What to insure For?

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soarer20
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What to insure For?

Post by soarer20 »

With prices for da-20s in the absurd range lately I'm thinking I'm underinsured. I have hull value set at $75k.

I don't have VREF.

1997 A1 1600 hrs, 400 hrs on new engine.

The DA-20 market seems pretty weird to me, most sellers don't seem to post on the usual classifieds. I know if I made enough calls and waited long enough I could replace the airplane for close to what I paid for it. However I'd like the piece of mind of knowing I'm insured for what I can reasonably replace it for quickly if I had to.

Advice?

Whats everyone's hull vale set at?
tahoemark
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Re: What to insure For?

Post by tahoemark »

Yikes!
I just looked at controller 150-200k seems crazy. In Europe there are at least 8 Katana 100's for sale with the highest price being 106,730 (average price 89k). Wonder what it would cost to ship one over??
Obviously, somewhat different aircraft but I'm a fan of Rotax engines.
Vref says 44k for what that's worth

I'm sure the experts will chime in for what to do about insurance. Looks like their are so few available sellers can ask seemingly high prices.
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YCCA
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Re: What to insure For?

Post by YCCA »

I sold mine several months ago and got 78.5k. It was a 2001 with ADSB out and the Aspen pro installed.. I think I could have got a little more but it was a quick easy sale..
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Re: What to insure For?

Post by smoss »

something an experienced aviation friend of mine enlightened me on a while back... overinsuring your plane is often a bad thing. If the plane is crashed, etc., the insurance company will make a decision to repair it, or ''total" it and sell it for scrap. This is directly based on how much they have to pay out. So while it is possible to insure your $100K plane (based on whatever) for $200K for not significantly more money, if you crash it, and are insured for 200K, they are most likely going to necessitate having it repaired, and pay for the repair cost, but you are now stuck with no plane for months, and a then repaired messed up plane. Had it been insured for 100K, they would be much more likely to just cut you a check for 100K immediately and sell off the plane themselves, and now you just go get a new plane. So it is a balance of how much you personally actually would need. If you could tolerate a bit of a financial loss in the case of a mishap, insuring hull on the low side is probably advantageous.
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Re: What to insure For?

Post by RMarkSampson »

The current value of the aircraft is certainly one way to look at it. But I would offer you need to insure for what you intend to do with the insurance money. Ultimately I don't think there is a single right solution. Will you really go find the same thing? - or would you get something different? A few will cash out and get out - i.e. pay off the mortgage and maybe recoop the down payment. New vs used aircraft prices also factors in. If you bought new I'm fairly sure you will be able to get an insurance check that keeps you at the same fiscal point when the price of new aircraft is on the rise. Same with just looking at the engine - it matters if you intend to fly it past TBO. Finally, are you using it commercially or as a private aircraft? My aircraft is leased to a club and the insurance is about 4 times a private insurance rate. Lots of variables to consider...
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