Insurance with partners.

[teethdoc]

I'm looking at a plane with a buddy. He is a professional pilot (military/commercial) with 10000+ hours. I'm at about 50h. I assume the insurance companies base the principal on the lowest time guy. Is that correct?

 

[lr60plt]

Yes, your time will be reflected in the premium.

 

[alfadog]

I'm looking at a plane with a buddy. He is a professional pilot (military/commercial) with 10000+ hours. I'm at about 50h. I assume the insurance companies base the principal on the lowest time guy. Is that correct?

Well, the good thing is, that factor is entirely under your control to address for a lower future premium.

 

[John221us]

Some of it depends on the plane. I bought a Cherokee when I only had 10 hours and my rates were never really that bad. Now, if you are buying a complex, HP, retract it will be a different story.

 

[ChrisK]

One group I know of locally here prorated the difference in insurance a bit, so that if they took on someone with low time, that person paid more of the insurance. I'm pretty sure they worked with the agent to come up with a fair number for the partners involved.