REFLECTOR:Re: Insurance Woes

[Scott Derrick]

You have to call AUA for a non-flight 0.6% rate, I never said you could 
get that rate from Falcon.  I have an instrument rating, 1000 hours PIC, 
700 hrs retract, 150 in Velocity, so if your experience is different 
your rate will be also.

Also, I don't know if you can use the non-flight policy as builders 
insurance.  Interesting idea though.  A problem could be that in order 
to get non-flight hull insurance you also need to get liability which 
will add apx. $400 to the bill.  I think the plane has to be at an 
airport in a hanger.

If your asking Falcon for a builders insurance plan I can see why they 
wouldn't ask for PIC time. ect.  Your not flying it..

BTW, Non-Flight means your hull insurance ends the moment you taxi onto 
the runway and begins the moment you taxi off the runway.

My insurance on my Bonanza was about 1% for in-flight hull with Falcon. 
  Liability was half what I pay for my Velocity. That was a couple years 
ago so maybe things have changed.

As per your friend, we don't know his history or flying credentials.  A 
year ago I could get 85K hull from Avemco for $3,600 or from AUA for 
$1,400. Same coverage, same plane, same pilot very different prices. I 
told some folks that, and they said they were staying with Avemco 
because they were loyal customers!

Scott

John Tvedte wrote:
> Just wondering how to get the 0.6% non-flight - I called Falcon for builders insurance and they are quoting 1% per thousand  - 85K hull would run 850 as an example.
>  
> I think Andy mentioned $550/year - what "value"?
>  
> Bob mentioned 60K for 600 - which is 1%.
>  
> BTW- I was not asked if I had an instrument rating, total hours of PIC time, or any other pilot related questions.....
>  
> Although second hand, a friend mentioned that he was checking out how much a 100K Piper Commanche would cost him yearly to insure - $4500 - or 4.5%
>  
>  
>  
> 
> 	-----Original Message----- 
> 	From: Scott Derrick [mailto:scott@tnstaafl.net] 
> 	Sent: Wed 5/7/2003 2:45 PM 
> 	To: reflector@tvbf.org 
> 	Cc: 
> 	Subject: Re: REFLECTOR:Re: Insurance Woes
> 	
> 	
> 
> 	Chuck,
> 	
> 	Nice dissertation on many of he ins and outs of aircraft insurance.
> 	
> 	My $0.02
> 	
> 	> 2.    Premiums:  There's little choice that the premiums start out high;
> 	> in the 4%-5% range.  While high, this is competitive with most current
> 	> commercial rates, if you can get them.  For those that are getting a low
> 	> commercial rate presently, our hats off to you; and we'll see you next year
> 	> when you come to the Coop hat in hand.  The final premium target would be
> 	> 1%-2%.
> 	
> 	No this is not competitive.  Avemco wanted to charge me 5% for hull
> 	which I found unacceptable.  It would pay anybody to self insure at that
> 	  cost.  Put the money in a CD and in 10 years you've bought yourself
> 	another Velocity.
> 	
> 	Falcon would charge me 1.7% for a 85K hull value in-flight or 0.6% for
> 	non-flight.
> 	
> 	Unless you can get close to competitive I don't think your going to get
> 	enough business to make it viable.
> 	
> 	> 4.    Pilot Flight Checks:  Absolutely.  Not only for insurance's sake,
> 	> but our own.  Perhaps we'd require the BFR be done with a Velocity approved
> 	> CFI.  When BFRs were first implement, I was a little skeptical about more
> 	> "big brother."  The reality is, its a very good program.  We all get a
> 	> little complacent and form less than desirable habits.  Relearning once
> 	> every two years is small price to pay to save on insurance and your life.
> 	
> 	I don't see any real advantage and would consider this a big negative.
> 	I can see a factory approved checkout of the plane and pilot for the
> 	initial policy but after that its a waste.
> 	
> 	> 5.    Plane Inspections:  Absolutely.  You and I know our workmanship is
> 	> great but can we trust that other guy.  The Factory and Inspectors know
> 	> every trick, tip and trap associated with the Velocity.  To have a factory
> 	> approved inspection will save insurance claims and lives.
> 	
> 	Are you talking a first time inspection or recurring?  Recurring is a
> 	waste as I said above. There are thousands and thousands of more complex
> 	aircraft than ours flying that don't require a "Factory" annual for
> 	insurance.  Neither should ours.
> 	
> 	
> 	Scott
> 	
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