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robin(at)PaintTheWeb.com
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 Posted: Tue Aug 16, 2011 5:34 pm Post subject: Insurance was: Aviation Humor - Garmin Style |
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50:1 sounds about right. $3,000 for $150-175,000.
What is at risk is your labor ONLY in the case of a total claim. If you have damage that is less than the total you are still covered and have saved a few dollars along the way.
That being said you are actually risking TWICE your labor as you will have had to build two -10's in a total loss situation while only being reimbursed for the bits and pieces.
Robin
Sent from my iPad2.
On Aug 16, 2011, at 6:02 PM, "Bob Leffler" <rv(at)thelefflers.com (rv(at)thelefflers.com)> wrote:
[quote]
I’m having this debate with my insurance agent at the moment too. If I insure to cover market value, which is about $50k more than my direct expense. If I insure for my direct expense, it’s about $1k/yr less. What’s is at risk then is my labor.
From: owner-rv10-list-server(at)matronics.com (owner-rv10-list-server(at)matronics.com) [mailto:owner-rv10-list-server(at)matronics.com (owner-rv10-list-server(at)matronics.com)] On Behalf Of pilotdds
Sent: Tuesday, August 16, 2011 7:42 PM
To: [url=mailto:rv10-list(at)matronics.com]rv10-list(at)matronics.com (rv10-list(at)matronics.com)[/url]
Subject: Re: Aviation Humor - Garmin Style
what are you guys using as a hull value?
--
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pietflyr(at)bellsouth.net
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| Posted: Tue Aug 16, 2011 5:48 pm Post subject: Insurance was: Aviation Humor - Garmin Style |
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Problem is, if you under-insure it and then damage it in an accident, the agency can call it totalled for that under-insured value and you then lose your airplane to them.
Jack Phillips
From: owner-rv10-list-server(at)matronics.com [mailto:owner-rv10-list-server(at)matronics.com] On Behalf Of Robin Marks
Sent: Tuesday, August 16, 2011 9:32 PM
To: rv10-list(at)matronics.com
Subject: Re: Insurance was: Aviation Humor - Garmin Style
50:1 sounds about right. $3,000 for $150-175,000.
What is at risk is your labor ONLY in the case of a total claim. If you have damage that is less than the total you are still covered and have saved a few dollars along the way.
That being said you are actually risking TWICE your labor as you will have had to build two -10's in a total loss situation while only being reimbursed for the bits and pieces.
Robin
Sent from my iPad2.
On Aug 16, 2011, at 6:02 PM, "Bob Leffler" <rv(at)thelefflers.com (rv(at)thelefflers.com)> wrote:
[quote]
I’m having this debate with my insurance agent at the moment too. If I insure to cover market value, which is about $50k more than my direct expense. If I insure for my direct expense, it’s about $1k/yr less. What’s is at risk then is my labor.
From: owner-rv10-list-server(at)matronics.com (owner-rv10-list-server(at)matronics.com) [mailto:owner-rv10-list-server(at)matronics.com (owner-rv10-list-server(at)matronics.com)] On Behalf Of pilotdds
Sent: Tuesday, August 16, 2011 7:42 PM
To: (rv10-list(at)matronics.com)rv10-list(at)matronics.com (rv10-list(at)matronics.com)
Subject: Re: Aviation Humor - Garmin Style
what are you guys using as a hull value?
--
| | - The Matronics RV10-List Email Forum - | | | Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:
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Kellym
Joined: 10 Jan 2006
Posts: 1705
Location: Sun Lakes AZ
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| Posted: Tue Aug 16, 2011 6:54 pm Post subject: Insurance was: Aviation Humor - Garmin Style |
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Only if you agree to such a settlement. It is a calculation of insured
loss vs claim vs salvage value. When claim plus salvage equals insured
value, they will offer to total. You can counter. It becomes a financial
decision, just as the stated insured value is a financial decision.
Insure too high and they will refuse to total something that really
should be totalled.
On 8/16/2011 6:44 PM, Jack Phillips wrote:
[quote]
Problem is, if you under-insure it and then damage it in an accident,
the agency can call it totalled for that under-insured value and you
then lose your airplane to them.
Jack Phillips
------------------------------------------------------------------------
*From:*owner-rv10-list-server(at)matronics.com
[mailto:owner-rv10-list-server(at)matronics.com] *On Behalf Of *Robin Marks
*Sent:* Tuesday, August 16, 2011 9:32 PM
*To:* rv10-list(at)matronics.com
*Subject:* Re: Insurance was: Aviation Humor - Garmin Style
50:1 sounds about right. $3,000 for $150-175,000.
What is at risk is your labor ONLY in the case of a total claim. If
you have damage that is less than the total you are still covered and
have saved a few dollars along the way.
That being said you are actually risking TWICE your labor as you will
have had to build two -10's in a total loss situation while only being
reimbursed for the bits and pieces.
Robin
Sent from my iPad2.
On Aug 16, 2011, at 6:02 PM, "Bob Leffler" <rv(at)thelefflers.com
<mailto:rv(at)thelefflers.com>> wrote:
> I’m having this debate with my insurance agent at the moment too. If
> I insure to cover market value, which is about $50k more than my
> direct expense. If I insure for my direct expense, it’s about $1k/yr
> less. What’s is at risk then is my labor.
>
> *From:*owner-rv10-list-server(at)matronics.com
> <mailto:owner-rv10-list-server(at)matronics.com>
> [mailto:owner-rv10-list-server(at)matronics.com
> <mailto:owner-rv10-list-server(at)matronics.com>] *On Behalf Of *pilotdds
> *Sent:* Tuesday, August 16, 2011 7:42 PM
> *To:* rv10-list(at)matronics.com <mailto:rv10-list(at)matronics.com>
> *Subject:* Re: Aviation Humor - Garmin Style
>
> what are you guys using as a hull value?
>
> --
| | - The Matronics RV10-List Email Forum - | | | Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:
http://www.matronics.com/Navigator?RV10-List |
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_________________
Kelly McMullen
A&P/IA, EAA Tech Counselor # 5286
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