insurance roundtable

[Fastcapy]

I have recommended to a number of people (offline) to contact AIR for a quote:

Victoria Neuville
Agent, Commercial Pilot, CFI
Aviation Insurance Resources (AIR)
P.O. BOX 32 | Frederick, MD 21705
Ph 301-682-6200 | Fax 301-682-9793
vneuville@air-pros.com | http://www.air-pros.com

Insurance on my plane is less than a grand a year (includes $25,000 hull) and the increase this year was less than $20.00 (if I recall correctly).

I know that tail wheel makes a difference but I don't know about engine choice ...

I agree with the AIR recommendation. They are who I use for my balloon (they are 1 of only 2 companies that write commercial balloon policies) and just switched my Sonex to them as well. They have outstanding customer service and competitive rates.

[N111YX]

I'm quite pleased with my recent renewal of $829.00 including $40K hull, and $1,000,000 occurrence.

Liability is $103.00 and risk is $726.00.

ATP with 900 hours in type likely helps.

This is through Laura Scherer at Falcon Insurance.

[Spaceman]

How do you guys decide on a hull value? Does insurance factor in the value of your own labor building the plane or anything like that?

[N111YX]

I use $40K as a sort of personal value that would make the loss the easiest to accept and would pay for whatever I wanted to replace it with.

You must balance the insurance premium against what size of check you would like in the event of a loss. I have not shopped the rates for a lower hull value but as I said above, my rates seem pretty reasonable.

How do you guys decide on a hull value? Does insurance factor in the value of your own labor building the plane or anything like that?

[Sonex1517]

For both the Sonex and the Champ, I was asked what the hull value was. The quote was based on that number.

Like Kip said - what do you want insured and what do you want to pay?

[pilotyoung]

In my opinion you should always insure your airplane for what it is worth. We just had a day of tornado's here in Alabama. One airport about 20 miles southwest of my airport had two rows of t-hangars destroyed along with the airplanes inside them. I am thankful the tornado did not come near my airport but if my airplane had been destroyed by the tornado, I would take the insurance proceeds and go shopping for another one. I have it insured for what I think it is worth. I realize that I did not spend years building it and so I don't have all those emotional ties that a builder has.

If you insure the airplane for less that it is worth, you run the risk of a minor claim causing it to be declared a total loss. If it is a total loss, the insurance company pays you the amount it is insured for and takes the salvage. So if you under insure it, you run the risk of losing your airplane and not being able to buy another one.

[Scott Todd]

I have my little Biplane insured for not-in-motion and liability, even though its only a one-seater, That way if I land on a road and whack a car, or hit something in a field, its covered. The not-in-motion is good for things like the storms in Alabama or if something happens tied down at a fly-in. We've had a few hangar fires and some storms have blown our old hangar doors in. I think its only a little over $200 a year. As others have said, the hull part (flying or in-motion) is what drives them up.

I'll probably do the same for the Onex I'm finishing. I bought it as a project from a friend so I don't have a lot invested in it. If I doink it, its on me. I'll fix it or scrap it and re-use what I can for another project.

Scott

[mike.smith]

OK, gang. I said I'd post when my renewal came through. Here's the text from my broker:

Good Morning Mike,

I have received the renewal quotes for the aircraft and have some good news for you this year.

Global Aerospace(Current Policy)
Value: $35,000 Premium: $928
Ded $0/0
Liability: $1,000,000 limited to $100,000 per passenger Premium: $211
Total Annual Premium: $1,139

Global Aerospace (Renewal Quote)
Value: $35,000 Premium: $665
Ded $0/0
Liability: $1,000,000 limited to $100,000 per passenger Premium: $113
Medical Payments: $10,000
Total Annual Premium: $778

It seems like every day I get to make one and only one person happy. Today you are that lucky person. The aviation marketplace has continued to harden and rates have risen exponentially. It is hard to explain the decrease in premium but it is certainly something we won’t argue with.

We also have a handful of other quotes however all are more expensive. Please let me know if you have any questions or if any changes are needed.

[GraemeSmith]

Mike,

Who brokered that?

[builderflyer]

OK, gang. I said I'd post when my renewal came through. Here's the text from my broker:

Good Morning Mike,

Global Aerospace (Renewal Quote)

Total Annual Premium: $778

It seems like every day I get to make one and only one person happy. Today you are that lucky person.
.

Mike, I agree with your broker about you being that "lucky" person. But the other side of the coin is your personal qualifications. If you're willing to share, what are your ratings, your TT, your time in a Sonex, your time in the past 12 months, your taildragger time, your accident/incident history, and your age. Except for age, I'll bet I meet or exceed all of your personal history and when Global raised my liability only premium to $450, I bailed out with them. Once again, I believe the state in which one lives plays a significant role in the quoted premium, although I'm now experiencing the old age thing as well.

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