REFLECTOR:Re: Insurance Woes

[Scott Derrick]

Correction, that $3,600 rate from Avemco was for 65K hull value, and 
$1,400 rate from AUA was for 85K...  Seemed like a no brainer to me..

Scott Derrick wrote:
> 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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> 
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