Low time pilot insuring a retract?

Discussion in 'Flight Following' started by Jim K, Sep 5, 2020.

  1. wheaties

    wheaties Pre-takeoff checklist

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    Insurance has greatly changed. I got a quote 2 years ago for a TB-20 (5 legal seats, retract) with hull value 100k, 0 retract and no IR. It was ~3.5k. Today, I'm being told it's closer to 5k.

    Also plane prices are 50% higher today than 2 years ago but my salary sure isn't keeping up with the rest of the world...
     
  2. iamtheari

    iamtheari Administrator Management Council Member

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    Times have changed in the past couple years. Last week, I got a quote for a 310 with a $150k hull value, based on a fresh AMEL rating, 10 hours multi, 600 hours total, commercial pilot license, and instrument rating. Due to lack of competition for pilots transitioning into twins, the first year premium would be $10,000.
     
  3. MuseChaser

    MuseChaser Pattern Altitude

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    A WONDERFUL quote and reply.
     
  4. WDD

    WDD Line Up and Wait

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    Stunned. Not as much perhaps as you though.
     
  5. schmookeeg

    schmookeeg Administrator Management Council Member PoA Supporter

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    Makes you wonder which aircraft insurance broker the apostle Luke used.
     
  6. Challenged

    Challenged Pattern Altitude

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    The GA accident trend doesn't seem to get worse with time, at least up to 2018.
    GA_Safety_Data.png
     
    Last edited: Sep 18, 2020
  7. N1120A

    N1120A Pattern Altitude

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    It has been shown fairly conclusively that ADS-B and glass have decreased the GA accident rate, as they are removing some of the old major triggers of VFR into IMC, CFIT and midairs. If we can control stall/spins through better training, such as looking at minimum maneuvering speed, that will be a huge factor.
     
  8. Jim K

    Jim K Line Up and Wait PoA Supporter

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    so I heard back from avemco today

    The girl who called me was quite helpful. We discussed several factors that affected the rate. They are in the ballpark with other quotes with two notable exceptions.

    She told me that they will re-rate the policy mid-term if you ask, so i could pay quarterly, and when i reached certain milestones like 25 hours in type, they would give me the lower rate without having to wait a year.

    Secondly, while they require 10 hours dual, they do not have any hour requirements for the cfi. I still can hardly believe this. That alone is huge... using my local guys instead of having to hunt down someone with 25 hours in a plane they built for 2 years 45 years ago.

    It took a week and a half to hear from them. She said they usually are much faster, but they've been getting a crazy amount of requests for quotes recently.
     
  9. steingar

    steingar Taxi to Parking

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    I've been with Avemco for a couple years, they've teated me quite well.