I don't know about trailers, but with automobiles, once a payoff is made to the owner, he can buy the vehicle for 10% of the payoff price. This is a very reasonable way for a DIYer to obtain enough equipment to outfit another trailer, or if he's handy, rebuild the "totaled" trailer.

A good fabrication shop can readily effect structural repairs. It may be worth a trip to one, for a guesstimate on what it would take to make things right again. If the frame and under carriage are not damaged, the box structure has straight forward construction, and aluminum materials are available from many sources.

If the trailer is economically beyond repair, the price of aluminum is quite high right now. Once the trailer was stripped, the empty box would be worth a significant amount of money at a recycling facility.

If I were to encounter this situation, I would definitely purchase the trailer from the insurance company.

Gard

If you do not the time or experience to mess with tearing the trailer apart and parting the varous componets. It will be much simpler to just take the check the insurance company gives you and go buy a new trailer. No headaches. Just move on.

If you buy back the totalled trailer, You can as gard suggested take it to a somebody skilled in rebuilding that type of structure.  If there is a trailer maker close by ( even if it's not the same manufacture as yours) , they may be willing to rebuild your trailer. I know that near by to me is a company that used to make their own brand of trailers.  They have discountinued making trailers but still sell parts and repair trailers.

If you choose to part out the trailer.  You will have to store it someplace, take the parts out and advertise and sell the various parts. You wull have to deal with people wanting to dicker over price, whether their checks are any good, possible shipping parts.  You may make some money doing so, but is it worth your time and effort.  Or would your time be better spent at your regular job. If you are retired with nothing to do. go for it. I don't have enough hours in the day as it is, I'd have to earn big check to justify the time away from my normal activities to justify the effort.

Also to be considered is the finances of doing this.  If you buy back the salvaged trailer, It will take some of the settlement money to buy the salvaged trailer.  It may take some time for you to sell all the parts.  That may mean you don't have as much money to spend on a new trailer today.  Can you fill in the deficit on the new trailer and wait for the rest of the money to trickle in.  Do you need a new trailer this winter or can you 6 months to a year to collect the rest of the money before buying a new trailer.  I'll venture that any new trailer you buy will cost more than the trailer you just lost.  Steel and Aluminum jumped over 7% in 2007 and I'l bet 2008 price increases are more than that. I know tha the steel I use in the construction business has jumped over 50% this past summer alone. Even with a slow economy and dealers willing to take less profit to just move inventory, their cost to purchase from the manufactures, I'm sure has increased.  You will pay more to buy a 2008 (or you may be looking at a 2009 mode this late in the year) than you did to buy a 2003 trailer.

Thank you to everyone for your advice.  I do not want to be in the parts busy.  However, now one of the collision companies who estimated the trailer "total" has offered me $1,000 over my cost to purchase as salvage from the insurance company.  It sounds like a great deal; however, I'm worried about that ole saying "if it seems to be too good to be true...."

I guess now I need to know how to get a "salvage title."  I have lien on trailer.  So, I think I will have to involve them, too?