Insurance for new pilots

[kevin7500]

Now that I have spent the time and energy getting my pilot certificate, I figure the next logical step is to jump right into plane ownership. However, I don't jump right into anything. I research and research until I am comfortable with my level of knowledge to make a logical decision.

What I have been told is that I won't be able to find an insurance company to cover me. I am currently getting IR instruction in a DA-40 with dual 430s...blah, blah, blah. Isn't in the best interest of an insurance company if I purchase a plane and get instructed in that plane, with the equipment that I will be using?

Can anyone recommend an insurance company that affordably insures new pilots?

 

[TMetzinger]

You can certainly get insured in that airplane. Affordably is another story. I'll let current owners recommend their brokers/agencies. You'll have to pay a higher premium because of your low time and experience, but they WILL like the fact that you're training in it. So your policy may state that you can't act as PIC until you've got 15 hours of time in the airplane and your IR, or other language.

 

[poadeleted20]

I see no reason why a newly rated PP should not be able to find reasonably priced insurance for a DA-40. I recommend calling my broker, Norris Hibbler at Aircraft & Marine. He'll take your information, shop the insurers for what's available, and present to you for your consideration the three he thinks best.

http://www.aircraftandmarine.com

 

[Ted]

When I was trying to get insurance in the Aztec (not an easy task at 225 hours total time and 3 multi) it was hard to find an insurance carrier. A broker will help here. Going straight to the source has its advantages for some, but they just turned me away, period. If you PM me, I'll give you the contact info for my insurance broker. She did an excellent job and got me what I considered to be a good rate. I'm guessing that when I renew the rate will be cheaper with (by then) at least 600TT and 300 in type.

You should be able to get insurance in the plane. One thing that might help you will be getting your instrument rating. Since you're working on it, you might be better off waiting until you're done with it. I know when I was flying the Mooney, the one non-IR pilot on the policy increased the insurance significantly.

 

[Kelvin]

Getting insured is easy. Takes the same thing to get insurance that it take to make a plane fly...money.

I got insured on a basically brand new 172 when I was still pre-solo. When I got my PPC, we canceled the policy and re-wrote it and it went down significantly.

You should have no trouble at all....

 

[Clark1961]

Other folks have said it. I'll repeat it 'cause I just went through this last year.

I had about 80 hours when I started checking insurance costs. No problem at all, just pony up the better part of a couple AMUs (Aviation monetary units - a term you'll come to know as an aircraft owner). A year, ~ 200 hours, and an Instrument rating later the rate dropped ~ 40%.

Aircraft insurance seems to be about number of seats, hull value, and perceived risk of the pilot(s). Keep the first two low and the costs are not too bad even if the third one is high.

Ok, I've ignored some insurance cost factors such as the folding gear stuff or incomprehensible fuel systems (P-210) which really drive rates up too.

Shop around a bit, find an agent that works with you and will advise you on the lowest cost/best coverage route and you'll be in good shape. Accepting some additional training or meeting some qualification requirements can open up options for a very nice policy.

 

[John Baker]

Tavers and Associates
P.O.Box 220519
St. Lois, MO 63122

Fax 314-963-9105
Tel. 314-963-9080

My rating is student, I own a 1978 Warrior. Travers have insured me since day one I have owned it. They are pleasant to deal with and their rates are affordable. Affordable is dependent on the hull coverage you want. My hull is insured for $50,000. Should you snap up a nice new Meridian, or some such thing, affordable shouldn't be an issue anyway.

John

 

[murphey]

I bought the cherokee before checkride (but after solo). Insurance was $1200 (2001). Had a non-accident, non-incident fire in 2003 or 2004 that cost the insurance company $20K and my insurance went down the next year. Strange. Right now with over 600 hours (no IR yet) it's a bit over $600 for $1M/$100K. Having it in a hangar lowers the cost a bit, too.

 

[EdFred]

My dad and I both have airplanes and are based in Hastings. We both go through Aviation Insurance Resources.
877-247-7767

I got insurance on my first plane at 106 hours, and it was like 8 or 900 per year. My dad got his plane insured at ZERO hours, with him as a pilot (myself as instructor) for around 1200/year. Both were Cherokees with hull value of 50k. After getting his cert his insurance dropped to under 1000/year. Not sure what it is now. I still have insurance with them on my Comanche. They found a company that would insure me with 0 Comanche time for 1300/year. Avemco - the guys that are supposed to be cheaper - wanted like 2600/year.