I'm up for renewal and the FX-3 is about a year old. My question is what is the correct hull value to use on insurance? Obviously to replace my FX-3 would cost significantly more as prices have gone up, however, I don't believe insurance policies are "replacement cost". My renewal still has my hull value near what I paid for it but if something happened, is the assessor going to only pay some value less based on what I paid minus some depreciation formula? I don't want to over insure (or under insure) but there has to be some way of determining the correct "value" of your aircraft for hull value based on insurance and if something happens?
Any suggestions or lessons learned from those that had to go through a claim such as for total loss?
Thank you.
Any suggestions or lessons learned from those that had to go through a claim such as for total loss?
Thank you.