| N908RV |
11-20-2007 11:08 AM |
Quote:
Originally Posted by lcnmrv8r
(Post 172851)
Liability is liability say $300-400/year.
Hull. Do you have to insure the total value?
Here's what I mean. If you have a minor incident how much will it take to repair. Avionics should all still be ok,interior ok, engine accessories still good. Engine? So if you have to rebuild, what's the cost to rebuild? I know it doesn't include your time but if it's just about how much per year you'd be saving, could we be insuring our hulls at a lower rate?
for example. Your plane value is 75k. Insure the hull at 45k.
Just my thoughts. No flaming please.
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I believe the problem with that is if the insurance company feels that it is a total loss (i.e. $45K in damage to repair) they will total the aircraft and keep it and sell all your goodies. You can get it back from them, but at that point you are one of the bidders to the airframe (anyone correct me if my assumption is incorrect here), so by devaluing it that much you might get the 45K check, but have to buy back your salvage rights to all the goodies - engine, prop, avionics, instruments, etc.
Also, lets say worse case scenario, you don't live through the accident and so whomever gets your estate now gets reimbursed only partially for the aircraft. For me that's a small bit if additional "life insurance" for my wife so that she gets the full value. I valued mine about 15 to 20K lower than it is probably worth in today's market, but I did value it enough so that I could get nearly all money back out of it in a total loss.
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