Which ins companies will write a liability-only policy? I was not able to find any takers for my Bonanza, likely because the hull value is too low to make the policy worth writing from the insurer’s POV (speculation from the agent I dealt with).
It has always been my recommendation, and a number of others mechanics recommendation, to select your mechanic before you select and buy your aircraft. By simply having your mechanic perform the prebuy or at least to be involved in the prebuy, you will greatly reduce the chances of major issues on its first annual. Ironically, it is one of the least followed proactive recommendations for a million and half different reasons. A good portion of the major issues associated with private, recreational aircraft ownership can be prevented or the effects reduced by simply more due diligence and education on the owners part.
BWI
Good point. As I noted, that was what the agent said....you're right, it doesn't really make much sense.BWI
How does Hull value impact a liability policy???
Aviation insurance - Wikipedia
en.wikipedia.org
At above links, I only have the first "type", their is nothing about hull value involved.
You might find it hard to even find a tie down. If you really want to own, you may have to have it on tie down for a few years before you can find a hangar close enough to you.
First thing I'd point out is that if you consider $120/yr a "major expense", then aircraft ownership is going to be quite the eye opening experience
Agreed.First thing I'd point out is that if you consider $120/yr a "major expense", then aircraft ownership is going to be quite the eye opening experience
Joking aside -- IDK how your annuals will be 2k unless you do them yourself.
Horses are no joke. My neighbor has them. Her saddles are 10,000 each. They have a saddle specialist flown in and they fit the horse and rider. Her vet bills rival any aviation annual. They spent 7 figures on a barn. Horses are crazy money.
Psh. That's beginner stuff.
How about an expensive airplane?
...will cost you less than a cheap airplane.How about an expensive airplane?
So buy the $600,000 Cessna, not the $150,000 one?
Well... There are limits! I would guess that somewhere in the 10-20 year old range is where the changeover happens, though of course that will vary wildly depending on how that 10-20 year old plane was maintained.
Well... There are limits! I would guess that somewhere in the 10-20 year old range is where the changeover happens, though of course that will vary wildly depending on how that 10-20 year old plane was maintained.
And if you manage to get a 40 year old plane that was the owner's absolute pride and joy and isn't so old as to be wearing out, it can be cheaper than a 20 year old plane. However, as time goes on they do get more expensive, and of course it's extremely rare to find someone's pride and joy for sale while it's still their pride and joy. As a group, we are not good at knowing when we should be done, and so many planes fly less and less until they're rotting away in a hangar.
I also feel like once a plane hits 8,000 hours or so it's going to cost more. My sample size on that isn't large enough to be significant though.
If you have a higher hull value, you must be richer and therefore should be charged more.
And I've found its extremely rare simply because that level of aircraft is rarely sold on the open market. But you are definitely correct that how an aircraft is maintained is the key issue regardless of age or type.
I did run liablity insurance on my sailplane for a few years when I was flying very little. It cost me something like $300/yr. The insurance company then raised the minimum premium price to something like $500/yr. At that time my hull value was so low ($16,000) that it only cost my like $100 more to put full coverage on it.BWI
How does Hull value impact a liability policy???
Aviation insurance - Wikipedia
At above links, I only have the first "type", their is nothing about hull value involved.
That is probably true, but in my case I get the airplane fixed up just about the way I like and then sell it when something else comes along I couldn't turn down.
Except the aircraft I’m referring to require no work after purchase or simply equipment changes due to personal preferences. The aircraft themselves are as mx compliant one can get with mostly a handshake in place of a prebuy. And I’m not talking museum pieces either but regular flyers. While at one time this level accounted for about 30% of the recreational fleet, I think its probably down to 20% and steadily decreasing due to the state of the recreational market.
Sadly I think I'm coming to this conclusion. Tie downs are available. I really want a hangar with tools, Mogas, aviation related art... Blah blah blah. The part the kinda ****es me off is I know there are hangars with airplanes that have been out of annual for years, but they pay the hangar fees. Those planes have not seen daylight for years.