REFLECTOR: Insurance update

[Andrew Ellzey]

Geoff,
 
Thanks for getting back to me on your insurance experience. I have gotten two quotes so far, one from EAA/Falcon, and the second from Avemco. The EAA/Falcon quote wants 5 hours solo in type, its not clear, if they are saying that they won't insure the first 5 hours solo in my aircraft, or if I could fly another 5 hours solo in another Velocity aircraft to meet this requirement. I suspect, that they are saying that they won't insure the first 5 hours solo in my Aircraft. Quoted annual premium of 3652.00. This is for only 100,000.00 hull value ($2959.00) ground and flight, 1,000,000.00 liability, 100K per person ($692.00)
 
I haven't gotten the official quote back from Avemco, but as I filled out the application online, it made me click ok on a box saying that they wouldn't insure the first 10 hours on my Velocity. I will just have to wait and see what the official quote comes back with.
 
Both insurance companies are requiring the factory transition training which I have already completed. It appears that my TT and Complex including retract time meets their requirements.
 
I'll report back to everyone when I get the Avemco Quote.
 
If anyone else has received any better quotes, please send your insurance companies contact information. I know this subject comes up all the time on the reflector, so please bare with my request to rehash this issue one more time.
 
Andy Ellzey
N151AJ 


>________________________________
> From: Geoff Gerhardt <geoff.gerhardt at gmail.com>
>To: Velocity Aircraft Owners and Builders list <reflector at tvbf.org> 
>Sent: Saturday, July 20, 2013 7:42 AM
>Subject: Re: REFLECTOR: Insurance update
>  
>
>
>When I insured my plane last year, I had 100hrs TT, 10hrs in retract and factory training.  Avemco gave me a policy ($1M liability only, no hull) for ~$900/yr.  I called them a few months ago and told them I now had 175hrs TT, 75hrs in type, and they lowered my premiums a bit ($850ish).
>
>
>I think now that I have close to 200hrs and 100hrs complex, that will open up other options.  I think EAA wanted a minimum of 50hrs complex and 150hrs TT to insure a retract (I could be wrong on those exact numbers, tho).
>
>
>
>Geoff
>
>
>On Fri, Jul 19, 2013 at 6:13 PM, Andrew Ellzey <ajlz72756 at yahoo.com> wrote:
>
> 
>>Geoff, 
>>  
>>How much did you have to pay through 
Avemco? I have 850TT 500 complex which includes retract. Not IFR rated. I have 
completed the Velocity factory training. 
>> 
>>
>>
>>-------------------------------------------
>>Andrew Ellzey 
>>
>>(479) 631-2851 office
>>(479) 531-5139 iPhone
>>ajlz72756 at yahoo.com 
>>----- Original Message -----  
>>>From: Geoff  Gerhardt  
>>>To: Velocity Aircraft Owners and Builders  list  
>>>Sent: Tuesday, August 07, 2012 4:45  PM 
>>>Subject: REFLECTOR: Insurance 
update 
>>>
>>>Folks, 
>>>
>>> 
>>>So, I ended up going with Avemco.  Apparently they're the only  company you can go to directly (others you need to go thru a broker).  I  contacted over 3 brokers (including the one recommended by Velocity) and none  were able to give me a quote.  It seems its the RG that is the problem.   Avemco req'd 10hrs retract time and the Velocity transition training,  others were requiring a min of 50hrs RG time.  The premium is just shy of  $1K for $1M liability (no hull).  Also, they will adjust the premium as  soon as I get to 48hrs in type. 
>>>
>>> 
>>>Last weekend I took an Arrow out for ~4hrs to build up retract time.   It was an ancient bird.  I had planned to do the NY VFR corridor,  but it only had one working radio and the transponder "sort of" worked, so I  didn't feel comfortable taking it on a long XC.  I need another couple  hours, so I'll put them in later this week before first flight.
>>> 
>>>
>>> 
>>>Tomorrow morning, the FAA rep comes over for an airworthiness inspection  - I'll let you know how it goes... 
>>>
>>> 
>>>Geoff 
>>>N173VS (173RG) 
>>>http://thegerhardts.com/velocity 
>>>
>>> 
>>>
>>> 
>>>
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