Finding Insurance After an Accident

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DwayneSmithUSMC

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DwayneSmithUSMC
In January of this year (2014) I was involved in an off runway incursion during a landing. There was no damage to me and I wasn't carrying any passengers (thank goodness) but there was damage to the plane. Like any new pilot I put my tail between my legs and sulked for about a month or so over my failure.

After that I decided that I wasn't going to let the accident keep me down, so after about 10 hours of remedial instruction (not required but I thought it would be good to get it done) I started flying solo again.

Fast forward a few months I've been flying ever since (I've recently been deployed so my flying has taken a break). Now I am trying to purchase a plane to cut down on the cost of my instrument rating (plus I wanted to have my own plane anyway) but I am having trouble finding an insurance company that will insure me. Does anyone here know of an insurance company that will insure a relatively low time pilot with a recent crash on record?

PLEASE HELP! I found a plane that's an amazing deal and I need to be insured. The plane is high performance, but not turbo or anything. I really need to get insured and I don't plan to do any solo flying at least until my instrument rating is done and price is not a factor.
 
That would be great except for the fact that I plan to finance the aircraft and the lender might require insurance.
 
I use ARMG Insurance out of MI. I don't know how they would treat you, but check them out. I never got far with USAA, Avemco, or AOPA.
 
Aircraft insurance is a major PITA. If you try to go to different brokers, they'll often submit to the same underwriters then everyone gets all upset with you acting like you shouldn't go to different brokers.

The problem with not going to different brokers is not all brokers work with all underwriters so you don't really get the full picture of what can be done.

Trying to get insurance on the Flybaby for a less than ridiculous price before Airventure but having less than great luck right now.
 
Not only do they go to the same underwriter, the subsequent broker will be locked out of any ones the first broker got you a quote from.

The only one that does otherwise is Avemco which sells their insurance direct.
 
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flyingron said:
Not only do they go to the same underwriter, the subsequent broker will be locked out of any ones the first broker got you a quote from.
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Yes but that's the problem because you don't get exposure to all the potential underwriters with one broker. It's probably less of an issue with a more common airplane but with mine many (most) underwriters won't touch it.
 
You both might try pinging Davidson Solid Rock Insurance at 501-745-8660. I've been with them for 12 years and they bring me at least three quotes every year. They never stop shopping on my behalf.

Good people.
 
Avemco,know of many pilots who had a claim,insured by Avemco ,with no problem
 
Gentlemen, it looks like Avemco for the win. And the quote was pretty cheap. Thanks for the information and help.
 
I just bound coverage with falcon thru EAA. The quote I received from them was 40% less than others, with more benefits.
 
DwayneSmithUSMC said:
I have tried AOPA and Falcon through USAA. I put in a quote request for Avemco a few hours ago. From what I've been reading on other forums that may just be my ticket. I guess I will see sometime today.
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If you are looking for a recommendation on a broker, I'd suggest Tom Johnson at Air Power in Phoenix (http://www.airpowerinsurance.com). He was able to get me reasonable quotes for my Baron after a recent claim. I have coverage with London.
 
Hmmm..... I made an $85,000 claim as a ~600hr IFR rated SEL PA32 pilot... they paid it and I got about a $100 hit on my renewal estimate. I ended up buying a twin a couple years later, and didn't have an issue with insurance and they only required 10 hrs of dual. (I had ~10hrs total time on the twin then as well).

Insurance company that paid the $85K claim was Chartis... it was painless as the accident could have been much worse from a liability standpoint (I landed in an urban shopping center parking lot and only burned down one shrubbery and took out a few shopping carts).

My broker is ARMG, tell rick I sent you his way. Contact info below. He always worked with me during my renewals regarding my accident disclosure each year until it dropped off this year (5 year window for the disclosure)

Aerospace Risk Management Group
15190 S. Wright Road
Grand Ledge, MI 48837
(517) 627-9700 ph
(517) 627-9797 fx
http://www.avnins.net
 
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What is cheap aircraft insurance anyways? I have my car insurance at 28 and I know I am paying about 1000 per year. What is it for an aircraft?
 
nimdabew said:
What is cheap aircraft insurance anyways? I have my car insurance at 28 and I know I am paying about 1000 per year. What is it for an aircraft?
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Depends entirely on the aircraft...

The insurer and the owner agree on a hull value and the insurer names their price. Liability is fairly cheap for $1,000,000/$100,000 per person.

As a reference point my 'kota costs about $700/yr which is typical for aircraft in the $50,000 to $100,000 price range. Insurance companies look at many things but if you're maintaining and upgrading the aircraft along with training regularly they figure you aren't going to "Henning" it and keep the premium fairly low relative to auto insurance costs.
 
Clark1961 said:
As a reference point my 'kota costs about $700/yr which is typical for aircraft in the $50,000 to $100,000 price range. Insurance companies look at many things but if you're maintaining and upgrading the aircraft along with training regularly they figure you aren't going to "Henning" it and keep the premium fairly low relative to auto insurance costs.
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My Flybaby is insured at a $12,000 hull value with like 500k in liability, single pilot airplane, no open pilot, and I'm the only one named. Runs me almost $800/yr. The joys of a somewhat "rare" today experimental.
 
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