Insurance?

T

Torque beast

Pre-takeoff checklist
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Bryan
So I got my new quote and it has gone up again. 1k in two years. Obviously the insurance companies don’t want to insure RG GA aircraft. As much as I hate to do it I am looking at other options so does anyone have knowledge going from a bonanza to an RV 10? If so would you share some comparisons and what you think insurance differences would be


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Our 16 member club experienced an increase, but less than anticipated. We are very grateful to our experienced broker who ensures we get the best set up possible.
 
I talked to broker a while and found out IFR would make no difference so me trying to rush my check ride is not necessary. I have flown about 100 hrs in the last year which all was in my bonanza so I asked what would lower it and I was told if I hit 750 TT and 500 IFR I would see a reduction. Also there are certain aircraft on a list that are getting harder to insure and they don’t like writing policies on. He mentioned bonanza and glassair and others I don’t recall. I asked about an RV10 and said it would be in the same boat because it’s experimental. About ready be no insurance and just invest my would be premium each year and let it grow.


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Earlier this year I was shopping for a PA-32, considering both fixed gear (Cherokee Six 300) and retractable (Lance). I hit 70 this year, so I asked my broker to run the numbers to compare premiums on a '78 Six 300 and a '78 Lance. Those two types are about as close as you can get except for the gear, so it would be an apples-to-apples comparison. I have 5000 hours (1000 of it retractable), all relevant ratings, a clean record and sufficient prior PA-32R time. The quotes for the Lance were about double those for the fixed-gear Six, and some companies wouldn't even quote me for the retractable. Bottom line, I bought a fixed-gear Six.

I guess if at this age I can't be trusted to turn off the left-turn blinker on the freeway, I'll probably forget the gear, too. :rolleyes:
 
Pilawt said:
Earlier this year I was shopping for a PA-32, considering both fixed gear (Cherokee Six 300) and retractable (Lance). I hit 70 this year, so I asked my broker to run the numbers to compare premiums on a '78 Six 300 and a '78 Lance. Those two types are about as close as you can get except for the gear, so it would be an apples-to-apples comparison. I have 5000 hours (1000 of it retractable), all relevant ratings, a clean record and sufficient prior PA-32R time. The quotes for the Lance were about double those for the fixed-gear Six, and some companies wouldn't even quote me for the retractable. Bottom line, I bought a fixed-gear Six.

I guess if at this age I can't be trusted to turn off the left-turn blinker on the freeway, I'll probably forget the gear, too. :rolleyes:
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I’ve thought about fixed gear as well but don’t want to give up speed. RV is fixed but get hit for being experimental. Cirrus is fixed but then I get hit for hull value.


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I just got my renewal quote from Falcon, it actually went down by $300 this year. Possibly because I passed 1000 hours TT and 100 hours in make/model.
 
I did not see falcon on my list of quotes so may have to look them up


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Falcon is a broker not an insurance company and insurance carriers only want one broker to quote to, you can't go to multiple brokers and get quotes, so if you go to Falcon you cut the broker you now have out of the deal ,and Falcon gets the commission off the back of the first broker
There are only so many insurance carriers out there and the list is getting shorter, stick with the broker you have and ask him to negotiate a better deal if he can.

Self insuring and putting the money away as you mention, dumb idea, unless you are daddy warbucks and have too much money, you won't save the money and you can't put enough away to pay out a large loss, what if the plane is totaled in a year? did you set aside enough money to pay for the plane?

Nope you did not, how about you crash and kill some one or burn down a factory, but you survive or you if you die, some lawyer is going to sue and put your family out of a home, because you dropped your coverage to save a few bucks, you need to understand risk and not complain about premiums going up, ask yourself this, Can I afford to lose the value of my airplane or do I want to lose it,? and can I afford to take a huge financial hit if I get sued.

I don't know what your BO is worth but land gear up and the carrier will total it and pay you the hull value, BO's do not exactly have the best nose gear, so the carrier looks at risk vs reward example only: premium $2,500 say hull value $150,000 , total loss, who wins ?

Insurance is for : Do I want to take the risk on my own, or can I afford to do it?. Think worse case scenario of what you can afford to lose
Take a higher deductible if that saves premium,
 
strangebird said:
I don't know what your BO is worth but land gear up and the carrier will total it and pay you the hull value, BO's do not exactly have the best nose gear, so the carrier looks at risk vs reward example only: premium $2,500 say hull value $150,000 , total loss, who wins ?
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Me. I'm getting a sweet deal on near-new avionics pulled from a gear-upped Bonanza.

pmanton said:
Try being 83.
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It's on my to-do list. :D
 
strangebird said:
Falcon is a broker not an insurance company and insurance carriers only want one broker to quote to, you can't go to multiple brokers and get quotes, so if you go to Falcon you cut the broker you now have out of the deal ,and Falcon gets the commission off the back of the first broker
There are only so many insurance carriers out there and the list is getting shorter, stick with the broker you have and ask him to negotiate a better deal if he can.

Self insuring and putting the money away as you mention, dumb idea, unless you are daddy warbucks and have too much money, you won't save the money and you can't put enough away to pay out a large loss, what if the plane is totaled in a year? did you set aside enough money to pay for the plane?

Nope you did not, how about you crash and kill some one or burn down a factory, but you survive or you if you die, some lawyer is going to sue and put your family out of a home, because you dropped your coverage to save a few bucks, you need to understand risk and not complain about premiums going up, ask yourself this, Can I afford to lose the value of my airplane or do I want to lose it,? and can I afford to take a huge financial hit if I get sued.

I don't know what your BO is worth but land gear up and the carrier will total it and pay you the hull value, BO's do not exactly have the best nose gear, so the carrier looks at risk vs reward example only: premium $2,500 say hull value $150,000 , total loss, who wins ?

Insurance is for : Do I want to take the risk on my own, or can I afford to do it?. Think worse case scenario of what you can afford to lose
Take a higher deductible if that saves premium,
Click to expand...

Ok wasn’t sure never heard of Falcon. My broker is good and very easy to deal with. I received responses from 6 different insurance companies through them. Since Falcon is a broker that ends that conversation. May look at a different broker next year. I did get them down from an 18.5% increase to a 15%

I should have been more clear, I would keep liability insurance but not hull. I could deal with losing the plane however it would be a tough pill to swallow but since the value of it has actually gone up it is probably out of the comfort zone now. My luck I would be the one that totals the plane in a year.


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How old are you?
Surprisingly enough, AVEMCO is turning into the go-to for guys over 70 with retracts. A good friend just insured his 260 B at a decent rate when no broker could touch it.
 
Chip Sylverne said:
How old are you?
Surprisingly enough, AVEMCO is turning into the go-to for guys over 70 with retracts. A good friend just insured his 260 B at a decent rate when no broker could touch it.
Click to expand...

50 and broker said that was not an issue


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