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Old 08-08-2006, 04:38 PM   #1
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Hail damage $$$ settlement recap - 2004 Classic

We have settled with our insurance company for the April hail damage.

The repair estimate was $35000, plus shipping to Ohio. The estimate summary showed hail dents in the roof, all 5 panels on the front and rear top, and the two upper side panels. There were other small items, such as the AC cover, frig vent cover, etc.

No local RV dealer would agree to repair the trailer, and the insurance appraiser agreed that the trailer needed to go back to AS for repairs.

So here's a recap of how the $$$ went on our classic purchase.

Purchase Contract on 05/12/2003
2004 30' Classic MSRP as ordered = $63,601.00
Actual sales price = $47105.00 (26% discount)
Hensley & Prodigy (installed) = $3260.00
Taxes, registration, & fees = $3412.63
Out the door = $53777.63

Purchase method
Down Payment = $10877.63
Balance Financed = $42800.00 (8 year, 5.0%)
Monthly payment = $542.13

Insurance Settlement 07/24/2006
Appraised Value = $42230.15
Loan payoff = $25545.81
Deductible = $100.00
Salvage value purchase = $8457.00
Cash = $8127.34

Out of pocket cash flow (without operating expenses)
Down payment = $10977.63
Principal paid = $17254.19
Interest paid = $5279.97
Deductible paid = $100.00
Salvage value paid = $8457.00
Cash settlement = ($8127.34)
Total $$$ paid to own = $33941.45

% paid to contract value: 63%
% paid to AS MRSP: 53%

The appraiser awarded no value for the Hensley hitch. He only considered the trailer with options.

The NADA Guide on-line book value seems to be:
Low retail: $34280.00
Avg retail: $41315.00

73/gus
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Old 08-08-2006, 05:23 PM   #2
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Insurance Settlement

Gus,

I read your post with great interest. I am not clear on the final outcome. Did you take the settlement and walk or didyour AS gome home for repairs. If you did walk away, are you going to get another AS?

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Old 08-08-2006, 05:43 PM   #3
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We settled for the total loss assessed value. We then purchased the AS back from the insurance carrier for the salvage value.

Insurance carriers are usually glad to sell a total loss salvage back to the owner. It saves them the processing, transportation, registration, storage, and auction costs.

So our AS never left the driveway. We decided to live with the hail dents, and we now have full title.

73/gus
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Old 08-08-2006, 05:53 PM   #4
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This is interesting and correct me if I'm seeing this differently, but doesn't this situation show that there is value in obtaining a replacement value coverage during the early years of ownership? That depreciation hit is so great in those early years, that until you get further along in your loan, you really are top heavy in amount owed vs. valuation of the unit.

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Old 08-08-2006, 06:11 PM   #5
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Well, that depends on the cost of the replacement insurance, if you paid cash or financed, etc. Our depreciation was an average of $1625/year for the first three years.

You must be careful what replacement means. If the policy states that it will purchase a current year of the same make, model, options, etc. Some policies will make replacement of same or similar. Replacement usually doesn't mean the value is MSRP - it is what the insurance carrier can negotiate.

They normall exclude taxes, etc.

What are the conditions and the cost of the replacement coverage?

73/gus
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Old 08-09-2006, 10:06 AM   #6
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Agreed you have to read the fine print. From my experience with Foremost, the first five years was a complete replacement with the current model of equal quality. I read that to be a 2004 31' Classic would be replaced with a 2006 31' Classic with same options. The second five year period, is a cash replacement so if you paid $47,105, Foremost would give you $47,105.

Progressive's policy is a complete replacement with the current model of equal quality. Same as Foremost for the first 5 years. No options for the next 5 though. My Progessive policy is around $850 a year.

No doubt there is a cost for this level of policy. It all comes down to the risk and where you live. I've seen enough hail in my side of the country to carry the replacement value at this point.


Thanks for the analysis and your experience. This has really been worthwhile for us all. Sorry that you had to be bearer of this information Gus.

