Appraisal for insurance

DesertNomad

DesertNomad

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DesertNomad
My insurance company wants to lower my coverage from $170K to $160K and says if I want to keep the higher value I need to get an appraisal.

My reason for choosing $170K is because of what it would cost to by a good Dakota and then upgrade it to the avionics I have. There are simply no Dakota's like mine listed for sale, but one did recently sell for $160K with higher times than mine.

Has anyone had to do this to justify an insurance value?

Anything I should be aware of or look out for?
 
Check with your insurance company and ask if they will quote,your aircraft at agreed upon value.
 
DesertNomad said:
I think most if not all aircraft insurance is based on agreed value.
Click to expand...
Yeah, my agent simply asks me each year what hull value I want. I typically lower it about 3k per year (if at all) then raise it back up after an OH. Never had them ask for an appraisal.
 
Last edited:
Like the OP, I look at the cost to replace the aircraft with something equal... not necessarily what I could sell the aircraft for. I probably over-insure as a result, but I'll happily pay the extra premium.
 
DesertNomad said:
My insurance company wants to lower my coverage from $170K to $160K and says if I want to keep the higher value I need to get an appraisal.

My reason for choosing $170K is because of what it would cost to by a good Dakota and then upgrade it to the avionics I have. There are simply no Dakota's like mine listed for sale, but one did recently sell for $160K with higher times than mine.

Has anyone had to do this to justify an insurance value?

Anything I should be aware of or look out for?
Click to expand...

Yes, when owners over improve an aircraft insurance companies can and do limit the hull value they will insure.
 
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