Insurance sales

[Tom-D]

anyone know how to bid and win these sales?

 

[Fearless Tower]

Be the highest bidder?

More seriously, I think you just need to come up with a realistic bid based on how much it needs to repair and how much you think you’d get on the resale of a previously damaged plane.

If you win, great. If not, move on to the next one.

 

[MauleSkinner]

Make friends with the insurance folks.

 

[frfly172]

One of your problems will be,your bidding against the salvage companies,you might start by looking at wentworth salvage,repairable sales.

 

[Bell206]

anyone know how to bid

Some auctions are open, some require registration. Most have an online bid form you submit. Read the Terms of Service/Auction Terms twice. And don't bid unless you personally look at it. Even with a "thorough" inspection I've been surprised after opening it up.

win these sales?

Luck mostly for the odd man out. The main competition are salvage companies who use a different bid strategy than someone looking for a project. Salvage companies bid to part out at X profit. Project guy bids cheap to offset future costs. Odds are better bidding on single aircraft in BFE vs. a multiple claim like after a tornado. If you know someone in the salvage business ask for tips on bidding. Or, ask them to help with bid. That's what I did.

Here's AIG's FAQ that may help:
https://www-265.aig.com/AviationSalvage/SalvageFAQ.aspx

 

[Fearless Tower]

One of your problems will be,your bidding against the salvage companies,you might start by looking at wentworth salvage,repairable sales.

Very good point. A lot of the stuff may be worth more as salvage parts than a rebuildable airplane.

I've only ever dealt with one insurance sale and it was a Cherokee 140 that was written off for hail damage. Airplane was completely airworthy, but the previous owner had it parked outside in a hail storm. Dimpled the wings and tail like a golf ball. The owner wanted to get rid of it anyway so he filed a claim and sure enough, the cost to repair the cosmetic damage exceeded the hull value so they cut him a check and auctioned it. I suspect in that case it probably fetched a higher price from another pilot than the salvage companies were willing to bid.

 

[Tom-D]

Thanks for the info, I guess there really is no tricks to the process, I have made a bid, So will just have to wait to see if I win.

 

[Tom-D]

Very good point. A lot of the stuff may be worth more as salvage parts than a rebuildable airplane..

Then there's this statement.

Logbook entry indicating the airplane was a total loss was made all pertinent logs (airframe/engine/propeller) Log books avaliable for inspection .

 

[paflyer]

Very good point. A lot of the stuff may be worth more as salvage parts than a rebuildable airplane.

I've only ever dealt with one insurance sale and it was a Cherokee 140 that was written off for hail damage. Airplane was completely airworthy, but the previous owner had it parked outside in a hail storm. Dimpled the wings and tail like a golf ball. The owner wanted to get rid of it anyway so he filed a claim and sure enough, the cost to repair the cosmetic damage exceeded the hull value so they cut him a check and auctioned it. I suspect in that case it probably fetched a higher price from another pilot than the salvage companies were willing to bid.

 

[Fearless Tower]

Then there's this statement.

Logbook entry indicating the airplane was a total loss was made all pertinent logs (airframe/engine/propeller) Log books avaliable for inspection .

I believe that is standard when an airplane is totaled.

 

[Let'sgoflying!]

I have made a bid

dish! (on what?)

 

[Tom-D]

dish! (on what?)

a bunch of parts.

 

[Tom-D]

I believe that is standard when an airplane is totaled.

as long as the insurance company didn't declare the aircraft destroyed, then the FAA deletes the aircraft from records, most impossible to re-register

 

[Zeldman]

I thought dimples on top of the wings would make the plane fly better, like a golf ball.....