Wreck may become available

[mhorowit]

Folks - I took pics of my accident and showed them to my A&P. He believes it would be better if I simply took the insurance money and purchased another Tcraft. So, as much as I'd love to work on it, I'll probably take the money and run.

Any suggestions on how the salvage can get in the correct hands? Do I have any control over it? - Mike

[Robert Lees]

Re: Wreck may become available

Only if you are able to purchase it from the insurance company. Here in the UK, that is quite common.

[mhorowit]

Re: Wreck may become available

I can purchase it back, but then I'd have to sell it, and quite frankly that's too much to think about at the moment. - Mike

[Jim Herpst]

Re: Wreck may become available

Mike, As Robert suggested your best bet is to check with your Insurance carrier. Most policies have a provision for purchase of the salvage by the insured....owner. You may get the $$ from them and eithor A) offer it to the members here for the same cost or B) offer it on the open market for a marked up price if you can get it (doubtfull as the companies already have a preety goodidea of fair market salvage value and unfortunantly it is more than most or at least a good subset of prospective project people wish to pay which can be explained by my next point which is C) you can sell it in piecies/parts which you will probably come out with the most money. Soo I think you probably are the kind guy like most of us who want to see the Taylorcraft planes kept intact and in the air particularly your own.Someone on this forum may want it and put it back up the way she should be.
Best of luck here.

[Jim Herpst]

Re: Wreck may become available

Mike I hope you do sell it to someone on the forum of at least a Taylorcraft or "project guy" At least some one that will not piece it out if thats possibel to re-build. Hate seeing these planes cut up. They aint turnin em out these days.... and as Bruce Bixler always says "What there is is all there is" As our brothers behind us were and even more so today ,we are simply caretakers/stewards for the future...... Again best of luck

[Tom G]

Re: Wreck may become available

Mike: If you take a total loss on the aircraft the insurance carrier will pay you the insured value on the policy. At that point the salvage reverts to them and they will sell it to the highest bidder that will consist of a number of buyers that they have on their list. You don't need to do anything with it yourself unless you want to take a deduction from the total loss payment and retain the salvage yourself. Its strictly a numbers thing with the carrier, it goes to the highest bidder. Usually the bidders consist of aircraft salvage dealers and repair facilities.

On a separate note I was sorry to hear about the accident but glad to hear you were ok. I think we spoke out at Alliance on Saturday. This is my first posting to this discussion group as I was not aware of it until my friend Brian Bell told me about it.

Hope this helps.

[flathorn]

Re: Wreck may become available

The experience we had with an insurance company was as Tom G said. They totalled it, and were going to give us the total loss payment (it was actually paid off someone else's automobile policy when a pick-up ran into our plane while parked). We made a counter offer - the wreck plus a lower settlement, and the insurance company accepted (this was many years ago, which is why I'm not giving actual figures). The insurance company was amenable because it meant they didn't have to deal with the wreck, and they weren't familiar with aircraft.
The important reason we wanted the wreck was it was worth more than the insurance company was going to give us (0-time engine, fresh rebuild) and we were in a position to take advantage of it. It was a Champ - we were looking to move up to a 3-place, so we traded the Champ to our IA, who rebuilt it, for a ratty PA-12 with a fresh annual, flew that for 3 years, then rebuilt the 12.
Having the salvage is more desirable than taking a total payment if you're in a position to resell it on your own for a more attractive price, have a place to store it in the interim, or have an assured buyer you feel will rebuild it. If not, it can become an albatross around your neck, unless you're willing to bide your time.
But generally, the quicker you can turn it around the better, to the first reasonable offer you're comfortable with. I can't tell you how many old wrecks are stored in my area of the country, in garages, sheds, trailers, etc. because the owner was going to rebuild it at some time. The last PA-12 my ex rebuilt was one such project - it had been sitting in the man's garage for 13 years, with him fully intending to rebuild it until his wife insisted he get rid of it. I'm sure it's a psychological mindset one gets into, I've seen it so often. My brother now has two timed-out planes in his shed - he plans on rebuilding both, but probably won't. You don't want to get sucked into that.

[crispy critter]

Re: Wreck may become available

Mike,
If you decide to sell I would like to have it.As you already know I will rebuild anything that is not rusted into a dust pile or wadded up in a tornado(and that would depend on how bad of a tornado it was ).I have seen the pics and I would love to rebuild her.I usually prefer a bit more of a challenge but It will still make a nice project.Ask the insurance company for a buy back price or a settlemen while keeping the airplane and if it's not too high I will be happy to take on the job.....but only if you decide not to fix it yourself.I would hate to see her parted out by the insurance company.

[Jim Herpst]

Re: Wreck may become available

Now there we go. Good luck to both Mike and Kevin should you decide to go through this process Mike. I belive Kev will get er done ! Hope you can both work it out.

Gotta go got to work on my wings on the 40 project. By for now