REFLECTOR:Re: Insurance Woes
Brian Michalk
reflector@tvbf.org
Wed, 7 May 2003 23:12:59 -0500
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Re: REFLECTOR:Re: Insurance WoesI talked to Falcon today. They quoted =
me 1.4%. I told them I know of some others that were getting 1%.
The tripping point is $90,000 insured value. Above that limit, you go =
into a different class, and your premiums are higher.
Oh, I said. Well, let's insure it for $90K then.
Big difference, $900 and $1400.
Brian Michalk <http://www.michalk.com>
Life is what you make of it ... never wish you had done something.
Aviator, experimental aircraft builder, motorcyclist, SCUBA diver
musician, home-brewer, entrepreneur and mostly single
=20
-----Original Message-----
From: John Tvedte [mailto:reflector-admin@tvbf.org]On Behalf Of John =
Tvedte
Sent: Wednesday, May 07, 2003 9:12 PM
To: reflector@tvbf.org
Subject: RE: REFLECTOR:Re: Insurance Woes
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-----=20
From: Scott Derrick [mailto:scott@tnstaafl.net]=20
Sent: Wed 5/7/2003 2:45 PM=20
To: reflector@tvbf.org=20
Cc:=20
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
_______________________________________________
To change your email address, visit =
http://www.tvbf.org/mailman/listinfo/reflector
Visit the gallery! tvbf:jamaicangoose
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<HTML><HEAD><TITLE>Re: REFLECTOR:Re: Insurance Woes</TITLE>
<META http-equiv=3DContent-Type content=3D"text/html; charset=3Dutf-8">
<META content=3D"MSHTML 6.00.2800.1141" name=3DGENERATOR></HEAD>
<BODY dir=3Dltr>
<DIV><SPAN class=3D087361004-08052003><FONT face=3DArial color=3D#0000ff =
size=3D2>I=20
talked to Falcon today. They quoted me 1.4%. I told them I =
know of=20
some others that were getting 1%.</FONT></SPAN></DIV>
<DIV><SPAN class=3D087361004-08052003><FONT face=3DArial color=3D#0000ff =
size=3D2></FONT></SPAN> </DIV>
<DIV><SPAN class=3D087361004-08052003><FONT face=3DArial color=3D#0000ff =
size=3D2>The=20
tripping point is $90,000 insured value. Above that limit, you go =
into a=20
different class, and your premiums are higher.</FONT></SPAN></DIV>
<DIV><SPAN class=3D087361004-08052003><FONT face=3DArial color=3D#0000ff =
size=3D2></FONT></SPAN> </DIV>
<DIV><SPAN class=3D087361004-08052003><FONT face=3DArial color=3D#0000ff =
size=3D2>Oh, I=20
said. Well, let's insure it for $90K then.</FONT></SPAN></DIV>
<DIV><SPAN class=3D087361004-08052003><FONT face=3DArial color=3D#0000ff =
size=3D2></FONT></SPAN> </DIV>
<DIV><SPAN class=3D087361004-08052003><FONT face=3DArial color=3D#0000ff =
size=3D2>Big=20
difference, $900 and $1400.</FONT></SPAN></DIV>
<DIV> </DIV>
<P><FONT size=3D2> Brian Michalk <<A =
href=3D"http://www.michalk.com/"=20
target=3D_blank>http://www.michalk.com</A>><BR>Life is what you make =
of it ...=20
never wish you had done something.<BR>Aviator, experimental aircraft =
builder,=20
motorcyclist, SCUBA diver<BR>musician, home-brewer, entrepreneur and =
mostly=20
single<BR> </FONT> </P>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #0000ff 2px =
solid; MARGIN-RIGHT: 0px">
<DIV class=3DOutlookMessageHeader dir=3Dltr align=3Dleft><FONT =
face=3DTahoma=20
size=3D2>-----Original Message-----<BR><B>From:</B> John Tvedte=20
[mailto:reflector-admin@tvbf.org]<B>On Behalf Of </B>John=20
Tvedte<BR><B>Sent:</B> Wednesday, May 07, 2003 9:12 PM<BR><B>To:</B>=20
reflector@tvbf.org<BR><B>Subject:</B> RE: REFLECTOR:Re: Insurance=20
Woes<BR><BR></FONT></DIV>
<DIV>Just wondering how to get the 0.6% non-flight - I called Falcon =
for=20
builders insurance and they are quoting 1% per thousand - 85K =
