Do you have insurance for your airplane?

What's your airplane insurance coverage?

  • None

    Votes: 9 11.0%

  • Liability only 100/300K

    Votes: 4 4.9%

  • Liability only 1MM Smooth

    Votes: 1 1.2%

  • Liability only more than 1MM Smooth

    Votes: 0 0.0%

  • Hull plus 100/300K

    Votes: 24 29.3%

  • Hull plus 1MM Smooth

    Votes: 36 43.9%

  • Hull plus more than 1MM Smooth

    Votes: 2 2.4%

  • Other

    Votes: 6 7.3%
  • Total voters
    82
docmirror said:
I'm gonna go with ----- The savings from my unpaid insurance premium.


Did I win? :smile:
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Fair 'nuff. But when people justify their dislike for aviation "hull" insurance based on the risk/benefit opinions of the likelihood of owner or named-insured negligence and the crappy way insurance companies pay off those claims, some readers of those posts might forget all the other things that "hull" insurance might pay. If one keeps twenty or thirty $ liquid for that eventuality and a lawyer on retainer to sue third parties who have also foregone insurance for their potential negligence, then by all means forgo it. Like the poster above you could beat fate and break even in a decade or two :smile:
 
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id need my premium to be a much higher % of hull value to make it worth using the 'savings' of not paying to cover the cost of a claim.
 
I've known people for whom it's worked both ways.

One person I know has had an airplane for the past 45 years in his family - they bought it new. They've never carried hull insurance. They've also never needed it. It does help that one of the owners is an A&P/IA and takes excellent care of the plane.

The same person has hull insurance on his other plane, worth significantly more.

Now that I've gone through the whole insurance thing myself, I decided to go ahead and get the hull insurance. I could save quite a good sum of money if I didn't get it, but my CHOICE was that I didn't want to have a gear up or bang up the thing for whatever reason and then lose a bunch of money that I just spent. This is also why I keep full coverage on my cars.

I may reevaluate in a few years after I've been the one controlling the plane's maintenance and have established a good comfort level with the thing, but for the time bein, I'll gladly be one of the fools who pays for hull insurance.

Comes down to a choice. Don't bash anyone who chooses to get it, don't bash anyone who chooses not to. Make your own analysis - everyone's situation is different.
 
Ted DuPuis said:
Comes down to a choice. Don't bash anyone who chooses to get it, don't bash anyone who chooses not to. Make your own analysis - everyone's situation is different.
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Well said Ted. I hope Kent agrees.
 
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