DFH65
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DFH65
What would you do in this scenario:
Joe flys Cessna 172 most of the time valued at about 50K maybe a little less. For the sake of this discussion the only assets he has are a home, vehicles and 401K. Total net worth maybe half a million dollars.
Joe's flying is mostly local with typically one passenger on occasion two. Lets say poor Joe has a pretty bad accident the passenger payout at most is going to be $200,000 (probably not enough) and that leaves $800,000 for any damage Joe did on the ground and other things. If the plane is a complete loss it would be covered.
So I guess if Joe flew into a house and it burnt to the ground the $800K would come in handy. If he put it in a field or the trees probably doesn't need anywhere near that much and where Joe flies he would have to try to hit house.
What would you recommend for Joe.
Tell Joe to don't be so selfish and cheap get all the insurance you can buy.
Tell Joe to be reasonable find some middle ground after all the insurance companies are betting you won't mess up.
Tell Joe to go cheap insurance is a suckers bet. He doesn't have much anyway and they probably can't take his house or his retirement so what else can they do? The owners insurance is going to pay something and they probably wont go after Joe anyway.
Joe flys Cessna 172 most of the time valued at about 50K maybe a little less. For the sake of this discussion the only assets he has are a home, vehicles and 401K. Total net worth maybe half a million dollars.
Joe's flying is mostly local with typically one passenger on occasion two. Lets say poor Joe has a pretty bad accident the passenger payout at most is going to be $200,000 (probably not enough) and that leaves $800,000 for any damage Joe did on the ground and other things. If the plane is a complete loss it would be covered.
So I guess if Joe flew into a house and it burnt to the ground the $800K would come in handy. If he put it in a field or the trees probably doesn't need anywhere near that much and where Joe flies he would have to try to hit house.
What would you recommend for Joe.
Tell Joe to don't be so selfish and cheap get all the insurance you can buy.
Tell Joe to be reasonable find some middle ground after all the insurance companies are betting you won't mess up.
Tell Joe to go cheap insurance is a suckers bet. He doesn't have much anyway and they probably can't take his house or his retirement so what else can they do? The owners insurance is going to pay something and they probably wont go after Joe anyway.