Free 7 Day Trial RV GPS App RV Trip Planner Campground Reviews RV Maintenance Free 7 Day Trial ×
 


Reply
 
Thread Tools Search this Thread Display Modes
 
Old 08-08-2006, 03:38 PM   #1
Rivet Master
 
gklott's Avatar

 
2004 30' Classic
Johnson City , Texas
Join Date: Jun 2003
Posts: 590
Images: 86
Hail damage $$$ settlement recap

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
__________________
Gus - KR4K : Mary - K5MCL
2004 30ft. Classic
2017 Infiniti QX80 Limited
ProPride 3P/Prodigy P3
gklott is offline   Reply With Quote
Old 08-08-2006, 04:23 PM   #2
Moderator
 
moosetags's Avatar

 
2015 25' FB Flying Cloud
2012 23' FB Flying Cloud
2005 25' Safari
Santa Rosa Beach , Florida
Join Date: Jul 2006
Posts: 12,340
Images: 5
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?

Brian McCabe
WBCCI #3628
moosetags is offline   Reply With Quote
Old 08-08-2006, 04:43 PM   #3
Rivet Master
 
gklott's Avatar

 
2004 30' Classic
Johnson City , Texas
Join Date: Jun 2003
Posts: 590
Images: 86
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
__________________
Gus - KR4K : Mary - K5MCL
2004 30ft. Classic
2017 Infiniti QX80 Limited
ProPride 3P/Prodigy P3
gklott is offline   Reply With Quote
Old 08-08-2006, 04:53 PM   #4
Moderator
 
jcanavera's Avatar

 
2004 30' Classic Slideout
Fenton , Missouri
Join Date: Mar 2002
Posts: 9,967
Images: 143
Send a message via AIM to jcanavera Send a message via Skype™ to jcanavera
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.

Jack
__________________
Jack Canavera
STL Mo.
AIR #56 S/OS#15
'04 Classic 30' S.O.,'03 GMC Savana 2500,'14 Honda CTX 700
jcanavera is offline   Reply With Quote
Old 08-08-2006, 05:11 PM   #5
Rivet Master
 
gklott's Avatar

 
2004 30' Classic
Johnson City , Texas
Join Date: Jun 2003
Posts: 590
Images: 86
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
__________________
Gus - KR4K : Mary - K5MCL
2004 30ft. Classic
2017 Infiniti QX80 Limited
ProPride 3P/Prodigy P3
gklott is offline   Reply With Quote
Old 08-09-2006, 09:06 AM   #6
Moderator
 
jcanavera's Avatar

 
2004 30' Classic Slideout
Fenton , Missouri
Join Date: Mar 2002
Posts: 9,967
Images: 143
Send a message via AIM to jcanavera Send a message via Skype™ to jcanavera
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
__________________
Jack Canavera
STL Mo.
AIR #56 S/OS#15
'04 Classic 30' S.O.,'03 GMC Savana 2500,'14 Honda CTX 700
jcanavera is offline   Reply With Quote
Old 08-09-2006, 10:46 AM   #7
_
 
. , .
Join Date: Dec 2004
Posts: 8,812
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'
__________________
all of the true things that i am about to tell you are shameless lies. l.b.j.

we are here on earth to fart around. don't let anybody tell you any different. k.v.
2airishuman is offline   Reply With Quote
Old 08-09-2006, 05:06 PM   #8
Rivet Master
 
gklott's Avatar

 
2004 30' Classic
Johnson City , Texas
Join Date: Jun 2003
Posts: 590
Images: 86
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
__________________
Gus - KR4K : Mary - K5MCL
2004 30ft. Classic
2017 Infiniti QX80 Limited
ProPride 3P/Prodigy P3
gklott is offline   Reply With Quote
Old 08-09-2006, 06:26 PM   #9
_
 
. , .
Join Date: Dec 2004
Posts: 8,812
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
2air
__________________
all of the true things that i am about to tell you are shameless lies. l.b.j.

