Increasing Aircraft Values may leave your Aircraft Underinsured

Aircraft values have increased steadily since 2019. It has been an exciting time for many aircraft owners! Buyers are paying drastically higher prices for used aircraft.

Cessna 182 Values

As the used aircraft market continues to consolidate, buyers have remained active through the first two quarters of 2023. Since 2019 the average piston aircraft value has increased over 34%. Turboprop and business jets are up over 30%. The third quarter saw some models decrease in value while others are holding steady. See our AIRCRAFT FOR SALE page for additional information.

Beech C90 King Air Values

With the increase in aircraft values this may leave some owners underinsured. If you have been renewing your insurance policy with the same values, it may be worth a look at what it would cost to replace your aircraft in today’s market.

If you haven’t adjusted your hull values in recent years, take a look at these reasons why hull value is so important:

1. Replacement cost could exceed your Aircraft Hull Value

If you don’t have enough insurance to cover the cost of a replacement aircraft, you may have to come up with additional funds or settle for an aircraft of lesser value.

2. Your aircraft could be worth more than when you bought it

If you have kept up with aircraft maintenance, made upgrades to avionics and/or refurbishments, your aircraft could be worth much more than what you paid at the time of purchase.

Now is the time to make sure you have enough insurance coverage for your aircraft’s value. Feel free to contact us for your updated values and be sure to include any recent maintenance or upgrades to ensure an accurate market value.

Therefore, if you’re interested in receiving an update on your hull value, call John (901) 489-4300 or Tammy at (901) 834-1600 or email today! We will provide you with an accurate evaluation using VRef Aircraft Value Reference and analysis of the current market.