Carl Pattinson wrote in part:
> I think I will probably insure fully comp for the first year at least then
> depending on how lucky/ skilled I feel I might go third party from then on.
> I may be wrong but I cant see how any but the worst (and then possibly fatal)
> accident can cost that much to fix in terms of replacement parts and
> materials. At the end of the day I would have to provide the labour so in
> cost terms this dosen't count. For example a complete wing kit would cost
> about 5000 so a wing or part of wing (foam cores) would be much less. Most
> fuselage parts would come to much less. A second hand Rotax would cost
> 3000 (if the original could not be repaired).
I don't know how it works in the UK, but here in the former colony a
scenario you describe could force you to give up a repairable plane,
as the insurance company totals her out, gives you a nice cheque, and
parts her out for profit. But then you check current kit costs, and
muse over the tribulations of another build. It may also be true that
if they know the used homebuilt market, they won't let you declare a
value more than a fraction of what she cost you.
It is wise to at least insure her for "not in motion," to cover
storms, theft, and such. But it arguably makes poor economic sense to
pay, say, an extra $1000 USD annually to insure against an in-motion
loss you can fix for a few thousand, like you say. We insure the
house, as free of mortgage (where's there's an option), the economic
loss due to replacement cost will be enormous, and accumulated premium
savings wouldn't net out in fifty years. Or your car, where some
uninsured bozo whacks it, that would piss.
For a homebuilt A/C, was it acquired with $$ you were convinced had no
other really useful purpose? So, why not self-insure? If you can't
fix her economically or don't want to, there's considerable value in
the part-out, and you're playing the same salvage game as the
insurance company, to your benefit not theirs.
I've never carried full in-motion hull on my AA-5, just
not-in-motion. After 24 years, the savings, reflecting present value,
is still ahead of even its escalating resale price. And with now over
1,200 hours in type, and condition she's in, a loss isn't very
likely. And anyway I'll have a Europa to fly.
Before carrying full hull, I'd pin the company down as to how the loss
will be determined, whether you can deal on a payoff number to keep
her, and whether you can bid at an auction.
Regards,
Fred F., A063
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