REFLECTOR: insurance

[Chuck Jensen]

That's what is really a dirty little insurance trick.  Some of the insurance companies won't write the Velo for more than $150K, some $200K, which for some well done, well loaded Velos, understates their market value.  Yet, as Scott B. said, they may 'take' your Velo for $150K and not give you a choice to fix it.  Naturally, it's a lot worse if the coverage is only for $50K and the plane is worth $150K.
 
Becareful out there.....the insurance company is not your friend; they just collect premiums.

Chuck Jensen 

 

-----Original Message-----
From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org]On Behalf Of Scott Baker
Sent: Wednesday, July 29, 2009 8:00 PM
To: Velocity Aircraft Owners and Builders list
Subject: Re: REFLECTOR: insurance


Hello Lou,
The quote seems reasonable.
Important note: Do no under insure your aircraft.  If it is truly worth $50K, then great.  Most Velocity aircraft are worth more.  Beware that in the event of a claim, depending upon the claim amount, the insurance company may consider the aircraft a total loss, take possession of the aircraft for salvage, and pay you the $50K.  You may not be given the choice of repairing the aircraft.
Best,
SB

----- Original Message ----- 
From: Lou Stedman <mailto:stedmanlou at roadrunner.com>  
To: Reflector Velocity <mailto:reflector at tvbf.org>  
Sent: Wednesday, July 29, 2009 11:59 AM
Subject: REFLECTOR: insurance

I just got a quote from Falcon Insurance for my Velocity. It seemed a bit high. I am going with $50K hull, $1M Liability. The aircraft has 600+ hrs on it, I have 350+ hrs, and over 40+ hrs in Velocity.  The quote was $1622 for hull and $350 liability. Has anyone done better than this? I have not insured it before and now I remember why. 
 
Lou Stedman
Velocity N7044Q
Olean, NY



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