How to get comps

[Mary F]

Originally Posted by Jon in AZ

Welcome, Jerry, from up in the White Mountains. Really sorry to hear about your mishap. Best place for comps is Molded Fiberglass Travel Trailers For Sale | Fiberglass RV's For Sale. Go to the archives ("sold" tab). They only have asking prices, not actual transaction prices, but that's the best source I know of. They go back a number of years and many have pictures to gauge condition and equipment. As far as I know there is no source for actual transaction prices since almost all molded fiberglass trailers change hands between private parties.

We also keep a "classified archive" here, for the same reason. Check it out. It's the last entry in our Marketplace section. Here's the link:

Classified Archive

[hangemhigh]

Originally Posted by jvhretiredatcs

Hey everyone in need of some urgent help please! We recently had the axle fall off of our scamp 5th Wheel while driving which is causing the insurance company to "total" our scamp. They are severely undercutting the value by calling regular RV dealerships to find out the value and coming up with approx. 1/2 of what we paid for it just recently. Does anyone know of a good way to get Real Comps that I can give to the insurance company??? Already in contact with scamp but want as many options for them to consider as possible.

P.S. you may want to invest in the U bolts for the axles on your scamps, apparently they are just welded on and can just fall off with a bump in the road.

get values from scamp HQ and only authorized scamp dealerships..you didn't mention a year but if it has vintage value an appraisal from a vintage specialist of which there are only a couple that I could find when I was trying to insure my 1960 tin can.

[Jon in AZ]

Originally Posted by hangemhigh

get values from scamp HQ and only authorized scamp dealerships..you didn't mention a year but if it has vintage value an appraisal from a vintage specialist of which there are only a couple that I could find when I was trying to insure my 1960 tin can.

There are no Scamp dealerships. All new Scamps are sold factory-direct. A few used units are taken as consignments or trades by regular RV dealers, but the large majority change hands between private parties. That's what makes this difficult.

I believe it's a 2007, so not vintage, but I suppose a professional appraisal service is still an option. I'm curious how they would go about it, probably a lot like Tom describes. It's not easy- I tried to do it once using a spreadsheet, but (1) you don't know what they actually sold for, (2) how do you estimate the value of a 10 year old furnace or fridge, and (3) how do you adjust for location and season? Lots of guesswork involved.

[Glenn Baglo]

The insurance company employs a "professional" appraiser, or, at least a guy who works for them. So, good luck.

[Jon in AZ]

Originally Posted by Glenn Baglo

The insurance company employs a "professional" appraiser, or, at least a guy who works for them. So, good luck.

Right. I think the idea is to get one that works for you.

[Glenn Baglo]

Originally Posted by Jon in AZ

Right. I think the idea is to get one that works for you.

Yup, but you have to find one who has expertise in small moulded fiberglass trailers.

[Jon in AZ]

Originally Posted by Glenn Baglo

Yup, but you have to find one who has expertise in small moulded fiberglass trailers.

Or one that will work with you, listen, use the available data, and (most important) put a signature underneath a realistic valuation. I know as well as you there isn't a small egg appraisal specialist. But there are many situations in which a fair value has to be determined for an unusual item and appraisers who do them.

The biggest obstacle is not that there isn't someone out there to do it, but that, being a non-routine appraisal, it won't be cheap. In the end, it may not be worth it to take it that far.

Same with hiring a lawyer, for that matter.

[Tom 72]

In the insurance field, I think the nearest thing to an Appraiser may be called an Insurance Adjuster. I'd be concerned about a lack of experience with fiberglass eggs. But you might find one. Also, there's not a huge pile of money to pay an adjuster.
Here's a thought. In addition to a spreadsheet with 5 comps, you could illustrate how fiberglass units don't depreciate by having a flood of maybe 50 recent sale listings. I realize these would be offered (not sold) prices. Where is it that I've seen up to date mass listings of eggs for sale? I might also include a handful of postings where newbies were counseled about the fast market conditions and the need to act quickly. Those are real testimonials, and your audience is much like a newbie.

[Jon in AZ]

Originally Posted by Tom 72

In the insurance field, I think the nearest thing to an Appraiser may be called an Insurance Adjuster.

Not exactly, Tom. An adjuster works for, and is paid by, an insurance company. An appraiser works independently. Here is an explanation of the difference:
"With respect to the distinction between appraisers and adjusters, an adjuster is a person who acts on behalf of an insurance company or an insured in the adjusting or settlement of claims. An appraiser is a person selected or appointed by competent authority or an interested party to ascertain and state the true value of goods or real estate." (completecontracting.com)

Adjusters do appraisals as part of the settlement process, but they are typically quick and dirty because their job performance is based on how quickly and cheaply they get claims settled. They have no reason to do the research needed to establish a higher valuation for a specialty item like a molded fiberglass trailer. By refusing to settle and providing the relevant data, you are applying what limited leverage you have. An independent appraisal is a longer lever, albeit a costly one, because it carries more weight if the claim ends up in arbitration.

