Am I underinsured?

[RobertGary1]

Ok it looks like there was a typo. The $1400 hull premium I paid was for $75,000. Each $10k adds $188 to the premium. Does that sound right? Maybe go with 95K? Also if I had to replace the plane I’d have to pay the state 10% sales/use tax. @Parker_Woodruff?

[philiplane]

insure for enough to pay to repair for a gear up, and also to replace it if a hangar collapses on it, or a someone drives a truck into it on the ramp. 

[LANCECASPER]

I have no idea if this applies to airplanes, but in most states if your car is totaled there is a process to recover the sales tax if you are replacing the car.

[RobertGary1]

1 hour ago, LANCECASPER said:

I have no idea if this applies to airplanes, but in most states if your car is totaled there is a process to recover the sales tax if you are replacing the car.

When you buy a car in California you have that but you have to pay for it. I think they call it gap insurance. 

[LANCECASPER]

1 minute ago, RobertGary1 said:

When you buy a car in California you have that but you have to pay for it. I think they call it gap insurance. 

Gap insurance is in case you owe more than what it's worth when it's totaled. The insurance covers the gap.

[N9405V]

I just did this for my E. I went from $65k hull to $90k hull and it was about $250/year increase. The underwriter didn’t ask for any information.


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[Parker_Woodruff]

17 hours ago, LANCECASPER said:

I have no idea if this applies to airplanes, but in most states if your car is totaled there is a process to recover the sales tax if you are replacing the car.

Not for airplanes.  Agreed value is agreed value.  Some policies offer to automatically increase the value up to a certain percentage if the quarter-over-quarter Blue Book value is higher than the previous quarter.

A lot of owners build sales tax into the agreed value.

[Parker_Woodruff]

17 hours ago, RobertGary1 said:

Ok it looks like there was a typo. The $1400 hull premium I paid was for $75,000. Each $10k adds $188 to the premium. Does that sound right? Maybe go with 95K? Also if I had to replace the plane I’d have to pay the state 10% sales/use tax. @Parker_Woodruff?

Depending on the carrier, you might find an interesting number at $95K compared to $100K.