Determining Aircraft Value

[Bill Whitefield]

Any suggestions on a good method to determine aircraft value? Over the last 1-1/2 years I have done major upgrades on my 8A (new avionics/panel/paint/details) and want to make sure that I have it valued correctly for insurance purposes. I have looked on Barnstormers and Trade-A-Plane in an attempt to find some comps but was not successful.

 

[bonefishdave]

Any suggestions on a good method to determine aircraft value? Over the last 1-1/2 years I have done major upgrades on my 8A (new avionics/panel/paint/details) and want to make sure that I have it valued correctly for insurance purposes. I have looked on Barnstormers and Trade-A-Plane in an attempt to find some comps but was not successful.

Since you are valuing for insurance purposes not for sale, ask your self, what would it cost to replace your aircraft in its current configuration.
In my case, the used market offers no equivalent replacement so I calculated what it would take cost wise to duplicate my aircraft with current prices from Vans and factored in engine, avionics and paint costs
And that is the value I insured it for.
.

 

[riseric]

What Dave said...
And it will probably be valued/estimated more than what you expect...

 

[RNB]

Your potential insurance rates might impact your perceived value. I updated a 172 and hated the quoted rates for how I valued it...

 

[Bill Whitefield]

Your potential insurance rates might impact your perceived value. I updated a 172 and hated the quoted rates for how I valued it...

Thank you all for your thoughts. I flew Barons and Bonanzas for 30+ years and determining value on them was fairly easy. RVs are a totally different world!

 

[Steve Watkins]

Your potential insurance rates might impact your perceived value. I updated a 172 and hated the quoted rates for how I valued it...

As a single data point, I increased the hull value on my RV-8 this year and the premium to insured value ratio was 1/100 regardless of what value I chose. Raising the insured value by $25k cost an additional $250 per year. YMMV