Aircraft Appraiser for Mooney, Piper, Cessna, Beech, Beechcraft Aircraft and Airplanes

Are You Insuring Your Aircraft to the Correct

Value?

An AERONUVO certified aircraft appraisal will deliver confidence

that you have insured your aircraft properly.

Determining the proper aircraft insured value is one of your most important considerations in purchasing aviation insurance. The insured value is a major factor in how much you’ll pay for your policy. It also plays a big part in what happens if you have a major aircraft insurance claim. All aircraft owners should should be aware that there are disadvantages in both understating and overstating aircraft values. Generally, aviation insurance policies are written on the basis of “agreed values” but you should check your policy on this point. In the case of an “agreed value” policy the amount of aircraft hull coverage you purchase is agreed and accepted by the underwriters at the time of taking out the insurance and that is the amount you will receive (less the deductible) in the case of a total loss. Be alert that under an aircraft policy, the insurance company at their option may pay for, (possibly replace) or repair accident damage. If you are light on value, the insurers have the option to pay out the total sum insured, less the deductible, and take possession of the aircraft (wreckage) which they can then put up for tender and sell off. Underinsuring your aircraft has a significant and often misunderstood “downside.” Aviation insurance policies generally have a “constructive total loss” provision that defines when the insurance company can declare the loss a total, pay you the insured value, and take possession of the salvage. As opposed to this, if you overinsure and you have a major accident, the insurers may decide to enter into a long, expensive rebuild and you could lose the use of your aircraft (and the income!) for months. The best idea is to insure your aircraft for its true market value so that in the case of a total or constructive total loss, the sum insured will adequately enable you to replace the aircraft with a similar model in like condition. AERONUVO can asist you in determining your aircraft's Fair Market Value (FMV). A good rule of thumb is to insure your aircraft for the amount you could sell it for on the open market. This will require an honest appraisal of its worth. For exxample, if you have loaded your aircraft with an avionics package including all the bells and whistles, the market value may be less than you have invested because a buyer is not willing to pay as much as you have spent on the aircraft. Thus the insured value should be an amount that you could realistically sell it for. Contact us today to scheduled an appraisal of your airplane.

More On Aircraft Appraisals

AERONUVO provides its customers with our unique and customized aircraft appraisal services at many airports in some instances with no added cost in the states of Virginia (VA), West Virginia (WV), Pennsylvania (PA), Maryland (MD), Delaware (DE), North Carolina (NC) and New Jersey (NJ). Contact us to arrange your consulation today. We are open for business 7 days a week, 7:00 AM to 9:00 PM Eastern Standard Time. As always, our consultations and advice are free with no obligation. It’s all part of our superior aircraft appraisal services.