Insurance Question
In looking at purchasing an R44 I am wondering about insurance and my questions are as follows. The machine favorite at the moment has 6 years and 450 hours left which for me as a private pilot is fine. I have the cash to buy it and a spare amount for some unforeseen problems which may arise in the future. In looking at insurance, lets say I damaged the blades, the insurance would only pay an amount to the value of the hours on the blades and I would be left to pay the balance for a new set of blades, the same would hold true if I over-sped the engine to the point that it had to be replaced and I could not afford the full cost for a new engine. I have been told that you can insure on a new for old type basis. Is this correct and how does it work, do you have to increase the hull value to that of a new machine if you want it replaced as new or how does it work if indeed it does? Thanks for your help.