we are here on earth to fart around. don't let anybody tell you any different. k.v.
2airishuman is offline   Reply With Quote
Old 08-09-2006, 06:39 PM   #10
Rivet Master
 
gklott's Avatar

 
2004 30' Classic
Johnson City , Texas
Join Date: Jun 2003
Posts: 590
Images: 86
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
__________________
Gus - KR4K : Mary - K5MCL
2004 30ft. Classic
2017 Infiniti QX80 Limited
ProPride 3P/Prodigy P3
gklott is offline   Reply With Quote
Old 08-09-2006, 07:56 PM   #11
Moderator Emeritus
 
Pick's Avatar
 
1972 31' Sovereign
High Springs , Florida
Join Date: May 2002
Posts: 2,311
Images: 36
Send a message via AIM to Pick
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"???????
__________________
ARS WA8ZYT
2003 GMC 2500HD 4X4 D/A Ext. Cab
Propane Powered Honda EU2000i
Lots of Hot Sauce!
Air # 283
WBCCI 1350
Pick is offline   Reply With Quote
Old 08-09-2006, 08:30 PM   #12
_
 
. , .
Join Date: Dec 2004
Posts: 8,812
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'
__________________
all of the true things that i am about to tell you are shameless lies. l.b.j.

we are here on earth to fart around. don't let anybody tell you any different. k.v.
2airishuman is offline   Reply With Quote
Old 08-09-2006, 08:59 PM   #13
4 Rivet Member
 
AZstreamin's Avatar
 
2005 30' Safari
Chandler , Arizona
Join Date: Feb 2006
Posts: 497
Images: 4
$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.
__________________
AZstreamin
"Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines, sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."- Mark Twain








AZstreamin is offline   Reply With Quote
Old 08-09-2006, 10:55 PM   #14
Moderator dude
 
Action's Avatar

 
1966 26' Overlander
Phoenix , Arizona
Join Date: Apr 2002
Posts: 6,865
Images: 13
$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.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Action
__________________
1966 Mercury Park Lane 4 DR Breezeway 410 4V, C-6, 2.80 - Streamless.
1966 Lincoln 4 door Convertible 462 4V 1971 Ford LTD Convertible 429 4V Phoenix ~ Yeah it's hot however it's a dry heat!
Action is offline   Reply With Quote
Old 08-10-2006, 05:28 AM   #15
Rivet Master
 
gklott's Avatar

 
2004 30' Classic
Johnson City , Texas
Join Date: Jun 2003
Posts: 590
Images: 86
When I talked with Chris at AS technical support, they gave me these numbers as what AS uses for repair estimates:

$1500 to replace any one of the top end panels (10 total)
$5000 to replace one of the upper side panels (2 total)
$5000 to place another roof panel over the existing roof panel - they don't remove the roof panel unless absolutely necessary.

That's $30k. Then $5k for other items. I suspect this is what they gave to the appraiser.

I wonder if the replacement coverage carriers would have "totaled" the trailer. That's the delima you face.

Might want to check the details of what it means to total under your policy. Some policies say total only if the vehicle is not repairable, not usable, or the repair cost is too great (the carrier's decision). Ours claim was right on the edge of the cost issue - even without shipping to Ohio coming out of our pocket.

Yes, we will get a salvage title. Our same insurance carrier will now cover the trailer for comp/coll only to the salvage value. Liability, etc. comes under the tow vehicle.

73/gus
__________________
Gus - KR4K : Mary - K5MCL
2004 30ft. Classic
2017 Infiniti QX80 Limited
ProPride 3P/Prodigy P3
gklott is offline   Reply With Quote
Old 08-10-2006, 07:42 AM   #16
Moderator
 
jcanavera's Avatar

 
2004 30' Classic Slideout
Fenton , Missouri
Join Date: Mar 2002
Posts: 9,967
Images: 143
Send a message via AIM to jcanavera Send a message via Skype™ to jcanavera
Quote:
Originally Posted by gklott
I wonder if the replacement coverage carriers would have "totaled" the trailer. That's the delima you face.

73/gus
I wouldn't be surprised if the 75-80% rule for totaling goes out the window if you have replacement coverage. I bet if you had that coverage, your trailer would be on the way to JC for a facelift.

Jack
__________________
Jack Canavera
STL Mo.
AIR #56 S/OS#15
'04 Classic 30' S.O.,'03 GMC Savana 2500,'14 Honda CTX 700
jcanavera is offline   Reply With Quote
Old 08-10-2006, 08:01 AM   #17
Rivet Master
 
gklott's Avatar

 
2004 30' Classic
Johnson City , Texas
Join Date: Jun 2003
Posts: 590
Images: 86
Wonder if the replacement coverage policy would pay for the transportation charges. USAA does not cover that - eventhough the local repair places would not do the repair.

