Claim dilema

[Flynavy]

We have a 1974 Tradewind we bought a few years ago. We have made numerous improvements on it over the past few years...Re-did bath, repaired floor, rock guard on front, removed gaucho and made dinette with new cushions, pex water lines, new vinyl floors, awning fabric, curtains, fantastic fan, electric jack and more. Last fall new axles/brakes/shocks and clear coat re-done at P & S.

On a trip we took last month, we were in a hail storm. When we got home we called our insurance company who came out and totaled it.

We have an agreed upon value policy for $20,000. We also have a certified appraisal with a value of $20,800.

The options are:

Do nothing

Insurance will pay the $20,000 and sell the trailer for salvage.

We can buyback the unit for $9,000 and get a rebuilt title.

Hail damage affects nine segments but does not affect its usage and it not noticeable from 50 ft away. Hail damage does not show up well in photos.

We have been looking to upgrade to a newer unit but have not yet found what we are looking for.

This was posted on facebook and most seem to think that the buyback is the best option.

Our problem with the buyback is that it greatly reduces the value of the trailer with a rebuilt title and it may or may not be insurable. The buyback amount is also quite high.

In searching Airstream hail damage, we saw a post by Andy at Inland RV from 2011 stating that insurance estimates on airstreams should be based on devaluation rather than repair costs. Unfortunately Andy has retired and we are unable to get his opinion.

Anyone have a similar situation?. We live in Ohio and realize the laws are not the same in all states.

[CBWELL]

You could take the cash and run, buy another unit, or, buy the trailer back from the auction. Usually the auction price will be quite a bit less than the buyback offered by the insurance company. The question is, do you want the trailer back, or is this the time to upgrade. When our Argosy was written of by hail, I was having a hard time not doing the "happy dance" in the insurance appraisers office. We wanted to upgrade and that was the deciding factor. Got a good price for our trailer, no hassles selling and cash right now. Look at all the angles. You may have to start all over with another trailer and have the fun of rebuilding it! Just my thoughts!!

[azflycaster]

Sounds like you should have upped the value as you made improvements. Buying the trailer back at $9K seems too high to me. If you really want to keep the trailer, make an offer to the insurance company for what you think is reasonable. Walking away with $20K would be my first choice.

[TheGreatleys]

I suggest you forget that the trailer was ever yours before making the decision. Would you buy this unit with a salvage title for that price? Is it the right trailer for you at this juncture, and is it worth that much with a salvage title?

I suspect the right answer is going to be to take the money and go buy a different unit. But it's your choice.

People tend to overvalue things they already own. They're more afraid of losing something than they should be, and it makes it harder to make a good decision. If you found this trailer on Craigslist, today, would you buy it?

[AWCHIEF]

Take the money and run. The insurance ompany is upholding their part of the agreement. Sounds like a good company to do business with. What company?

[OTRA15]

Another vote for take the money and run. When one door closes, another is waiting to open for a new chapter in life.

[Flynavy]

Thanks for the imput. I have a couple days to think about it. Guess I'll look around and see what's out there. Thanks again.

[Boxite]

This is similar to the situation we're presently into.

We got hail damage during this summers journey. We only got one estimate (at an advertiser at this site) to the tune of $31K.
The Ins. Co. told us they value the 22' Sport ('08) at $30K so they consider it a total loss. With tax/registration refund, they'll write us a check for $32K. We will be offered the salvage to buy back and repair if we so choose...and they want to know what our choice is.
I asked, "how much to buy it back?"...and they don't know.
I've talked to 5 different Ins Co Reps and they all have the same answer: "I'll have to get someone to call you to say how much you can buy it back for". The next person from InsCo says... same thing....over and over and over. 5 such calls so far.

We love this little trailer and simply want it to be "presentable" which likely means replacing about 6 or 7 panels and leaving the roof alone (I estimate about $15-20K to do sufficient repairs to keep us happy with a salvage title.)

Otherwise, I'm looking for a 22' Sport with the curb-side sofa instead of the dinette and with mousefur on the walls. (I could always add the mousefur...but don't care for the CS-dinette or that smaller bed or those alum., water-condensing walls, or the panorama front windows.) But haven't seen any for sale. (I wouldn't sell mine either if I weren't faced with an ins. co. problem.)

Just spreading the info on how insurance works, in keeping with this thread topic...not trying to hijack.

[Lumatic]

I had a similar situation. 71 with an agreed value policy for 16K. Cosmetic damage, Put in a claim. Repair estimate 8K. Insurance totalled the trailer but said I could buy back and insurance paid 11K. I covered the damage with a big decal and don't worry anymore about scratches and no longer have it insured. Insurance company never did ask for for the title so I still have the original not a salvage title.

Because you have a bigger difference in your case I would take the 20.

Because of the higher premiums for an agreed value policy I now take my chances.

[OTRA15]

Originally Posted by Flynavy

Thanks for the imput. I have a couple days to think about it. Guess I'll look around and see what's out there. Thanks again.

Could you update us from this April comment please?

Peter

[Boxite]

Update on my 22' Sport: Hail damage repair estimate = $31K. Ins Co values '08 22' Sport
at $30K, so it's a total loss. They offer buy back at $7600. We have $1K deductible.
So, we're keeping it and fixing it as we see fit with the $23K check Ins Co sent.
The little trailer is our magic carpet for our dream-trips, and a few battle-scars won't deter us.
By the way, here in Texas, since hail damage is not a safety issue, the title remains clear. We feel our Ins Co has treated us fairly.

[OTRA15]

An excellent choice IMO, and plenty of fodder for stories around the campfire!

Peter