VansAirForceForums  
Home > VansAirForceForums

-POSTING RULES
-Advertise in here!
- Today's Posts | Insert Pics

Keep VAF Going
Donate methods

Point your
camera app here
to donate fast.

  #1  
Old 04-17-2021, 08:33 AM
dreed dreed is offline
 
Join Date: Nov 2016
Location: Camas, WA
Posts: 465
Default Hull value

hey folks-

Funny, the build is "complete" (hahaha) and still questions to ask. Searched but wanted to pick the brain trust.

What do you all have for hull coverage? With the increase in kit cost, parts and what labor is if something should need to be fixed.

I have a 7A, with a 390 + Hartzell composite prop, decent panel etc. I asked for a $180K hull coverage quote thinking it'd be close should you ever need to replace the airplane.

Just wanted a sanity check from fellow builders. Quote is Mid $2K range (Gallagher) which I don't think is unreasonable at all given I am not instrument rated yet and not a ton of time, but before I write the check I want to make sure I asked around that I am not under or over on my ask.

Thanks!
dan
__________________
Dan Reed
Camas, WA
RV-7A - N167DR (reserved)
Inspection coming
2018/19/20 VAF dues paid
Reply With Quote
  #2  
Old 04-17-2021, 08:54 AM
wirejock's Avatar
wirejock wirejock is offline
 
Join Date: Oct 2005
Location: Estes Park, CO
Posts: 4,372
Default Hull insurance

Quote:
Originally Posted by dreed View Post
hey folks-

Funny, the build is "complete" (hahaha) and still questions to ask. Searched but wanted to pick the brain trust.

What do you all have for hull coverage? With the increase in kit cost, parts and what labor is if something should need to be fixed.

I have a 7A, with a 390 + Hartzell composite prop, decent panel etc. I asked for a $180K hull coverage quote thinking it'd be close should you ever need to replace the airplane.

Just wanted a sanity check from fellow builders. Quote is Mid $2K range (Gallagher) which I don't think is unreasonable at all given I am not instrument rated yet and not a ton of time, but before I write the check I want to make sure I asked around that I am not under or over on my ask.

Thanks!
dan
That's just hull? Not moving?
I have a $125K hull for about $500
__________________
Larry Larson
Estes Park, CO
http://wirejockrv7a.blogspot.com
wirejock at yahoo dot com
Donated 01/01/2021, plus a little extra.
RV-7A #73391, N511RV reserved (2,000+ hours)
Empennage, wings, fuse, finishing kit, now FWF
Disclaimer
I cannot be, nor will I be, held responsible if you try to do the same things I do and it does not work and/or causes you loss, injury, or even death in the process.
Reply With Quote
  #3  
Old 04-17-2021, 09:08 AM
dreed dreed is offline
 
Join Date: Nov 2016
Location: Camas, WA
Posts: 465
Default

Hey Larry-

Sorry, that's everything with $180K hull

$1mm total per occurrence
$180K All risks (ground/Flight)
__________________
Dan Reed
Camas, WA
RV-7A - N167DR (reserved)
Inspection coming
2018/19/20 VAF dues paid
Reply With Quote
  #4  
Old 04-17-2021, 09:12 AM
Desert Rat Desert Rat is offline
 
Join Date: Aug 2018
Location: 50-50 Wichita KS & Scottsdale AZ
Posts: 560
Default

Quote:
Originally Posted by wirejock View Post
That's just hull? Not moving?
I have a $125K hull for about $500
Sounds like you're talking about builders risk or hangar insurance. Thats' not an apples to apples comparison to replacement cost.

Airplane policies originally were modified boat/ship policies. Hull insurance by definition is the value of the airframe and stuff thats attached to it. Whether you cover it for all risk, risk not in flight, risk not in motion, or builders risk has a huge impact on the premium, but the coverage on the tangible property that is the airplane is all "Hull" insurance

OP

It seems to me that $180k is a pretty easy number to get to with an IO390 and any kind of Avionics, but FYI- If you insure your airplane for less than it costs to replace it, you can be left holding the bag if it gets totaled. If you insure it for $180K then basically you could expect the insurance company to insist that it be repaired rather than scrapped all the way up to $179,999.
__________________
Terry Shortt
AGI, CFI, CFII, MEI, A&P, Janitor
RV7 Empennage & Wing done
Fuselage in process
#72651
https://eaabuilderslog.org/?blprojec...t=all&listcat=
Reply With Quote
  #5  
Old 04-17-2021, 09:33 AM
Jpm757's Avatar
Jpm757 Jpm757 is offline
 
Join Date: May 2013
Location: Sherman, CT
Posts: 940
Default

A total loss does not necessarily mean (in your case $180k) that your damage must total $180K. I have seen several claims that as they approach 75% of the hull value they become totalled. Check the fine print. Most insurance companies at their discretion "total" your bird, then recapture some of their loss by auctioning the damaged aircraft. Some owners have bought back their totalled aircraft.
__________________
Jake
RV6 #20477 completed 1991 sold.
RV7 #72018 N767T first flight 11/21/2017
(KOXC)Oxford, CT, (0NY0)North Creek, NY.
1941 J3 Cub skis, floats.
Building Javron Super Cub.
2020 dues gladly paid.
Reply With Quote
  #6  
Old 04-17-2021, 12:19 PM
BobTurner BobTurner is offline
 
Join Date: Dec 2011
Location: Livermore, CA
Posts: 7,348
Default

Quote:
Originally Posted by Jpm757 View Post
A total loss does not necessarily mean (in your case $180k) that your damage must total $180K. I have seen several claims that as they approach 75% of the hull value they become totalled. Check the fine print. Most insurance companies at their discretion "total" your bird, then recapture some of their loss by auctioning the damaged aircraft. Some owners have bought back their totalled aircraft.
+1 Yes, there is a danger in underinsuring your hull. The insurance company will just total it and sell salvageable parts. OTOH, if you over-insure, the insurance companies get nervous. They’re afraid you may try to make a profit at their expense. You want to get the hull value right. Check comparable sales if you can.
Reply With Quote
  #7  
Old 04-17-2021, 05:06 PM
dreed dreed is offline
 
Join Date: Nov 2016
Location: Camas, WA
Posts: 465
Default

Thanks All- I just wanted to make sure I wasn't under/over. Jenny said it was on the higher end of what they've seen requested, but I think it's a fair value for the way it's outfitted.
__________________
Dan Reed
Camas, WA
RV-7A - N167DR (reserved)
Inspection coming
2018/19/20 VAF dues paid
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -6. The time now is 02:28 AM.


The VAFForums come to you courtesy Delta Romeo, LLC. By viewing and participating in them you agree to build your plane using standardized methods and practices and to fly it safely and in accordance with the laws governing the country you are located in.