misha writes:

In any case - I am not asking why the premium is high. The question is
whether it makes sense. I assume that experience multiplied by cost is
a constant? Are you insured *primarily* because
-it saves you money,
-it gives you good night sleep
-it is what everybody does?

Spread out over everything, insurance is more expensive than replacing
things yourself. You're paying the extra money to minimize the risk
of extraordinary expenses, like the loss of house or car, not of
routine expenses. So ask yourself, if your plane got hit by an
unexpected blast of wind in the flare and caught a wing, would
replacing it be a significant expense for you? If so, insure; if not,
don't.

If I were a retired guy keeping a J3 Cub on my hobby farm (with
perhaps a couple of others in the barn for parts), I probably wouldn't
buy hull insurance, any more than I buy cancellation insurance for my
commercial plane tickets.


All the best,


David

--
David Megginson, , http://www.megginson.com/