Coach me up on insurance

catmandu

catmandu

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Catmandu
Another thread reminded me of this question I've had:

Having never been an owner, do you get locked in for a year on your insurance when you make a purchase?

Say you have no TMM, and know from research that you get a break after 100 hrs TMM, can you just convert insurance money to gas money burning holes at 55% power for a month, then go get a new policy?

Not smart, not the way I would do it for personal peace of mind (why they don't require a certain number of landings is beyond me), but just curious . . .
 
catmandu said:
Say you have no TMM, and know from research that you get a break after 100 hrs TMM, can you just convert insurance money to gas money burning holes at 55% power for a month, then go get a new policy?
Click to expand...
Dunno if you can do that or not...but Avemco, at least, will cut your rate during the policy term if you qualify for a lower rate. They did that for me.
 
catmandu said:
Having never been an owner, do you get locked in for a year on your insurance when you make a purchase?
Click to expand...
Sort of. Generally speaking, you can cancel your policy before the term is up, but you won't get a full pro rata refund of the unused policy. Figure on getting back four months premium if there's six months left, or something like that -- there are administrative costs with the policy implementation that they want to recover fully.
Say you have no TMM, and know from research that you get a break after 100 hrs TMM, can you just convert insurance money to gas money burning holes at 55% power for a month, then go get a new policy?
Click to expand...
If I knew what "TMM" meant, I might be able to answer.
 
It is my understanding that these are term policies. So you have paid for the term and each policy may or may not have a clause that allows for a refund.
 
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