Jack
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Old 08-09-2006, 11:46 AM   #7
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hi gus

thanks for the clear and useful info...

i'm also sorry about your dents...but hey, there wasn't a loss.
you now own the trailer free and clear...

notice also folks the 26% discount on msrp...a good deal.

i agree with jack on the replacement policy option for new units...
i've got progressive and my agent estimated it added less than 100$ per year to the policy premium.

i too questioned how and what would be replaced...
since i also had a nearly 30% discount on msrp....
and may not get that again.
as jack notes, replacement is with a new/current year unit,
of the same size, model and equipment.
purchase price is not the replacement factor.

only vague issue i did not pursue was...
what if no dealers have one in stock...
very few now carry 34 limited...
so would a special order be placed? my view is yes.

anyway thanks for the very useful followup and the specific details...
now have you got any pictures of the hail damage?
that would really be nice final piece to your story.

regards
2air'
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Old 08-09-2006, 06:06 PM   #8
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Hail Damage Photos & Golfball Aerodynamics

I posted 10 image sets of the hail damage in my photos. You will notice that no dent is really severe. It is just a bunch of dents. The only thing that really broke was the plastic AC unit covering. Hail was pea to golf ball size.

The appraiser initially would not "total" the trailer - with initial estimate at $18,900. It was only after:
- we sent detailed photos to the carrier recommended repair shop,
- the carrier's recommend shop said it was beyond their capability,
- the two local AS dealers said it was beyond their capability, and
- talking with AS and the need to return the trailer to Ohio
did the appraiser agree to "total" the trailer - $35k for repairs.

The appraiser defined a total as a repair that exceeded 75% to 80% of the current appraised value. He was excellent in that he worked closely with us, kept in touch, and was willing to explore the repair issues.

Our insurance carrier would not pay to transport the trailer to Ohio. They also said that if I took it to a local dealer, they would not allow shipping to AS as part of the repair cost.

Now that we have the many small dents, will they improve the aerodynamics - randomize the air flow - like the surface of a golf ball???????

73/gus
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Old 08-09-2006, 07:26 PM   #9
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well gus that's the spirit..improved aero flow!

i'll bet that if you do nothing to the dents...many will improve over time...with heat/cold cycles... the pictures are suttle....

who is your insurer anyway? did n't see that bit of info...

did they total the beagle too?

he looks dented

cheers
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Old 08-09-2006, 07:39 PM   #10
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Was that dented or demented concerning the beagle? Boomer doesn't listen to us, so it is had to tell. She's 16 years old now.

Insurance coverage is with USAA.

We see the small dents as another AS adventure to talk about. We've already put on nearly 60,000 miles in 3 years, 2 new sets of tires, and several other items. Lots of adventures along those many miles, campsites, and friends we've met along the road.

73/gus
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Old 08-09-2006, 08:56 PM   #11
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Quote:
i'm also sorry about your dents...but hey, there wasn't a loss.
Hmmm, wonder why the insurance company paid them off, if "there was no loss"???????
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Old 08-09-2006, 09:30 PM   #12
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Quote:
Originally Posted by Pick
Hmmm, wonder why the insurance company paid them off, if "there was no loss"???????


hi pick...

thanks for your interest in my comment.

well my point was he didn't lose the trailer...
there was no loss of life, no one was hurt...
yes there was a loss the smooth skin...
and the mortgage...
and the time dealing with it...
and perhaps some trade in value...

but no loss of usage and a free and clear title?
so really he came out pretty well.
none of his posts suggest otherwise.
and we all learned more about a 'good' insurance event...

did you not get that?

sorry if i wasn't clear enough or too glib for your tastes....

i won't want you to think i was "being a jerk"...
and leave red feedback or anything...

cheers
2air'
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Old 08-09-2006, 09:59 PM   #13
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$35,000 in damage OMG!! I understand 2airs comment....at the end of the day the "loss" isn't that bad... particularly after looking at those pictures I would never have guessed this is $35K in damage! She has a few beauty marks now… The heart will heal after this injury besides you now own it free and clear! So travel on my friend…venture deeper into the back woods a few rocks dings from Forest Road travel now will only add more beauty.... Look at it this way…with no more mortgage payment it's like free fuel for long time. Thanks for sharing your story this reconfirms our initial decision to get Progressive full replacement policy… Hopefully we'll never need it, but who knows you can't control Mother Nature.
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Old 08-09-2006, 11:55 PM   #14
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$35,000 estimate to repair. Seems like a big loss to me.
The insurance company wrote a check so I am sure they thought there was a loss.
And likely the title is salvage.

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