REFLECTOR: Insurance - OUCH!

[Alex Balic]

Yea, you know what- I am just going to have liability.   For 4-5k/year, I
can do a lot of fixing,  and if is a total loss, I probably won't be in any
condition to care too much about replacement anyway.

 

  _____  

From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On
Behalf Of Velocity_AZ
Sent: Monday, May 15, 2006 3:36 PM
To: 'Velocity Aircraft Owners and Builders list'
Subject: REFLECTOR: Insurance - OUCH!

 

Hey guys - 

 

I just got my insurance renewal and it's painful - 

 

I've got 500+ total hours, 230 hrs in type & an instrument rating. I have a
173 Fixed Gear and I am the only one listed as the pilot.

 

Was paying $5000/year for $175,000 hull insurance, $1M liability, $100K per
passenger - $0 DEDUCTIBLES (Global Aerospace is the underwriter through
Falcon Insurance).

I've always felt the the $0 deductible is extremely important if you want
hull insurance.  Should more than $17,500 worth of damage occur to my Velo,
chances are that I wouldn't have to worry about what I'd be collecting
beyond that (since you can't take it with you!).

 

Renewal - $5650/year (same coverage as above) or

Renewal - $5123/year - $17,500 deductible

 

I also learned that AIG will only insure a Velocity with up to $100,000 for
hull insurance.

I also learned that my current underwriter, Global Aerospace (supposedly the
best coverage available), is not that interested in Velocitys anymore and,
if insurance was possible, a min. of 750 hours would be required.

 

What have you guys been finding?

 

Kevin

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