insurance catch

[WaiexN143NM]

Hi Tim,
Good luck on first flight hope all goes well.
insurance companies are in business to make a profit. see http://www.kathrynsreport.com everyday and then you will realize why insurance is going sky high and hard to get. Too many accidents, claims, and payouts.

WaiexN143NM
Michael

[fastj22]

For the first year since first flight in 2014, my insurance has dropped below $1000/year for $35k hull. I did push past 600 hours of tailwheel and no incidents. Falcon.

[Brett]

Nice,,,, mines gine up to $2000 this year.. not happy

[caveman370]

Mine is through C,S&A insurance,Franklin,TN
They got my policy through Globle Aerospace.
885 this year with 30k on hull. 200 hrs in the plane


Sent from my iPhone using Tapatalk

[lpaaruule]

$1500 Globle Aerospace $40,000 hull. Approx 60 hrs in Sonex, and 200 Total. Plane is hangered.

Paul

[builderflyer]

Someone may wish to verify my numbers which are as follows: In the United States, reviewing the NTSB database for accidents/incidents and the Sonex LLC database for reported completions of Sonex/Waiex aircraft in the United States............on average, one in every 25 completed aircraft have been involved in a fatal accident and one in every 8 completed aircraft have been involved in an accident or incident, fatal or nonfatal. To me these numbers are shocking and may better explain the difficulty in obtaining insurance for a first flight or the cost of it, subsequently.

Standard category aircraft have always been less expensive to insure than experimental aircraft such as the Sonex/Waiex. But If the recent posting of an annual insurance premium of $4,000 were to become commonplace, the overall cost saving in owning an experimental aircraft over a standard category aircraft would be significantly less, if not nonexistent. Just my observation.

Art,,,,,,,,,,,,,,,,,,Sonex taildragger #95,,,,,,,,,,,,,,,Jabiru 3300 #261

[lutorm]

As far as I know, no jurisdiction *requires* hull coverage, which is what seems to be the most expensive, only liability. If you consider the cost of Sonex parts and the fact that if you built it, you can rebuild it, vs the cost of hull coverage, it may be a perfectly rational decision to not carry hull coverage.

[Gordon]

Insurance Premiums...….

I agree with the "post" from lutorm about only carrying minimum insurance on a "cheap" airplane.....since I built it...I can fix it.....unless I don't survive....and then it doesn't matter anyway.

I insure my Onex for 30k value and the rate is 1 percent of the insured value for "not in motion". Which means if the hanger burns down or a tornado blows it away it is insured. My premium is $300.00 per year. I have public liability insurance on myself as a pilot for 5 million which costs $150.00 per year.

If you have, for example, an RV-10 valued at 200k (like my hanger mate) then you would want "full insurance" and would likely be paying 5k per year for that kind of full coverage.

This is an example of the 2 extremes.

Gordon.....Hummel 2400.....Onex

[jowens]

Gordon,
Where did you get this insurance?

[Gordon]

Canadian Insurance...….

Hey Jim Owens...…...the insurance company is Lloyds, and Marsh Canada Limted, Montreal, Quebec, is who I deal with. I live in Ontario, Canada.

I don't know if they would insure an American pilot/airplane...…...likely not.

Gordon...….Hummel 2400...…...Onex