renter's insurance

Cub Driver wrote
All your buddy has to do is sue you (that's not difficult or
expensive, at least not in New Hampshire). Surely the jury would find
you liable. Then your insurance company would have to pay.

Actually, the insurance company would likely defend the suit. What's
more, you would have to cooperate with the defense. Anything less
than full cooperation would void the policy.

Michael

"Highfllyer" wrote in message
...
[...]
Cutting corners on hull insurance on an aircraft is dangerous. It doesn't
work like car insurance.

Funny, your story sounded just like the way auto insurance works.

At least with an airplane, *you* get to tell the *insurance company* what
your airplane is worth (in advance, not after the damage of course). With
auto insurance, you pay whatever rate they say you're going to pay and the
car is worth whatever they say it's worth. When they pay out that value,
they get the car.

Pete

Peter Duniho wrote:

At least with an airplane, *you* get to tell the *insurance company* what
your airplane is worth (in advance, not after the damage of course). With
auto insurance, you pay whatever rate they say you're going to pay and the
car is worth whatever they say it's worth.

Not with antique or classic car policies. Those work like aircraft policies.
Otherwise you'd be stuck with $100 payout for a totalled '57 T-bird.

George Patterson
If you don't tell lies, you never have to remember what you said.

"G.R. Patterson III" wrote in message
...
[...] With
auto insurance, you pay whatever rate they say you're going to pay and
the
car is worth whatever they say it's worth.

Not with antique or classic car policies. Those work like aircraft
policies.

I made the assumption that the person posting as "Highflyer" was talking
about plain, vanilla every day auto insurance policies. After all, the
policies for antiques and classic cars are even MORE like those for
aircraft, not less. It wouldn't make any sense for him to use those as his
point of comparision.

Pete

"Peter Duniho" wrote in message ...
"Highfllyer" wrote in message
...
[...]
Cutting corners on hull insurance on an aircraft is dangerous. It doesn't
work like car insurance.

Funny, your story sounded just like the way auto insurance works.

At least with an airplane, *you* get to tell the *insurance company* what
your airplane is worth (in advance, not after the damage of course). With
auto insurance, you pay whatever rate they say you're going to pay and the
car is worth whatever they say it's worth. When they pay out that value,
they get the car.

However, they have to agree on the value before they write the policy.
I've had to give a statement to my broker on a couple occations during
renewal to justify insuring the plane for more than the Vref the
insurance co found. It's not like you could insure an old 172 for
$100,000.

-Robert

Don't forget that what we are talking about here is *renter's*
insurance.

At least at my airport, neither the client nor the insurance company
gets to say what the airplane is worth. The airport requires a $40K
minimum before it will rent you a Cub or a Cessna.

(And in the case of a valuable biplane, requires you to fly with an
instructor.)

all the best -- Dan Ford
email: (put Cubdriver in subject line)

The Warbird's Forum www.warbirdforum.com
The Piper Cub Forum www.pipercubforum.com
Viva Bush! blog www.vivabush.org

"Peter Duniho" wrote in message
...



At least with an airplane, *you* get to tell the *insurance company* what
your airplane is worth (in advance, not after the damage of course). With
auto insurance, you pay whatever rate they say you're going to pay and the
car is worth whatever they say it's worth.

State law applies. Here in Montana, if my car is totalled the insurance
company goes to three car lots and finds my exact model, if possible,
otherwise as close as they can get. They take the retail asking price of
those three vehicles and divide by three. That's what I get, minus any
deductible that may apply.


When they pay out that value,
they get the car.

Same as the airplane, although you can always buy it back from them

Here in Montana, if my car is totalled the insurance
company goes to three car lots


Does anything say they can't have someone go to seventeen car lots and find the
three with the lowest prices first?

although you can always buy it back from them

which kind of defeats the point of insurance.

Jose

--
(for Email, make the obvious changes in my address)

"Teacherjh" wrote in message
...

Here in Montana, if my car is totalled the insurance
company goes to three car lots


Does anything say they can't have someone go to seventeen car lots and
find the
three with the lowest prices first?

No, but you're already protected because we use asking prices.



although you can always buy it back from them

which kind of defeats the point of insurance.

Not really. If you're the handy type you can buy your car back for pretty
cheap. Same as your plane.

Cub Driver wrote in message . ..
Don't forget that what we are talking about here is *renter's*
insurance.

At least at my airport, neither the client nor the insurance company
gets to say what the airplane is worth. The airport requires a $40K
minimum before it will rent you a Cub or a Cessna.

(And in the case of a valuable biplane, requires you to fly with an
instructor.)

Oh, I thought we had switched to owner's insurance. A renters policy
works like an auto policy. You can buy $100,000 in hull on a renter's
policy but the insurance is only going to pay out what they think the
plane is worth. When I flew the Swift I remember having this
conversation with my broker. Otherwise you could start a pretty neat
business buying $10,000 run out Champ projects and crashing them on a
$100,000 renter's policy.