amillet Posted September 22, 2023 Report Share Posted September 22, 2023 After doing a VREF aircraft valuation and seeing the hull value was higher than I was covered for, I was able to increase hull coverage mid policy year through Falcon Insurance for a relatively small additional premium 1 Quote Link to comment Share on other sites More sharing options...
m20j Posted September 22, 2023 Report Share Posted September 22, 2023 (edited) Yup. Did the same this year as well. Hadn't adjusted the hull value in >15 years. Easy peasy, just a bit more $$ Edited September 22, 2023 by m20j Quote Link to comment Share on other sites More sharing options...
Andy95W Posted September 23, 2023 Report Share Posted September 23, 2023 Same here, I bumped mine up by $20k and it only cost $200 more for the year. Quote Link to comment Share on other sites More sharing options...
Utah20Gflyer Posted September 23, 2023 Report Share Posted September 23, 2023 I did this after a significant avionics upgrade. Pretty easy. Call them, they make the change, pay difference with a credit card. All done. 2 Quote Link to comment Share on other sites More sharing options...
kortopates Posted September 23, 2023 Report Share Posted September 23, 2023 It’s not always so easy. Right now most of the fleet is underinsured after the rising post-pandemic prices and under writers are well aware. But if they think your valuation is high for what a particular model could be worth they won’t raise your hull value without a professional appraisal.Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
Pinecone Posted September 23, 2023 Report Share Posted September 23, 2023 And Parker has mentioned that if you go over certain values after a certain age, it may limit your options in companies that will underwrite a policy for you. Quote Link to comment Share on other sites More sharing options...
Austintatious Posted September 23, 2023 Report Share Posted September 23, 2023 I did the same, but they were not willing to increase to what I figured the aircraft is actually worth. They only went up to 170k for a well equipped Rocket. I would never let the airplane go for so little. Quote Link to comment Share on other sites More sharing options...
kortopates Posted September 23, 2023 Report Share Posted September 23, 2023 I did the same, but they were not willing to increase to what I figured the aircraft is actually worth. They only went up to 170k for a well equipped Rocket. I would never let the airplane go for so little.My 252/Encore is at $230K. Perhaps you should get the appraisal to support your request. Or at least try a different underwriter next renewal.I wonder if they just lack in Rocket data?Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
Pinecone Posted September 24, 2023 Report Share Posted September 24, 2023 FYI, VREF will do a desk appraisal for about $800. You send them all the info and they do the appraisal without having to actually inspect. Quote Link to comment Share on other sites More sharing options...
M20F Posted September 24, 2023 Report Share Posted September 24, 2023 Recommend @Parker_Woodruff he is good at advising all the pluses and minuses. 1 Quote Link to comment Share on other sites More sharing options...
1980Mooney Posted September 25, 2023 Report Share Posted September 25, 2023 14 hours ago, Pinecone said: FYI, VREF will do a desk appraisal for about $800. You send them all the info and they do the appraisal without having to actually inspect. Geez - $800 for an appraisal? "You send them all the info and they do the appraisal without having to actually inspect" Seriously? Maybe Annuals will be like that in the future. We take our own compression readings, take some pics....send it all to your IA and he signs off without having to actually inspect.... 1 Quote Link to comment Share on other sites More sharing options...
Pinecone Posted September 25, 2023 Report Share Posted September 25, 2023 Otherwise you could pay for time and travel to have the appraiser come to you to see the airplane. If you need a formal appraisal for insurance or lending, this is one option. You do have to supply photos and some log book entries (last two annuals and engine and prop overhaul). In my case, I was looking at an airplane in Hawaii. So if they had to send and appraiser, it would have been several thousand. Quote Link to comment Share on other sites More sharing options...
Aerodon Posted September 25, 2023 Report Share Posted September 25, 2023 I have found a 'desktop' type appraisal is good enough for an insurance company, after all, they are accepting your number on the insurance value anyway. Yes they have limits, but i have found that with a little information on avionics and engine times, they will adjust quite easily. Vref is free if you are an AOPA member, I find them a bit on the high side for 'real market values' but a good basis for insurance numbers. It always make sense to try over insure by so that a) in a write-off, you get fairly compensated, b) in the event of major damage, you don't end up with a check and relinquishing your plane. I have seen guys have to go through this process (underinsured) and it's not fun. Aerodon 1 Quote Link to comment Share on other sites More sharing options...
kerry Posted September 27, 2023 Report Share Posted September 27, 2023 To my pleasant surprise my insurance company gave me 2 options at my last renewal time. 1st option was to keep my current hull coverage and lower my annual premium by $400. 2nd option was to increase my hull coverage by 40K for an additional $200 per year. I decided to increase my hull coverage. I recently broke 1000 hour TT. I was thinking maybe that had something to do with it. Quote Link to comment Share on other sites More sharing options...
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