I'm in the process of buying renter's insurance and I'd like some feedback from the experts on typical value for a Champ, which is what I'm training in. When buying insurance is it prudent to insure for a "retail" amount or just for the hull value (which I assume is the "totaled" value from an insurer, and significantly less than retail).
Thanks!
Horatio
Hull value for 1946 Champ
Moderators: drseti, Bob Mackey
Hull value for 1946 Champ
SP-ASEL (tailwheel)
Luscombe 8A
Luscombe 8A
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Re: Hull value for 1946 Champ
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Last edited by FlyingForFun on Tue Sep 17, 2013 12:49 pm, edited 1 time in total.
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Re: Hull value for 1946 Champ
I would advise you to cover the entire hull value in case the owner does not have adequate coverage.Horatio wrote:I'm in the process of buying renter's insurance and I'd like some feedback from the experts on typical value for a Champ, which is what I'm training in. When buying insurance is it prudent to insure for a "retail" amount or just for the hull value (which I assume is the "totaled" value from an insurer, and significantly less than retail).
Thanks!
Horatio
Ryan
Independent Flight Instructor at http://www.TexasTailwheel.com. Come fly tailwheel LSA's.
Re: Hull value for 1946 Champ
The advice I give to my students and renters is to get coverage sufficient for my policy's deductible, plus one-half of the hull coverage that I carry. The rationale is that, if there's a total loss, my insurance will pay me off (less the deductible), the renter's insurance will cover the deductible, and then, if my insurance company decides to subrogate against the renter, they will likely be satisfied to recover half their damages.
The opinions posted are those of one CFI, and do not necessarily represent the FAA or its lawyers.
Prof H Paul Shuch
PhD CFII DPE LSRM-A/GL/WS/PPC iRMT
AvSport LLC, KLHV
[email protected]
AvSport.org
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Prof H Paul Shuch
PhD CFII DPE LSRM-A/GL/WS/PPC iRMT
AvSport LLC, KLHV
[email protected]
AvSport.org
facebook.com/SportFlying
SportPilotExaminer.US
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Re: Hull value for 1946 Champ
We should be in the insurance business, not flying airplanes.drseti wrote:The advice I give to my students and renters is to get coverage sufficient for my policy's deductible, plus one-half of the hull coverage that I carry. The rationale is that, if there's a total loss, my insurance will pay me off (less the deductible), the renter's insurance will cover the deductible, and then, if my insurance company decides to subrogate against the renter, they will likely be satisfied to recover half their damages.
PP-ASEL, Flight Design CTSW owner.
Re: Hull value for 1946 Champ
Thanks, Paul. Good advice, as always.drseti wrote:The advice I give to my students and renters is to get coverage sufficient for my policy's deductible, plus one-half of the hull coverage that I carry. The rationale is that, if there's a total loss, my insurance will pay me off (less the deductible), the renter's insurance will cover the deductible, and then, if my insurance company decides to subrogate against the renter, they will likely be satisfied to recover half their damages.
Horatio
SP-ASEL (tailwheel)
Luscombe 8A
Luscombe 8A