Insurance Settlement Question

[jimwilly]

Help!! My 2003 TM3023 has suffered some significant hail damage to the roof. Many, many dents in the top, some quite deep and rather large. The two 'skylights' were broken as well as the a/c casing.

The dents in the top do not appear to have broken through the aluminum covering, but I cannot be 100% positive at this point.

My question is this - How do I determine what would be a fair settlement from the insurance company? They have agreed to 'total' the trailer since it would cost so much to completely replace the two shells, which is what would need to be done. I found out from Ed at the factory that the roof cannot be simply repaired as the insurance company thought.

I have found several similar units for sale over the internet but the asking prices are considerably more than what I am being offered. I know asking prices are just that, asking prices, and most sellers will negotiate somewhat but, on average, how much below the posted asking price would one normally be able to make a purchase? I really do not want to call someone, pretending to be a serious buyer, before I know how much I can pay. That does not seem fair to the seller.

I do not want to take undue advantage of the insurance company, either, but I do want to be able to replace my trailer with a comparable unit with the settlement money. Actually, I am expecting to have to travel what could turn out to be quite a long distance to find a replacement trailer since they simply are not that plentiful. So I know I will be out of pocket a fair amount from the get go.

Any help anyone can offer to me in my negotiations with the insurance company would be greatly appreciated.

Thank You

 

[gocntry]

Here Is The Page For Nada Used Values On Trailmanors (2003) Click On Your Model And See What You Come Up With And Compare That To What The Insurance Co. Is Offering You

http://www.nadaguides.com/default.a...5&p=38&f=5694&gc=RV&gtc=TT&m=0488&y=2003&ml=T

 

[Shleper]

See what a dealer will offer you in a trade for a new TM.

 

[KatChip]

NADA values are just a starting point for the negotiation with the insurance company. I have found NADA values to be quite high relative to current inventory used sale prices. In all likelihood they will look for comparable units for sale and base your trailers value on them, adjusted for locality changes.

Good luck with the battle!

 

[PopBeavers]

If the insurance company is using out of town TMs, don't forget to add in the cost of delivery from the location to where you are. That could add up pretty quick.

I doubt that they are looking at the price of used TMs in your neighborhood.

 

[jimwilly]

Out of town delivery

PopBeavers-Thanks for the suggestion. I have mentioned this to the insurance rep and it doesn't seem to make a difference to him. He is presently using trailers from all over the country, even from your area in California, and I'm in Georgia. He seems unwilling to consider the fact that you can't find a comparable trailer in your own neck of the woods and I might have to go a considerable distance to replace my trailer, not to mention at considerable expense also.

Thanks Again

 

[4Kids2Dogs]

I don't know if this will help you, but we just purchased our 2001 3023 from a couple in Denver, Colorado. They were asking $10,000 but took our offer of $9,000. It is in good, very clean condition, everything works. Curtains are faded and one needs new fasteners, slight browning on wall over the sink from lowering the unit before the water heater was cooled. NADA values on this model were significantly lower than we had ever seen advertised. This is the absolute lowest price this seller would take. We feel that we made a fair deal, as we understand that value is determined not so much by what the books say, but by what the market will bear. Hope this helps establish a value for you!

 

[jimwilly]

Thanks all for the replies. All are much appreciated and very helpful.

I do, however, have one last question. The adjuster tells me, and is being pretty insistent about it, that I should expect to be able to purchase a trailer for an amount that is approximately 20% below the sellers' asking price.

I'm not at all trying to find out what everyone paid for their trailer. But I would be interested in hearing from anyone that would respond how much, in terms of a percentage, they wound up paying for their trailer below the sellers initial asking price. (i.e. asking price of $20,000.00 with an eventual sales price of $18,000.00 would be a 10% discount from the asking price.)

Thanks in advance to all that take the time to reply.

 

[Shrimpburrito]

I found a great deal on mine -- notably less than others I had seen online -- and paid very close to asking price. There was certainly no 20% discount, and not even 10%. But I also had to drive 2,500 miles to pick it up.

Your adjuster's comment may be quasi-accurate for dealer sales, especially for new units, but certainly not as a rule for private parties. And even some dealers may not have "used car lot pricing". Look at CarMax....I realize they don't sell TMs, but try to go in there and pay 20% less than sticker, and you will find yourself frustrated.

