How much is my trailer worth? $5000 hail damage

[snowmanx]

So, just got an estimate on my trailer for hail damage and I came to $5,000 for one side one whole side of a 28-foot trailer. At this point, how much is it worth? I'm afraid the insurance company is just going to write it off.

It's a 2001 Interstate 28 foot trailer it has three fuel doors, interior has been completely redone with paint, it's wired for 120 volt / 12 volt has ample extra lighting inside, it's also has wiring for 120 volt TV and wired for 12 volt radio. It Has 3 120 Volt plug in and one wired for outside. Also haa workbench and other accessories. Has a 35000 BTU Atwood furnace, and also has ski Glides throughout both on the front and rear doors. 2 new 3500 torsion axels and tores about 4000 miles ago.

When I was thinking about selling and I was thinking about asking seven to 7500? This is out of line? What are what is the insurance company likely to do?

 

[kiliki]

you can pick up a trailer like yours in our area for about 4500-5500. the biggest thing you have going against you is the age of the trailer as it is 16 years old.
take the check and then sell it off add check to sale price and you almost have a new one.

 

[Coldfinger]

Not sure how insurance companies handle trailer claims but I know someone who just bought a house and when they went to insure it the insurance company wouldnt insure the roof because there had been a roof claim because of hail damage and the previous owner didnt fix the roof. I guess insurance companies, to some extent, share information.

 

[Reg2view]

Likely worth much more to you than anyone else. Consider taking the $5k and continue running it as-is, without the repairs. They should just write you a check for diminished value. This means, of course, that you were not going to downsize or upsize to a new trailer, and it was working well for you.


Before the damage, you'd likely be pressed to get $6k for it. Just the way it is with used trailers that old (and a new loaded toy hauler gets written down fast - the more you throw into an OEM custom build, the faster it depreciates).

 

[snowmanx]

I guess my concern is if it's only worth $5,000 and therepublicans is 5000 dollars damage, won't they write it off give me the money and then want the trailer back?

 

[ggcustoms]

I'm not sure if they would total that. But if it were me, I would take the insurance check and fix it myself. I would think that most of those hail dents might work themselves out in the next year or so, anyway. My old mans trailer rolled on the way back from out west years ago. He fixed a few outer panels (just riveted) and there were some puncture holes through the inner walls from handlebars but just left them. He just traded it in last fall and go 5k for it, and it didn't sit on the lot that long after that either.
Like others have said, age is going against you, and all the add on goodies don't add up to much for resale (remind you of another market?)
Ever pulled an inline? Seems to be the rage nowadays.
Good luck either way.

 

[Blk88GT]

They'll write that off, IMHO. I'd take the money, buy it back and run it till there's nothing left.

 

[Reg2view]

I guess my concern is if it's only worth $5,000 and therepublicans is 5000 dollars damage, won't they write it off give me the money and then want the trailer back?

Just tell them - you'll take the $5k for diminished value and you keep the trailer, (if you think that's a fair deal for the damage). Bear in mind, everything is negotiable with these guys. You can't hold out for unreasonable gold, but if they pushback, just build a logical case from a few market values you can dig up. Unfortunately, I have too much experience on this topic.

 

[AZ800]

Unfortunately it's worth around $5k pre hail damage, so yeah, take the total on it. Push for a few bucks more, then AFTER you've settled, inquire about buying it back. Otherwise the ins co will know you're trying to get the better end of the deal.

 

[turboless terry]

We are interested in buying your trailer for our club grooming equipment. Pm me if interested.

 

[aj1180]

The insurance company will have a salvage company give them a bid for the trailer as it is. Let's say that value is 1500. This will typically be the buy back value. Let's say the depreciated value of the trailer prior to damage was 6,000. If they total the trailer and you don't buy it back, the insurance company will cut you a check for 6,000 minus your deductible (assumed 500). In this case you end up with 5500 and no trailer. The insurance company will sell the trailer for 1500 to the salvage company leaving them $4,000 of total loss on a 6000 trailer. If you buy it back you will the pre damage value - salvage value - deductible or $4000 (6000-1500-500). The insurance company in this case would not offer to fix the trailer with 5,000 in damages cause their net loss would be 5000-500(deductible)=4500. They will not pay 4,500 when there are other options to pay less. This is hypothetical but it is a good illustration of the analysis the adjuster will do.

 

[snowmanx]

Just an update rll who are curious..

the insurance wanted to total it, but after doing an value assessment, just paid for the damages.

NO salvage title..

Worked very well for me. Thanks for all who responded.