Need to value my plane for insurance

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flyboy122
Posts: 324
Joined: Mon Apr 21, 2014 2:30 am

Need to value my plane for insurance

Post by flyboy122 »

Hi All,

I'm trying to figure out what my 170B is worth for insurance. It has the Avcon 180 hp conversion, and Vref doesn't seem to really account for that. They don't really come up for sale very often, and when they do all you see is the asking price and not necessarily the selling price. Any other online appraisers out there that are accurate? Should I just ask the intelligentsia here?

Thanks,
DEM
strangebird
Posts: 77
Joined: Wed Feb 20, 2013 1:15 am

Re: Need to value my plane for insurance

Post by strangebird »

Just tell the broker what you want for a hull value, include the up grades in a spec sheet did you buy the plane as is, or do the conversion?
in a spread sheet the cost of the engine , prop, and anything else, in other words what do you have in the plane cost wise if it were to be a total loss, what loss would you suffer?

Say I want to insure the plane for this amount then the insurance company will agree or not, if the insurance carrier balks, you can get an appraiser but he will just do what you can on your own.

'You have to show why the plane is worth X amount if the carriers balk at your request

Use as good aviation broker that knows the markets, this is not real hard as there are a lot of rare and modified airplanes that are insured for more than the usual 170B, the broker will and should get you several quotes, he does the work for you and do not go to multiple brokers it will not help you as insurance companies want to quote to one broker only.

Prices seem to be way up and so do premiums this year what your premium is will have a lot to do with the insured hull value .

If you need a really good broker let me know depending on where you are,I am in the Southeast US and I am in the insurance business just do not do not handle airplanes
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GAHorn
Posts: 20967
Joined: Fri Apr 12, 2002 8:45 pm

Re: Need to value my plane for insurance

Post by GAHorn »

Aircraft insurance is usually “declared value” insurance. As previously mentioned, the underwriter will write the policy for your declared value (and charge you for it in premiums) or will reject that value until you can support your opinion as to that value.
When I insured my 170 (twenty years ago) I insured it for what I paid for it. The next year I decided I could not replace it for it’s insured value. I asked for almost a doubling of hull value and the underwriter wanted data to support the higher value. (I can’t blame them either, after all, I’d thought it worth half that amount the previous year.)
I took pictures, included magazine articles, provided references to it’s Oshkosh Award and pointed out that no other airplane of similar condition was available except at the higher hull value I was requesting. The new value was approved and I’ve kept it at that value since. ($70K)
'53 B-model N146YS SN:25713
50th Anniversary of Flight Model. Winner-Best Original 170B, 100th Anniversary of Flight Convention.
An originality nut (mostly) for the right reasons. ;)
flyboy122
Posts: 324
Joined: Mon Apr 21, 2014 2:30 am

Re: Need to value my plane for insurance

Post by flyboy122 »

Thanks guys. Like George, I initially only insured my airplane for what I had into it, which was quite a bit less than what I think it's worth. However after a few years of ownership my premium has come down nicely and I can afford to pay a bit more to properly insure it. I understand the declared value principle, my problem is figuring out what exactly that value should be. I don't want to under insure it, for obvious reasons, but I don't see much reason to pay extra premium to insure it for more than it's worth. It's probably not a big deal in the grand scheme of things, but if I'm going to own an expensive toy I guess I should probably know how expensive it really is. (Or at least my accountant wife would like to know!)

DEM
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IA DPE
Posts: 208
Joined: Fri Nov 10, 2017 1:46 am

Re: Need to value my plane for insurance

Post by IA DPE »

There are so many variables that enter in that the most you'll get is a "range." TT, TSMOH, avionics, options/ added equipment, damage history, etc. Couple that with so few 170s on the market, and even fewer 180hp ones.

When one is offered for sale that is within "the range" of asking prices, it sells rather quick. I doubt sale price is much below asking price due to fast sales.
1955 C170B N2993D s/n 26936
1986 DG-400 N9966C
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DaveF
Posts: 1516
Joined: Sat Nov 03, 2007 1:44 am

Re: Need to value my plane for insurance

Post by DaveF »

I insured my airplane for about what I’d be willing to sell it for. They wouldn’t write a policy for what I consider full replacement value.
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GAHorn
Posts: 20967
Joined: Fri Apr 12, 2002 8:45 pm

Re: Need to value my plane for insurance

Post by GAHorn »

One approach might be to use Vref to appraise the basic airplane, then add the cost of converting that plane to your engine configuration, then deduct engine-value based upon TSMOH.
Another might be to contact your agent/broker and ask where the “break point” is on premium versus hull-value (since, based upon your last post, you seem to be basically shopping price vs value.)
'53 B-model N146YS SN:25713
50th Anniversary of Flight Model. Winner-Best Original 170B, 100th Anniversary of Flight Convention.
An originality nut (mostly) for the right reasons. ;)
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