Membership Services
Have you checked your hull value lately?
You knew your aircraft hull value when you bought your airplane. Careful research is part of the purchase process, so you had every reason to be confident in your valuation when you first purchased your insurance policy.
What you may not have realized is that as much as 75 percent of your insurance premium is a direct result of the hull value for your airplane. It is critically important that you put the right value on your aircraft hull.
If the value of your aircraft has fallen, you could be paying too much for your insurance and possibly encounter a claim issue in determining between a partial loss and a constructive total. If the value has increased, you could find yourself with inadequate coverage when you need it most. How often should you review your hull value? At least once a year at policy renewal time.
Fortunately, AOPA members have an easy way to check the value of their aircraft using AOPA’s online aircraft valuation service, Vref. The service is free to AOPA members.
February 9, 2010
