REFLECTOR: Insurance

[Andrew Ellzey]

I also checked into full coverage insurance. EAA/Falcon quoted 100k hull value, 1M liability for 3652.00 annual premium. Avemco would not quote the hull value, only the liability, which I purchased for 600.00 annual premium. This is for 1M property damage, 1M each accident, 100k each person (excluding aircraft occupants).
 
Andy Ellzey
N151AJ XLRG


>________________________________
> From: Geoff Gerhardt <geoff.gerhardt at gmail.com>
>To: Velocity Aircraft Owners and Builders list <reflector at tvbf.org> 
>Sent: Thursday, August 15, 2013 10:10 AM
>Subject: Re: REFLECTOR: Insurance
>  
>
>
>Just as another data point, Avemco just renewed coverage for my 173RG.  I'm a low-time pilot (~220hrs, 120 in RG/Velo).  Liability only, ~$850/yr.  I think getting hull coverage is the tough part - I've never been interested in that, tho.  If it breaks, I'll fix it.  If its so broke I can't fix it, I probably won't be around to worry about it.  I'm in a position that the loss of the capital wouldn't bother me too much, so liability is my only real concern.
>
>
>Geoff
>
>
>On Thu, Aug 15, 2013 at 10:36 AM, Mark Magee <edjonesbrady at gmail.com> wrote:
>
>I believe what is happening is the carriers are a) shying away from Experimentals b) especially retracts c) especially low time pilots and d) let's not even talk about a low-time pilot in a retractable experimental..... 
>>I called my pilot friend who owns a large insurance agency who worked for many years with Avemco in FL, he said the carriers (there are only about 7 or 8 companies who write ins on GA aircraft) just flat won't take the risk until a pilot has some significant time in his or her log book. And that repairs to Experimentals can easily cost twice as much as a certificated aircraft: repairing a Chevy from a accident vs a DeLorean, where parts have to be custom made. 
>>If you have shopped insurance with an independent agent, you have likely already been reviewed by all the carriers. Notice Vans and Cirrus don't offer retractable gear. That was a tactical move to get more low-time folks with money qualified to own their offerings. 
>>I believe this is a serious challenge, and that a creative work-around is needed: such as a high deductible policy or other solution. Otherwise this issue could seriously hamper the low-timer starting out in a V, retract or not. 
>>EAA and the Factory may need to try and cut some deals toward a high deductible policy availability.
>>
>>Mark B. Magee
>>N34XL XLFG
>>Sent from my iPad
>>
>>
>>
>>On Aug 15, 2013, at 8:59 AM, "David Ullman" <ullman at robustdecisions.com> wrote:
>>
>>
>>Received a terse note in the mail yesterday titled "Notice of Nonrenewal of
>>>Insurance".  I have my SEFG insurance with Britt/Paulk (through EAA) and it
>>>appears that " The reason for nonrenewal is carrier exiting program".  I
>>>assume that means the B/P is getting out of insuring airplanes, Velocitiies
>>>or????
>>>
>>>I have fixed gear and 100 hours, so we will see what EAA tells me.  I have
>>>until Oct 1st to find new insurance.  I will try some of the other agents
>>>suggested here.
>>>
>>>
>>>David Ullman
>>>N444DX
>>>President EAA 292
>>>541-760-2338
>>>david at davidullman.com
>>>
>>>
>>>
>>>
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