Since he seems to be so knowledgeable about buying trailers, why don't you ask your adjuster to find you one? All you want is "to be made whole", i.e. you simply want to get back to the point before the damage. So you might tell him if he could just buy you a 2003 3023 in comparable condition within 100 miles of your house, you'll be happy.

Dave

 

[ragmopp]

I, personally, would go and tell the adjuster he is full of it.....

If I was to sell my TM I would naturally see what others are selling for, check to see what the Blue book is and see how many other TM's are on the market. Then would put a price on what I thought would be reasonable. Using your $20K figure I could see going down 10% but never 20%....

He might be right about other trailers, but as you have already pointed out there aren't many TM's out there and they usually are sold quickly (especially at this time of year). His job is basically to give you as little money as possible. Your job is to get as much as you can, as you will need every dollar you can get to get into a new(er) TM.

You know I sure would be all over that adjuster with facts and figures about replacements and what others are selling a TM like yours. And again don't buy that 20% figure he gave you.

These are my opinions, others might disagree.


Actually, there are a couple of folks trying to sell their TM's on this site right now. It would be interesting if any (or all) of them would comment whether they would go down 20%....I think I already know the answer to that one....
Mike Anderson

 

[Shrimpburrito]

You might also talk with your agent to express your displeasure with the way this is handled and that you will remember this when it comes time to renew your policy. Agents typically get commissions not only when they sell new policies, but also when you renew, so they have an interest in seeing that you stay happy.

If your carrier is one of those "direct" companies....GEICO, Progressive, etc., where there are no agents, well then this isn't an option.

Dave

 

[Al-n-Sue]

If your carrier is one of those "direct" companies....GEICO, Progressive, etc., where there are no agents, well then this isn't an option.

Dave

Just because they don't have agents, these "direct" companies are still interested in customer service. (I work at one of them - in the IT department). So you still have some leverage. Whoever is handling your claim should be very interested in you getting a fair settlement.

On the "20%" off comment - I've not seen this much with TM. When I bought my 2003 3124 in 2008 - a trade in to the dealer - I paid what the dealer asked. If I had not, he had a list of people behind me who would have. You may get a decent discount on a new TM from a dealer, and you will certainly get a good discount on other RVs from dealers - and even from individuals. But TMs are a different animal. That being said, when I sold my Starcraft popup I got $300 OVER the NADA price - and had a waiting list!

It is a supply and demand issue!
Alan

 

[mcgyver210]

I have had allot of dealings with Insurance Adjusters but some of my worst experiences have been with auto adjusters.

We was in a very bad roll over accident with our last Land Rover & the Grange Insurance adjusters tried to bully us. It didn't work we told them like it was when they tried to low ball us. One thing with most companies is they don't want a claim to stay open that should close because it will make them look bad.

The adjuster said we could replace our rover for an unrealistic price so we said show us one. As for taking prices from all over the country you can demand delivery be added to make it equal out to a apples to apples comparison. Also Another way to handle it is to let them know you are recording all calls with them just like they do to protect their selves.

The Grange adjuster was so horrible that she took our rental car away if I remember correctly on Christmas Eve hoping to bully us into a settlement that was better for them. We didn't bully & had all proof of value & said we would take legal action, report them to every agency available & run advertisements if necessary. we eventually came to a good settlement without either side really winning & when renewal came I moved Our Commercial, Auto, Home & Life from them. We had been very pleased with them for many years before this.

We have purchased insurance for the TM that replaces for first 5 model years & after that pays us at least what we paid for it in the first place if totaled. It also seems if you sneeze on a travel trailer it is totaled LOL ROFL.


Good Luck

Not all insurance adjusters are bad & in reality most are fair.


Ps. You also usually have the rite to ask for a new adjuster or at minimum request a meeting with his or her supervisor.

 

[FREDERICK4]

Typically a policyholder hires a public adjuster to document and expedite their claims, obtain a more satisfactory claim recovery, more quickly, and completely restore their residence or business operations, and Insurance Claim Adjuster themselves from the stress of engaging in an adversarial role with a large corporation.