Insurance - Over or Under Insure on Hull Value

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bob turner

Registered User

• Aug 2, 2020

• #31

Yeah - that is why rates are going up - if we wreck evey ten years the premiums would have to be $700/year not counting overhead and profit.
When you go without hull, you are making a bet - you could lose, but more likely you will win. Question is only "can you afford to lose that $70 grand?"
Life insurance is the opposite - you only win if you die young. ? (Joke, sort of)

 

RaisedByWolves

FRIEND

Tx

• Aug 2, 2020

• #32

They wouldn’t up mine much more than $110 after the rebuild. I sent them the invoice from the rebuild and pictures of it being a new airplane. They upped it.


Sent from my iPhone using Tapatalk

 

Steve Pierce

BENEFACTOR

Graham, TX

• Aug 2, 2020

• #33

RaisedByWolves said:

They wouldn’t up mine much more than $110 after the rebuild. I sent them the invoice from the rebuild and pictures of it being a new airplane. They upped it.


Sent from my iPhone using Tapatalk

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I have had to write up several Super Cubs and my Dad's Clipper rebuild for the same reason.

 

irishfield

Registered User

Penetanguishene, Ontario Canada

• Aug 2, 2020

• #34

Go ahead and under insure it. Tweak it one day, call the adjuster that then takes a shine to your ride and it'll be here's your cheque.. thanks for the plane!

 

jimcrawford01

FRIEND

North Conway, NH

• Aug 3, 2020

• #35

mvivion said:

Every company I’ve ever dealt with offers liability only. I’d bet an insurer would rather sell liability only, frankly, though they don’t make as much money. Ask your insurer, I’ll bet they’ll quote.

MTV

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Thanks.
I will gladly self insure for the hull. If I can find it.
Coming up for renewal shortly. I will pursue and report back.
Jim

 

hotrod180

FRIEND

Port Townsend, WA

• Aug 3, 2020

• #36

A friend of mine recently put his C185 on it's back.
Fuselage was straight & undamaged, but vertical, both wings, & prop were all wiped out.
Plus of course a prop strike on the engine.
He had it insured for $200K, which I'd thought would be adequate,
but the insurance outfit totalled it, which kinda surprised me.

 

FdxLou

BENEFACTOR

Canton, GA

• Aug 3, 2020

• #37

If that’s the plane I’m thinking of, it had an IO-550 and G3X panel. Underinsured at 200k.
Lou

 

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bob turner

Registered User

• Aug 3, 2020

• #38

I bet it cost half that to make it brand new. New engine/prop fifty grand, trip to Beegles another fifty?

 

skywagon8a

MEMBER

SE Mass MA6

• Aug 3, 2020

• #39

bob turner said:

I bet it cost half that to make it brand new. New engine/prop fifty grand, trip to Beegles another fifty?

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Just the engine is $51k http://www.airpowerinc.com/productcart/pc/TCEngineDetail.asp?catID=69&prodID=24131 You are way low Bob, time marches on. ;-)

 

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bob turner

Registered User

• Aug 3, 2020

• #40

Hah! Picked up a whole darn 180 - corrosion free, new paint, good engine - and flew it IFR out of Vero Beach after a Piper tour. Sixteen thousand. Loved that plane. My student sold it and bought a Cherokee! I cried.

 

skywagon8a

MEMBER

SE Mass MA6

• Aug 4, 2020

• #41

Those were the days. I picked up a brand spanky new 180 at the factory in Wichita for $24k. Those days are long gone never to return.