My insurance company said they would pay on the declared value given total
time, equipment, condition, etc. They ask why I was over insuring it. I told
them I wasn't going to accept 80%.
From: Randy Smith via KRnet <krnet@list.krnet.org>
To: KRnet <krnet@list.krnet.org>
Cc: Randy Smith <crz...@yahoo.com>
Sent: Monday, February 13, 2017 5:00 PM
Subject: Re: KR> Insurance for a KR-2
You really do not want to over insure. I will give an example. My neighbor
built an RV7 and insured it for $126000. after her 6 attempt at landing WITH
the wind she flipped it over on its back. She told the insurance company she
did not want it fixed, They told here it would cost $40000 to fix it. She sued
and lost to the insurance company, it paid to fix it. She bought an RV10 and
when they finished here 7 she sold it. It only sold for $78000 which was the
value of the plane. The ins. company pays on insured value not book value. A
friend wrecked to planes and the ins. company paid both without to many
question but now he fly's with only liability because that is all he can get.
You will fined That if you wreck a plane and ins. pays it off most company will
tell you they will not insure you, you will need to go back to the 1 that paid
the claim. They will sometimes insure you again only because they would like to
get some off there money back.
On Wednesday, February 8, 2017 7:43 PM, Dan via KRnet
<krnet@list.krnet.org> wrote:
I believe my policies are agreed value just like I have on our boat but now
that you bring it up I should give them a call and verify.
Thanks,
Dan
-----Original Message-----
From: KRnet [mailto:krnet-boun...@list.krnet.org] On Behalf Of Larry Flesner
via KRnet
Sent: Wednesday, February 08, 2017 6:01 PM
To: KRnet
Cc: Larry Flesner
Subject: Re: KR> Insurance for a KR-2
At 12:52 PM 2/8/2017, you wrote:
>Keep shopping around. I have insured mine with 3 different underwriters
>over the years, for $17000 hull value, and paid between
>$900 & $1400 a year total for hull and liability.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
+++++++++++++++++++++++++++++++++++++++++++++++++++
Ask your underwriter what they will pay if the aircraft is
"totaled". I read years ago that they pay based on aircraft value,
not on the insured amount. Given that, I don't recall ever seeing a
KR sell for $17,000, even the very nice ones with 0-200 engines. A
nice KR with a VW engine, if you can find a buyer, is probably in the
$10,000 to $12,000 range. You may be over insuring and paying more
than necessary. I insure for liability only for $325 per year, given
my commercial license, 1500+ total time, and 600+ tail wheel time.
Given my age, 72, and the 13 years I took to build my KR, if I total
mine I could have another one flying by age 85. :-) Live to you
comfort level..........
Larry Flesner
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