definitely get the welds fixed underneath, then try one of those fiberglass repair kits just to repair the cracks, then get some touch-up paint. If you still can't live with it you won't have wasted much time or money. I have an MC with the same style fenders but single axle, and it is damaged on one side (way worse than yours). The guy who had it before me checked and it was $750 to replace. I have not confirmed this personally. My trailer will sit in storage once my boat goes in the slip, so its not a priority.
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