Aircraft bluebook....not even close.
Posted by Headoutdaplane@reddit | flying | View on Reddit | 10 comments
My insurance sent out my renewal, and had the blue book average for my plane at $30k. 1948 Aeronca sedan with a 180 conversion and seaplane door (factory). I understand how averages work, but an airworthy with a stock 145 hp engine isn't going for 30k. The sedan is the most undervalued plane flying but you are looking at $50 at least. I have mine insured at 100k (with the floats) and don't want them trying to underpay me should I bend metal.
Just a Sunday afternoon rant
thatTheSenateGuy@reddit
The price is always what someone is willing to pay… and with the price of a new Skyhawk creeping on 3/4 of million; people will pay more for good older planes.
I haven’t run blue book on my plane in a while, but it was about 29k before the avionics were in it, now I’d imagine the book will say 45-50 as the avionics but more hours on engine. I have it insurances at 50k I don’t remember if my insurance provides blue book value. If I was to sell id probably list around 65k and let the market tell me where it is.
Headoutdaplane@reddit (OP)
I guess that is the point, if the market says $65 for your plane, where are they deriving the lower value. How would they get the data except for the prices stated in advertising for aircraft that probably are not financed because if lower pricing? It seems rather capricious.
mirassou3416@reddit
Hull value is the amount you say its worth and you pay it accordingly. If totaled the insurer is going to pay you that hull value, not some watered down appraised value
thatTheSenateGuy@reddit
I would bet they can FOIA the FAA for bills of sale. I would hope they get rid of the $1 sales bills for family transfers to not skew results.
… tin foil hat … Or it’s a giant conspiracy so lenders take less risk in loans.
Headoutdaplane@reddit (OP)
I have never put a value in on the FAA bill if sale.
Cessnateur@reddit
Shop around and find a provider that isn't delusional. When I bought my plane, I called Avemco for a quote, and, as in your example, their hull value estimate was comically low.
When they gave me a number that was around half of the market value for the airplane, I asked the agent to kindly provide me with links to three listings showing the type selling for that amount. The agent, of course, declined to do so.
After that conversation, I called BWI, and they've been great. They've been happy to increase my listed hull value as I make upgrades to the airplane. The rate is reasonable and decreases every year as I build time in type. And I've mostly been raising the hull value every year to reflect the airplane's rising value, keeping my actual annual premium basically the same.
Rich-Cut-8052@reddit
Yes, they put hull value on my airworthy 1960 Cessna 175A at $42k. I don’t think I can get any decent 4 seater plane for that amount of money. Oh Well!
7w4773r@reddit
You’re welcome to pay to be over-insured if you’d like. I can’t imagine a floatplane is cheap to cover at twice its value, though.
Headoutdaplane@reddit (OP)
That is the point, it isn't twice the value, if I sold it today I could get 80-100. Which would be my replacement cost. You cannot get an airworthy sedan for $30k.
rFlyingTower@reddit
This is a copy of the original post body for posterity:
My insurance sent out my renewal, and had the blue book average for my plane at $30k. 1948 Aeronca sedan with a 180 conversion and seaplane door (factory). I understand how averages work, but an airworthy with a stock 145 hp engine isn't going for 30k. The sedan is the most undervalued plane flying but you are looking at $50 at least. I have mine insured at 100k (with the floats) and don't want them trying to underpay me should I bend metal.
Just a Sunday afternoon rant
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