3 ms·

Is he allowed to not make a claim? Unless the plane was purchased outright, the bank will want to make a claim.

throwaway0a5e 4y ago
>Unless the plane was purchased outright, It may very well have been. Used GA planes aren't cheap but they aren't thaaaat expensive. >the bank will want to make a claim. It would take a very foolish bank to write a loan on a plane (or boat) that is secured by said object. It's probably secured by something else and even if it's not they probably won't care as long as the payments keep coming. Remember, they're money dealers, not plane dealers. They'd rather have the money.
- nopenopenopeno 4y ago
  He is pretty well off. We can be quite certain that he bought the plane with cash.
  - ineedasername 4y ago
    Lots of well off people still purchase things via loans. Also various net worth estimations online place him between $1M to $1.5M. That's not the kind of money where you automatically just pay cash for something that might be $50k to $100K, especially when net worth at that level is often (not always) tied up in a primary residence. There's no certainty here. And regardless, insurance is required on private aircraft, owned or loaned.
- dmitrygr 4y ago
  > It would take a very foolish bank to write a loan on a plane (or boat) that is secured by said object. What now? Air Fleet Capital and AOPA Finance will both happily do this. It is quite typical, just like buying a car...
jacquesm 4y ago
No more than you're allowed to claim insurance after setting fire to your property.
- sumedh 4y ago
  but he will claim that he didn't start the fire. How exactly are you going to verify that unless the plane has some blackbox?
  - jacquesm 4y ago
    Given that he nicely put it all on video...
    - bombcar 4y ago
      I’d normally say you get to pick one - make the video OR make the insurance claim, but given how stupid this pilot was I wouldn’t be surprised if he tried to get both (and arguably NOT trying to claim the insurance itself might look suspicious)
PeterisP 4y ago
Him making a false claim would be insurance fraud, but if it's bought on a loan and there's an insurance policy favoring the bank, then the bank definitely can and will make a claim - it's just that the insurance company will then attempt to recover the money from this pilot since he's at fault, and is likely to succeed.
- ensignavenger 4y ago
  "likely to succeed" if the individual has the money for them to get... they may succeed in getting a judgement otherwise, but if the individual doesn't have the money, they likely won't get it. But if the individual lied to the insurance company about having deliberately caused the crash, it is still probably insurance fraud, whether or not the individual was the one filing the claim, and can be prosecuted as such.

>Unless the plane was purchased outright, It may very well have been. Used GA planes aren't cheap but they aren't thaaaat expensive. >the bank will want to make a claim. It would take a very foolish bank to write a loan on a plane (or boat) that is secured by said object. It's probably secured by something else and even if it's not they probably won't care as long as the payments keep coming. Remember, they're money dealers, not plane dealers. They'd rather have the money.

nopenopenopeno 4y ago
He is pretty well off. We can be quite certain that he bought the plane with cash.
- ineedasername 4y ago
  Lots of well off people still purchase things via loans. Also various net worth estimations online place him between $1M to $1.5M. That's not the kind of money where you automatically just pay cash for something that might be $50k to $100K, especially when net worth at that level is often (not always) tied up in a primary residence. There's no certainty here. And regardless, insurance is required on private aircraft, owned or loaned.
dmitrygr 4y ago
> It would take a very foolish bank to write a loan on a plane (or boat) that is secured by said object. What now? Air Fleet Capital and AOPA Finance will both happily do this. It is quite typical, just like buying a car...

jacquesm 4y ago

No more than you're allowed to claim insurance after setting fire to your property.

sumedh 4y ago
but he will claim that he didn't start the fire. How exactly are you going to verify that unless the plane has some blackbox?
- jacquesm 4y ago
  Given that he nicely put it all on video...
  - bombcar 4y ago
    I’d normally say you get to pick one - make the video OR make the insurance claim, but given how stupid this pilot was I wouldn’t be surprised if he tried to get both (and arguably NOT trying to claim the insurance itself might look suspicious)

PeterisP 4y ago

Him making a false claim would be insurance fraud, but if it's bought on a loan and there's an insurance policy favoring the bank, then the bank definitely can and will make a claim - it's just that the insurance company will then attempt to recover the money from this pilot since he's at fault, and is likely to succeed.

ensignavenger 4y ago
"likely to succeed" if the individual has the money for them to get... they may succeed in getting a judgement otherwise, but if the individual doesn't have the money, they likely won't get it. But if the individual lied to the insurance company about having deliberately caused the crash, it is still probably insurance fraud, whether or not the individual was the one filing the claim, and can be prosecuted as such.