Peter wrote:
We have done this bit before but I think “UK type agreed value cover” is not available in most/all other countries.
In my 20 years of ownership I’ve dealt with brokers from the UK and from the EU, involving insurers from the EU. Always on the basis of Agreed Value, so I always thought this was the way things worked. Am I mistaken? Or are referring to a specific way in which the UK treats this Agreed Value?
I wonder also. All I own is based on “agreed value”. The exception is cars. They are either fixed or condemned 
Will your agreed value policy pay out the agreed value regardless of market value?
If so then it is the same as here.
I was told this is unusual but it may have been for a particular country, so we need more people to respond here.
I have had agreed value by French, Belgian and Swedish insurers (not broker, insurer), and my understanding is that they will pay out the agreed value regardless of market value. That is the point of an agreed value. That is also why when I increased the agreed value after panel upgrade, there was some “discussion” to justify the increase.
lionel wrote:
I have had agreed value by … Swedish insurers
Interesting. I always thought that the value in the insurance policy was simply a cap on the market value and not an agreed value. But we also have had the discussion to justify increases so I’ve better check.
The problem with agreed value is that it obviously facilitates fraud.
I knew a guy who drove his Porsche into a ditch to get money for his business which was short of cash. But few people will do this because they could get hurt. A plane can just be fairly safely ditched, or even set on fire on the ground; indeed that’s been done…
IIRC, a German pilot told me he cannot get agreed value cover.
IIRC, a German pilot told me he cannot get agreed value cover.
You certainly can. In fact I’ve never heard of anything else.
Edit: for aircraft I mean.
There are books with second hand car values based on abundant data from dealers and auctions.
There is little or no data on second hand aircraft sales.
Aircraft value varies on more factors than vehicle values do.
How do you get a UK “book value” for my 1967 Bolkow BO208C with recent repaint, engine half life on hours run, but over 10 years old, cartridge oil filter, quick drain, Mode S, 8.33, and on an LAA Permit?
That’s what loss adjusters do.
It’s not just aircraft, there have been some slightly suspicious boat fires recently. Not common, but not unheard of, either.
Insurance work on the basis of % premium >> % probability, why they would reject quoting against higher hull-values?
Insurance works on % probability << % premium, if 10% cashes their aircrafts every year (let say 5% are doing as fraud without hurting themselves), then insurers will quote 20% premiums and will be happy if people declare 1million on their PA28, the insurance has still the option to repair the aircraft and pay only “market value”…
