The £90,000 Oversight

“However, when I asked about the insured value of their aircraft, the conversation ground to a halt.” - JPI Aviation Team

In the world of aviation, meticulous planning and attention to detail are paramount.

Yet, even the most experienced pilots can overlook a critical aspect of aircraft ownership: proper insurance valuation. A recent conversation with a group of seasoned aviators brought this issue into sharp focus, revealing a cautionary tale for all aircraft owners.

We recently had the pleasure of chatting with a chap who, along with a couple of old friends, co-owns a splendid Piper Arrow 2.

This intrepid trio has piloted their trusty PA28 on some truly remarkable adventures, from the sun-baked deserts of North Africa to the icy expanses of the Arctic Circle.

They've even experienced a rather hair-raising encounter with a MiG over the Baltic Sea!

These gentlemen pride themselves on their thorough planning and preparation, a trait that has undoubtedly contributed to their impressive flying record.

When we inquired about their insurance coverage, we were treated to a comprehensive rundown of their policy. From crown indemnity to betterment and a host of bespoke add-ons, their attention to detail was admirable.

However, when we asked about the insured value of their aircraft, the conversation ground to a halt.

After a moment of silence that would have done a Western film proud, the reply came: "That's a good question. I'm not sure?"

A few days later, we received a follow-up call.

The group had looked into the matter and discovered a startling oversight.

They hadn't reassessed their aircraft's value since purchasing it in 2008 for £30,000. To their astonishment, the current market value stood at a whopping £120,000!

This anecdote serves as a crucial reminder for all aircraft owners. While these chaps were undoubtedly knowledgeable about many aspects of aircraft ownership and operation, this significant detail had slipped through the cracks.

It's essential to regularly review and update your aircraft insurance policy.

The aviation market is dynamic, with values fluctuating year on year. Your personal requirements may change over time, and legislation is constantly evolving. Remember, your insurance is only as good as the cover you instruct.

To avoid finding yourself in a similar situation:

Schedule annual reviews of your aircraft's value with a qualified appraiser.

Stay informed about market trends in aircraft valuation.

Regularly communicate with your insurance broker to ensure your policy reflects your aircraft's current value and your needs.

Consider factors such as upgrades, refurbishments, and market demand when assessing your aircraft's value.

Don't let a simple oversight leave you exposed to significant financial risk. Take the time to review your aircraft's insured value today.

After all, in aviation, it's always better to be safe than sorry.

To enquire about the valuation of your aircraft, contact us today for a non obligation chat.