RV hail damage...write it off? - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Derek Sutton · 11-12-2013, 10:41 PM

I've finally heard back from insurance and due to hail damage our trailer is a write off. We can take a pay out of $7700 which is fair value and be done with it or we have the option to buy it back from the insurance company for 20% of its value and then have them pay us out the rest. We would pay $1540 to them and then they would pay us $6160 and we keep the trailer. We could not insure it again for hail, fire, etc...

It is only cosmetic damage, the siding is all dented but really not too noticeable. We are leaning to keeping it and taking the $6100 mostly because if we just write it off we still need another 10k to buy what we really want.

If we keep it though does it have any value? Could we sell it again at a later date? Would someone else be able to insure or register a trailer that has been sold for salvage? Is there anything else I haven't though about?

terminator · 11-12-2013, 10:43 PM

Ur essentially getting the same rv for 1150. That's a no brainer

pylon · 11-12-2013, 10:50 PM

Buy from the insurance company, take the reduced payout, and sell it for 5 grand.

GGG · 11-12-2013, 10:52 PM

You hit the trailer jackpot.

Useable hail damage is the best thing that can happen to a trailor provided you dont mind the cosmetic damge. My uncle had this happen to him and when he went to sell it he figured he got 50% of the non hail damaged value. So at 20% of the value it makes sense to buy it back.

puckluck2 · 11-13-2013, 01:23 AM

20 percent is pretty good. I thought 40% was the norm for hail damage buy back.

RW99 · 11-13-2013, 07:24 AM

Quote:

Originally Posted by puckluck2

20 percent is pretty good. I thought 40% was the norm for hail damage buy back.

Yeah 20% is good deal, I'd take it.

speede5 · 11-13-2013, 07:37 AM

You can still insure it, SGI will have the damage and current value on record and that's where your stuck in the event of another incident. Say it get's torched in the future, it is stilll worth at least what you bought it back for. If you actually fixed it (no one does) and had receipts, you would be back to full value.

If you like it and it works for you keep it. You can always sell it for more later, people are always looking for cheaper units for Craven, parking at the lake or even using on their own property.

Edit: Sorry, I forgot which forum I'm on. If your not in SK ignore my insurance statements.

FlamesKickAss · 11-13-2013, 08:08 AM

What is it covered for? Some companies will reimburse you up to full replacement value if you replace the RV......

So you take the $7700 and lets say it's insured for $15,700 and you replace with a new like, kind and quality then you would get the $8000 difference once you submit the bill of sale.

This does depend on the company though and I would ask the adjuster. If your nopt insured for much more than the $7700 then there is no point. The trailer won't be able to have hail coverage anymore with the company you are with right now and if future agents do their job no hail coverage in the future.

flambers · 11-13-2013, 08:12 AM

Most people I know are taking the payout and are replacing their trailer.

As for selling the trailer, it would be really tough to sell. Personally I would not buy a Trailer with obvious damage... I would ask the "Seller" have you placed a claim.

GGG · 11-13-2013, 10:36 AM

Quote:

Originally Posted by flambers

Most people I know are taking the payout and are replacing their trailer.

As for selling the trailer, it would be really tough to sell. Personally I would not buy a Trailer with obvious damage... I would ask the "Seller" have you placed a claim.

But would you buy a $7700 trailer for $2000 with full disclosure of all of the damage? I would for sure. I would do due dilligence to be sure to confirm it could be insured against accidental damge. But beyond that a few dings on a trailor means I don't have to worry about damaging it myself.

fundmark19 · 11-13-2013, 11:16 AM

Normally any trailer around 2000 would still be bought and sold for around that much no matter the condition. That is the trailer sweet spot that people are willing to gamble on

flambers · 11-13-2013, 11:19 AM

Quote:

Originally Posted by GGG

But would you buy a $7700 trailer for $2000 with full disclosure of all of the damage? I would for sure. I would do due dilligence to be sure to confirm it could be insured against accidental damge. But beyond that a few dings on a trailor means I don't have to worry about damaging it myself.

Can you use a Trailer that is not insured?

As a person would not be able to place insurance or register the Trailer which was bought for $2000 in this scenario (I would assume).

I personally would not be interested.

GGG · 11-13-2013, 11:57 AM

Quote:

Originally Posted by flambers

Can you use a Trailer that is not insured?

As a person would not be able to place insurance or register the Trailer which was bought for $2000 in this scenario (I would assume).

I personally would not be interested.

My understanding from past experience (though not in Alberta) is that you can still insure the trailor to operate on the road but you can't claim hail damage again. I would agree if you couldn't at least get 3rd party liability and register the trailor then it would be a no go for me.

FlamesKickAss · 11-13-2013, 12:00 PM

You don't need to have the trailer insured to have it registered in Alberta.

It is only hail damage that would not be covered, it has no bearing on purchasing liability insurance which is mandatory for trailers in other provinces such as BC.

flambers · 11-13-2013, 01:25 PM

Quote:

Originally Posted by FlamesKickAss

You don't need to have the trailer insured to have it registered in Alberta.

It is only hail damage that would not be covered, it has no bearing on purchasing liability insurance which is mandatory for trailers in other provinces such as BC.

Not sure that if that is the case in Alberta?

If I was buying a written-off unit, I would definetely check it out first.

FlamesKickAss · 11-13-2013, 02:09 PM

100% in Alberta insurance is not needed to register it.

speede5 · 11-13-2013, 05:59 PM

You could totally register that and insure it in SK, they will just devalue it based on the previous damage.

GoinAllTheWay · 11-13-2013, 08:06 PM

Registration for the trailer is provided once proof has been produced that the towing vehicle has liability insurance (pink slips). Liability insurance is extended from the towing vehicle, while it's connected to that towing vehicle.

Regarding the hail damage to the actual camper trailer, you should still be able to get agreed value coverage in Alberta.