was winterized and in remote storage and we did not use it the next year since we were on the boat almost all weekends available. When we went to check it the forward marker lights were broken, the top of the awning was shredded and water had intruded and messed with the luan junk that was the walls. Actually the siding was not noticeably dented and the roof was aluminum so there was no intrusion there except for the trashed plastic black tank vent cap. It cost $400 to buy it back. Everything worked, A/C, water, heat but the fridge quit shortly after and since a replacement was more expensive than the trailer at that point we opted for a small 110VAC fridge and an inverter. At some point we sold the trailer for about the cost of keeping it. We had another few trips before selling and the buyer did not need the hitch equipment so selling the WD and sway control hitch separately more than paid for the repairs we made. Oh, the shredded awning was the old type, no tabs to pull down, so we salvaged the rod for the roller and had it spliced into the leader portion.
My opinion, if you like what you have and would have kept it for another 4 years or so, it ain't gonna get cheaper than this. Do check about salvage title, I bet there is no problem other than a required inspection that will essentially review the frame and running gear.
Good luck

[Francesca_Knowl]

chr$ wrote:

This is a four page thread why?
???

Because it isn't about toilet paper. If it was, we'd be on the 15th page by now.

Next question? 😉

[JiminDenver]

We went through this same thing this year and we took the trailer and ran. It's dimpled but otherwise trouble free and only 3 years old. Luckily Colorado doesn't issue salvage titles for hail damage so it is like any other hail damaged trailer here, and there are many.

[chr_]

No Brainer. Take the $12K and use the thing. If it has a damged roof, spend a grand and fix it and be done with it...

I did the same thing with a totaled truck once. they totaled it because the radiator "May" need to be replaced.

No salvage title as it didn't change hands, but that is Arizona...


This is a four page thread why?
???

[camperfamily]

FWIW my beater car was hit a number of years back. Totaled with just few hundred $ of damage. Took the insurance money, less salvage value and repaired it myself. Title never left my hands. YMMV.

I'd likely keep the trailer, btw.

[Golden_HVAC]

I would use the $12,000 to pay off the trailer (if needed) and then when it comes time to trade in, anything that you get over $4,000 is bonus money! Chances are that if you sold the RV to the insurance company, they would do a quick repair, like change the leaking roof vents (that you already did) and sell it for around $5,000 - $8,000.

No reason I would not buy a used RV that has bad hail damage. As long as it is not leaking rain, keep the $12,000 and the RV, enjoy it for another 5-6 years, then you can probably get $8,000 for it in 2020.

Fred.

[Huntindog]

Ivylog wrote:
You should be able to keep the title that you already have so no salvage title.

No insurance company will do that. When they offer to sell you a "totaled" vehicle (which is what would happen here), then you get a salvage title.

The whole insurance thing is moot.

Insuring a 16K TT makes sense, as it can be a large loss.. Insuring a 4K anything is not going to be cost effective. If it caught fire, the OPs loss is only 4K. Not good, but not a tragedy either.

[hawkeye-08]

Ivylog wrote:
You should be able to keep the title that you already have so no salvage title. I have bought several hail damaged vehicles and you can get insurance, but hail damage will be excluded. Take the $12K and do not wax it so you cannot see the dents as well.

x2 (except I have not bought hail damaged vehicles)

[Ivylog]

You should be able to keep the title that you already have so no salvage title. I have bought several hail damaged vehicles and you can get insurance, but hail damage will be excluded. Take the $12K and do not wax it so you cannot see the dents as well.