[Carl V]

When I bought my trailer in the summer of 2015, I called my insurance, told them I'd just bought a 1981 trailer, and that the trailer will probably not move from my backyard for a couple years, until the renovation is complete.
I was asked how much I paid for it, and when I said $7000 I thought the lady on the the phone had fainted. "Did ou say $7000 for a 1981 trailer??" (translation: are you out of your f mind??!!)
"Yes Mam" I said, and when I'm done with the renovation, it's market value will be much more, I'm guessing over 10k.
She said: "well, that's your opinion, but I don't think any 1981 trailer is worth 10k".
I tried to explain that this is different, it's a fiberglass trailer and they tend hold their value much more than an ordinary trailer, etc. She just couldn't understand how someone could buy a 1981 for such a high price, then invest money and time in a renovation and then expect the trailer to be worth even more. I told her: sorry but you just don't understand.
We agreed on a basic insurance coverage for the moment, and when the renovation will be complete and the trailer on the road, I'll call the insurance back and they will have the trailer appraised by a professional appraiser to determine it's value. This will probably happen next summer.

Now when this guy will show up, first thing I'll ask is if he knows anything about FG trailers. If not, he's in for a lecture and he better understand what makes FG trailers different.
So I'm getting ready for this battle if it ever comes to that.

After I bought the trailer two years ago, I found an interesting document in one of of the trailer's cupboards: an appraisal report, dating back from 2009, made by a independent appraiser, probably for insurance purpose for a previous owner. Back then my trailer was evaluated a $9000 and the report mentions the trailer as being in "like new condition". Although the trailer certainly looked clean, having worked on it for almost two years I know this wasn't true, as I found issues with it that I'm sure were there in 2009. But when I'll be done with my renovation, everything will be fixed for good, and then I'll be able to say with confidence it will really be in "like new condition".

Also, for the last 3 years or so, I kept copies all online ads for trailers of the same model or similar to mine that I could find, I also searched the FGRV forum and FGRV4sale archives. I must have about 35 of them, I can come up with examples with asking prices, and an average market price. I even have 2 ads where people were looking to buy my specific trailer model!

[jvhretiredatcs]

Thanks for all of the advice, it worked! Just got the new evaluation from the insurance company and they upped their offer to $12,500 after our deductible. It is still classified as a total loss but we plan on buying it back from them and either fixing it or parting it out. I am going to attempt to add some of the pictures for you too see and advise if you think it is fixable. There was more damage underneath than what we thought any advice for repairs in southern Arizona would be appreciated.

[jvhretiredatcs]

Here are a few more pics of the damage.

[jvhretiredatcs]

Thanks for any advice

[Donna D.]

Oh man, I'm so sorry. Everything I see is fixable. We've seen CRUSHED eggs brought back to life.

I don't remember reading... is this a 2002 trailer? IF it is, I remember reading Scamp KNEW there was an issue with the attachment points of the axle to the frame on the fifth wheels and there was a recall. I read that info on the group YahooScampers. Maybe someone who is a current member of that group can find that information. I remember it as being so important it was "pinned." But that was a number of years ago.

[Carl V]

Wow... not nice.
What happened to the axle once it broke off?

[jvhretiredatcs]

Originally Posted by Donna D.

Oh man, I'm so sorry. Everything I see is fixable. We've seen CRUSHED eggs brought back to life.

I don't remember reading... is this a 2002 trailer? IF it is, I remember reading Scamp KNEW there was an issue with the attachment points of the axle to the frame on the fifth wheels and there was a recall. I read that info on the group YahooScampers. Maybe someone who is a current member of that group can find that information. I remember it as being so important it was "pinned." But that was a number of years ago.

It is a 2007 but that would be interesting to find out if there was a recall or not

[jvhretiredatcs]

Originally Posted by Carl V

Wow... not nice.
What happened to the axle once it broke off?

Initially it rolled away. A Sheriff and Highway Patrol Officer rolled it up the road and leaned it over the guard rail. Tow truck operator took it with the scamp when they got there.

[jvhretiredatcs]

The Scamp will be towed to our house in the next few days as the insurance company decided to total it and we decided to keep it. We will get someone to take a look at it and see it we want to have it repaired or part it out. Decisions, decisions, decisions!!! If you know of someone who can restore our Scamp to good condition we would greatly appreciate the referral.

[Borrego Dave]

Thanks for the pics Jerry, I'm kind of surprised that there isn't more damage showing and it certainly be fixed. Lucky it didn't roll over and take you with it. Did it track straight or sway any?

[jvhretiredatcs]

Originally Posted by Borrego Dave

Thanks for the pics Jerry, I'm kind of surprised that there isn't more damage showing and it certainly be fixed. Lucky it didn't roll over and take you with it. Did it track straight or sway any?

Thanks Dave, we know that we are very fortunate that it didn't roll and take us with it. For the most part it tracked straight staying behind the truck although it did sway some from left to right. According to the tow truck drivers the bike rack hitch receiver on the back end saved it from worse damage than there appears to be. Once they bring it to our house in a few days then we will have someone take a look at it to let us know the full extent of the damage.