REFLECTOR:More Insurance Woes
Andy Millin
reflector@tvbf.org
Wed, 7 May 2003 07:17:17 -0400
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This one is a little long. If you aren't reading the insurance thread, you
should probably delete it now.
Home insurance policy;I tried to do that. My agent was pretty honest about
it. He said that we could do something like that and he could write the
policy. Then he cautioned us that aircraft for some reason fit into a
special category of their own. He said we would run a real risk that an
insurance adjuster would disallow any claim because it was aircraft related.
In the household insurance arena aircraft can and most likely are taboo. I
didn't want to pay the premium and then have the risk that it would be for
nothing.
I know that Avemco will not insure my plane once it is built. But, the
insurance issue has been hot on the reflector a couple times a year since I
have been on it. Pretty easy guess that it was the same for years before I
came along. The issues haven't changed. So far I have learned/observed a
couple of things:
1) The aviation insurance industry has no memory. Don't count on them to
give you a break because you are a safe pilot and a good customer. They
won't.
2) Once they get you paying a yearly premium, count on it going up next
year. It seems as though they take your loyalty for granted. Unfortunately
it seems that you will need to shop every year for the best value. If you
don't you WILL be overpaying.
3) They make shopping around nearly impossible. Once one agent quotes your
tail number, no other agency will touch you. I wish I had that kind of
advantage in my business.
When I first started building, I was denied aircraft under construction
insurance from Avemco after I was promised coverage before I purchased the
kit. Words cannot describe how upset I was at the time. I was certain that
I would never do business with these low life's.
Then you learn that they are all low life's. One may just be treating you
better at the moment and you start to believe you have found a company with
integrity that you can trust. Its and illusion. They have no memory and
they will stick it to you eventually.
I'm insured with Avemco now because it was the best value I could find.
Next year when it is time to renew, there will be no loyalty on my part, and
I will again shop for the best deal.
Sorry for the long wind.
Andy
-----Original Message-----
From: reflector-admin@tvbf.org [mailto:reflector-admin@tvbf.org]On Behalf
Of Bill
Sent: Tuesday, May 06, 2003 10:55 PM
To: reflector@tvbf.org
Subject: Re: REFLECTOR:More Insurance Woes
I too used to have builder's insurance with Avemco till I figured
out they did not INTEND to insure my plane when it was running so I decided
to stop rewarding them...
I contacted local agent about adding my airplane parts to my
household policy as I'm building at home; $205 for $60,000 coverage.. Agent
listed it as a "Collection of Aeronotic Artifacts" (his words).. You pay so
much per thousand for insurance on your collection of what ever it might be;
used lawn mowers, pocket knife collection or old computers...
Might be an option for some..
Bill Medsker
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<DIV><SPAN class=3D530280011-07052003>This one is a little long. =
If you=20
aren't reading the insurance thread, you should probably delete it=20
now.</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003></SPAN> </DIV>
<DIV><SPAN class=3D530280011-07052003>Home insurance policy;I tried to =
do=20
that. My agent was pretty honest about it. He said that we =
could do=20
something like that and he could write the policy. Then he =
cautioned us=20
that aircraft for some reason fit into a special category of their =
own. He=20
said we would run a real risk that an insurance adjuster would disallow =
any=20
claim because it was aircraft related. In the household insurance =
arena=20
aircraft can and most likely are taboo. I didn't want to pay the =
premium=20
and then have the risk that it would be for nothing.</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003></SPAN> </DIV>
<DIV><SPAN class=3D530280011-07052003>I know that Avemco will not insure =
my plane=20
once it is built. But, the insurance issue has been hot on the =
reflector a=20
couple times a year since I have been on it. Pretty easy guess =
that it was=20
the same for years before I came along. The issues haven't =
changed. =20
So far I have learned/observed a couple of things:</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003></SPAN> </DIV>
<DIV><SPAN class=3D530280011-07052003>1) The aviation insurance industry =
has no=20
memory. Don't count on them to give you a break because you are a =
safe=20
pilot and a good customer. They won't.</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003>2) Once they get you paying a =
yearly=20
premium, count on it going up next year. It seems as though they =
take your=20
loyalty for granted. Unfortunately it seems that you will need to =
shop=20
every year for the best value. If you don't you WILL be=20
overpaying.</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003>3) They make shopping around =
nearly=20
impossible. Once one agent quotes your tail number, no other =
agency will=20
touch you. I wish I had that kind of advantage in my=20
business.</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003></SPAN> </DIV>
<DIV><SPAN class=3D530280011-07052003>When I first started building, I =
was denied=20
aircraft under construction insurance from Avemco after I was promised =
coverage=20
before I purchased the kit. Words cannot describe how upset I was =
at the=20
time. I was certain that I would never do business with these low=20
life's.</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003></SPAN> </DIV>
<DIV><SPAN class=3D530280011-07052003>Then you learn that they are all =
low=20
life's. One may just be treating you better at the moment and you =
start to=20
believe you have found a company with integrity that you can =
trust. Its=20
and illusion. They have no memory and they will stick it to you=20
eventually.</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003></SPAN> </DIV>
<DIV><SPAN class=3D530280011-07052003>I'm insured with Avemco now =
because it was=20
the best value I could find. Next year when it is time to renew, =
there=20
will be no loyalty on my part, and I will again shop for the best=20
deal.</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003></SPAN> </DIV>
<DIV><SPAN class=3D530280011-07052003>Sorry for the long =
wind.</SPAN></DIV>
<DIV><SPAN class=3D530280011-07052003></SPAN> </DIV>
<DIV><SPAN class=3D530280011-07052003>Andy</SPAN></DIV>
<BLOCKQUOTE>
<DIV class=3DOutlookMessageHeader dir=3Dltr align=3Dleft><FONT =
face=3DTahoma=20
size=3D2>-----Original Message-----<BR><B>From:</B> =
reflector-admin@tvbf.org=20
[mailto:reflector-admin@tvbf.org]<B>On Behalf Of =
</B>Bill<BR><B>Sent:</B>=20
Tuesday, May 06, 2003 10:55 PM<BR><B>To:</B>=20
reflector@tvbf.org<BR><B>Subject:</B> Re: REFLECTOR:More Insurance=20
Woes<BR><BR></FONT></DIV>
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style=3D"FONT-SIZE: 12pt; CURSOR: auto; FONT-FAMILY: Arial" =
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<DIV>I too used to have builder's insurance with Avemco till I =
figured=20
out they did not INTEND to insure my plane when it was running =
so I=20
decided to stop rewarding them... </DIV>
<DIV> </DIV>
<DIV>I contacted local agent about adding my airplane parts to =
my=20
household policy as I'm building at home; $205 for $60,000=20
coverage.. Agent listed it as a "Collection of Aeronotic =
Artifacts" (his=20
words).. You pay so much per thousand for insurance on your =
collection=20
of what ever it might be; used lawn mowers, pocket knife =
collection=20
or old computers...</DIV>
<DIV> </DIV>
<DIV>Might be an option for some..</DIV>
<DIV> </DIV>
<DIV>Bill Medsker </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
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