hull would=20
run 850 as an example.</DIV>
<DIV> </DIV>
<DIV>I think Andy mentioned $550/year - what "value"?</DIV>
<DIV> </DIV>
<DIV>Bob mentioned 60K for 600 - which is 1%.</DIV>
<DIV> </DIV>
<DIV>BTW- I was not asked if I had an instrument rating, total hours =
of PIC=20
time, or any other pilot related questions.....</DIV>
<DIV> </DIV>
<DIV>Although second hand, a friend mentioned that he was checking out =
how=20
much a 100K Piper Commanche would cost him yearly to insure - $4500 - =
or=20
4.5%</DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<BLOCKQUOTE dir=3Dltr style=3D"MARGIN-RIGHT: 0px">
<DIV><FONT size=3D2>-----Original Message----- <BR><B>From:</B> =
Scott Derrick=20
[mailto:scott@tnstaafl.net] <BR><B>Sent:</B> Wed 5/7/2003 2:45 PM=20
<BR><B>To:</B> reflector@tvbf.org <BR><B>Cc:</B> <BR><B>Subject:</B> =
Re:=20
REFLECTOR:Re: Insurance Woes<BR><BR></FONT></DIV>
<P><FONT size=3D2>Chuck,<BR><BR>Nice dissertation on many of he ins =
and outs=20
of aircraft insurance.<BR><BR>My $0.02<BR><BR>> =
2. =20
Premiums: There's little choice that the premiums start out=20
high;<BR>> in the 4%-5% range. While high, this is =
competitive with=20
most current<BR>> commercial rates, if you can get them. =
For those=20
that are getting a low<BR>> commercial rate presently, our hats =
off to=20
you; and we'll see you next year<BR>> when you come to the Coop =
hat in=20
hand. The final premium target would be<BR>> =
1%-2%.<BR><BR>No this=20
is not competitive. Avemco wanted to charge me 5% for =
hull<BR>which I=20
found unacceptable. It would pay anybody to self insure at=20
that<BR> cost. Put the money in a CD and in 10 years =
you've=20
bought yourself<BR>another Velocity.<BR><BR>Falcon would charge me =
1.7% for=20
a 85K hull value in-flight or 0.6% for<BR>non-flight.<BR><BR>Unless =
you can=20
get close to competitive I don't think your going to get<BR>enough =
business=20
to make it viable.<BR><BR>> 4. Pilot Flight=20
Checks: Absolutely. Not only for insurance's =
sake,<BR>> but=20
our own. Perhaps we'd require the BFR be done with a Velocity=20
approved<BR>> CFI. When BFRs were first implement, I was a =
little=20
skeptical about more<BR>> "big brother." The reality is, =
its a very=20
good program. We all get a<BR>> little complacent and form =
less=20
than desirable habits. Relearning once<BR>> every two years =
is=20
small price to pay to save on insurance and your life.<BR><BR>I =
don't see=20
any real advantage and would consider this a big negative.<BR>I can =
see a=20
factory approved checkout of the plane and pilot for the<BR>initial =
policy=20
but after that its a waste.<BR><BR>> 5. Plane=20
Inspections: Absolutely. You and I know our workmanship=20
is<BR>> great but can we trust that other guy. The Factory =
and=20
Inspectors know<BR>> every trick, tip and trap associated with =
the=20
Velocity. To have a factory<BR>> approved inspection will =
save=20
insurance claims and lives.<BR><BR>Are you talking a first time =
inspection=20
or recurring? Recurring is a<BR>waste as I said above. There =
are=20
thousands and thousands of more complex<BR>aircraft than ours flying =
that=20
don't require a "Factory" annual for<BR>insurance. Neither =
should=20
=
ours.<BR><BR><BR>Scott<BR><BR>___________________________________________=
____<BR>To=20
change your email address, visit <A=20
=
href=3D"http://www.tvbf.org/mailman/listinfo/reflector">http://www.tvbf.o=
rg/mailman/listinfo/reflector</A><BR><BR>Visit=20
the gallery! =20
tvbf:jamaicangoose<BR></FONT></P></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>=
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