We were facing a multiple thousand dollar charge to get it to/from Ohio from Central Texas. That's 3-days each way drive, and $600 each way using the standard mileage rate (1300 miles). Doesn't count the lost income since I work for a very small company.

I believe that is one of the excellent aspects of USAA - they worked with us. This was not the normal RV repair.

Need to read the small print...

73/gus
__________________
Gus - KR4K : Mary - K5MCL
2004 30ft. Classic
2017 Infiniti QX80 Limited
ProPride 3P/Prodigy P3
gklott is offline   Reply With Quote
Old 08-10-2006, 08:47 AM   #18
Contributing Member
 
Pahaska's Avatar
 
2018 Interstate Grand Tour Ext
Austin (Hays County) , Texas
Join Date: Jun 2002
Posts: 7,104
Images: 4
Usaa

USAA treated me wonderfully when I had had $8000 of hail damage to my almost new TrailManor some years ago. Only catch was that I had to take the trailer from Texas to Tennessee to get it repaired at the factory on my own nickle and go back 3 weeks later to retrieve it. Of course, gas was cheaper then and I hit Great Smokies NP and the Natchez Trace which made the trips worthwhile.

Another Trailmanor was parked beside me and had similar damage. He traded the trailer and the insurance check even up for a brand new trailer. Wish I had done that.
__________________
John W. Irwin
2018 Interstate GT, "Sabre-Dog V"
WBCCI #9632
Pahaska is offline   Reply With Quote
Old 08-10-2006, 10:44 AM   #19
Rivet Master
 
overlander63's Avatar
 
1993 21' Sovereign
Colfax , North Carolina
Join Date: Jun 2003
Posts: 21,253
Quote:
Originally Posted by jcanavera
I wouldn't be surprised if the 75-80% rule for totaling goes out the window if you have replacement coverage. I bet if you had that coverage, your trailer would be on the way to JC for a facelift.

Jack
Jack, I learned from experience the "replacement" insurance works the same as the actual value insurance. They pay you cash value, depreciated, The only difference is if you actually replace the item, the insurance company reimburses you, up to the limits of the policy, for the difference.
__________________
Terry
overlander63 is offline   Reply With Quote
Old 08-10-2006, 02:50 PM   #20
Moderator dude
 
Action's Avatar

 
1966 26' Overlander
Phoenix , Arizona
Join Date: Apr 2002
Posts: 6,865
Images: 13
Are there any agreed value policies for RV's?

My boat has an agreed value policy. So the coverage amount remains the same from year to year. If I experience a total loss, they will pay up to that agreed value to replace. I have dropped the value recently to get a lower premium, however if it sinks and it only salvage at that point, I am buyin' a new one. Some sinkers or partial sinkers can be brought back to life. I am not up for that. I have seen too many flood damaged cars in a past life to even consider it.

>>>>>>>>>>>>>>Action
__________________
1966 Mercury Park Lane 4 DR Breezeway 410 4V, C-6, 2.80 - Streamless.
1966 Lincoln 4 door Convertible 462 4V 1971 Ford LTD Convertible 429 4V Phoenix ~ Yeah it's hot however it's a dry heat!
Action is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Hail damage $$$ settlement recap - 2004 Classic gklott 2001 - 2005 Classic 30 10-04-2007 09:52 AM
Hail Damage stratosboat1 Member Introductions 31 05-23-2006 07:42 AM
Hot Water Heater Exhaust Damage Road Ruler Water Heaters, Filters & Pumps 11 11-11-2002 02:27 PM
ultra violet damage bhsl8 Tires 10 11-10-2002 03:03 PM
Hail Damage jcanavera Our Community 4 03-30-2002 09:24 AM


Featured Campgrounds

Reviews provided by

Disclaimer:

This website is not affiliated with or endorsed by the Airstream, Inc. or any of its affiliates. Airstream is a registered trademark of Airstream Inc. All rights reserved. Airstream trademark used under license to Social Knowledge LLC.



All times are GMT -6. The time now is 01:57 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.