Hull value for 1946 Champ

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Horatio
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Hull value for 1946 Champ

Post by Horatio »

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
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Luscombe 8A
FlyingForFun
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Re: Hull value for 1946 Champ

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RyanShort1
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Re: Hull value for 1946 Champ

Post by RyanShort1 »

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
I would advise you to cover the entire hull value in case the owner does not have adequate coverage.

Ryan
Independent Flight Instructor at http://www.TexasTailwheel.com. Come fly tailwheel LSA's.
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drseti
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Re: Hull value for 1946 Champ

Post by drseti »

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.
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Jim Stewart
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Re: Hull value for 1946 Champ

Post by Jim Stewart »

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.
We should be in the insurance business, not flying airplanes.
PP-ASEL, Flight Design CTSW owner.
Horatio
Posts: 100
Joined: Thu Apr 04, 2013 2:01 pm
Location: SC Midlands

Re: Hull value for 1946 Champ

Post by Horatio »

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.
Thanks, Paul. Good advice, as always.

Horatio
SP-ASEL (tailwheel)
Luscombe 8A
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