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Binder
PostPosted: Wed Nov 29, 2017 7:28 pm 
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I'm curious what everyone's opinion is on the coverage for our planes. Mine is a cheap flier and I purchased it for 18k. I have put some money into it but mostly time. I'm a low hour tail wheel pilot so my premiums are pretty high. Obviously I have good liability coverage and will continue to pay for it as it's only 629$ per year. My question is the coverage on the aircraft.

18k hull value, 1k deduct, in motion and not in motion, $1654 per year
I just talked to the ins company and if I keep not in motion and drop in motion the price is only $677 annually.

This will be my second year for the policy and I'm considering dropping the hull coverage since realistically a small mishap can be fixed without a huge price and a major mishap the airplane most likely won't be my concern. For the price of the aircraft I feel like the price is way too high. I shopped around before settling with avemco and this was the cheapest I could get on the thorp.

So what is everyone's opinion on not covering the hull all together or just covering it for being in the hangar?

I don't understand how they are ok with paying a $1 million claim for my 629$ liability but charge $1654 to pay out an 18k claim if the aircraft is damaged.


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1albee
PostPosted: Thu Nov 30, 2017 5:37 am 
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I went with Falcon on my Thorp. I keep my twin Comanche with Avemco.

Phil
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Jeff J
PostPosted: Thu Nov 30, 2017 7:50 am 
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Check your home owner’s/renter’s policy. It may cover the aircraft while in the hangar. If covered it would be covered as being in a garage or storage unit.

I have my hull insured for $20K but have considered dropping it. $21K was going to be a big jump in the premium. The nice thing about having some hull coverage is I am covered to the $20K if I do something bad to someone else’s airplane. Most aircraft I fly for fun belonging to others aren’t worth much more (J-3, Stinson 108, PA-17, PA-22, Champ...)

Unless you run into a jet or rare warbird, you will do a lot more damage to your aircraft than what you hit and you are a lot more likely to tear up your airplane than you are to damage anything expensive in the process. Insurance companies play the odds.

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"The joke in aviation is, 'If you want to make a million, you'd better start with £10m.' " -Bruce Dickinson


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James Grahn
PostPosted: Thu Nov 30, 2017 12:19 pm 
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I dropped hull coverage. My insurance went from $950 to $252 where it has been for about five years. Granted I have about 1400 hours in that bird.
Cubes


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bfinney
PostPosted: Thu Nov 30, 2017 2:10 pm 
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I carry hull and liability for $31k hull value, my current quote from AIG for next year is $1270. In the 11 years that I have owned the aircraft I have had 2 claims, both prop strikes, the first was in the hangar and AIG paid $6500 for an engine tear down and inspection. The second was while taxi along a turf strip the main wheel sank into a soft spot, broke the wood prop, bent the main gear and when the tail returned to terra firma bent the -576 rear bulkhead. The bill for the engine inspection, new -576 bulkhead and -583 tail wheel fitting (thanks Cubes), new prop and straightening the gear was $10k. Between the two claims I have received back more than what I had paid in premiums up till the last incident. Note: my premium had been about $950 until after the last claim. Liability portion for $1M coverage is $470. I could save $300 if I changed the hull to not in flight. I have no deductablies.

The first prop strike was a good thing, was in the hangar, no motion, the aircraft was not moving, no damage. The engine had been making metal. During the inspection found that the camshaft intake lobe for cylinder 1 & 2 was about 50% gone and there were some other ADs that needed to be addressed, so for about $2000 in parts I had a bottom end overhaul, the cylinders at that time had 400 hours after a top overhaul. So I have a 47 year old engine that should be good for another 2000 hours.

Of my current quotes, AIG was half of all the other quotes. I use Sky Smith for my insurance broker.

Just another data point, enjoy :)

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Bruce Finney
N18JF T-18C #262
Auburn, WA USA


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jrevens
PostPosted: Thu Nov 30, 2017 9:56 pm 
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I carry liability only too - $1M. I’ve found EAA/Falcon to be the cheapest (Global Aerospace), and like Cubes, it has been pretty stable for quite a few years. It was $230 a few years ago but is now about $290/year ... I’m getting older. :(

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John Evens
Arvada, Colorado

T-18 N71JE
Kitfox 7 SS N27JE (building)


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Binder
PostPosted: Sat Dec 02, 2017 9:33 am 
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This is great input! Thanks for everyone sharing experiences and info. I might look into some other quotes and see what I come up with. Things might have shifted since getting more time in type compared to my zero time quotes. I've heard frequently that Avemco is higher than everyone else but they were actually cheaper than a broker could find for me. The other bonus compared to what offers another broker found was that Avemco would adjust my premiums as I gained time instead of waiting until the annual renewal like the other quote I received. Being that I would gain a lot of time that first year I found this helpful as my rates dropped twice in the first year alone saving me money.


Jeffj, I'll check with my home owners policy from State Farm although I'm pretty sure it only covers things within the garage on the insured property. I have a garage at my office and I think that's what they told me when I asked about coverage when in my work garage. How did you get your ins policy to cover hull on other airplanes you fly? I was under the impression that my policy only applies to my sired aircraft and I would have to have a renters policy to apply on other aircraft. The others I do fly already added me as an approved pilot on their ins so that shouldn't be an issue with me.


Bruce, that sounds like a massive hole you hit! The tail wheel part makes me a little nervous as I've dropped mine in a few times when learning so I hope I haven't damaged mine. Wasn't hard enough to jar me in the plane and nothing looks bent during annual and when I check it like crazy on preflight. Your in hangar prop strike, did a door fall in on it or something? Excluding in motion would cover taxi and anything in the hangar so it sounds like it would have covered both of the mishaps you dealt with.


After thinking about it I think I'll keep hangar/taxi on the airplane just in case someone happens when it's parked at a visiting airport. Plus we recently had storms that damaged 3 airplanes without our hangars.


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Jeff J
PostPosted: Sat Dec 02, 2017 10:52 am 
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Being insured in other aircraft wasn’t something I asked for. I called my agent at Hardy Aviation Insurance to ask about getting insured for test flying a friend’s Stinson 108-1 and was told I was already covered under the Thorp policy. He gave me a few other options for increasing coverage but the Stinson in question isn’t worth $20K.

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"The joke in aviation is, 'If you want to make a million, you'd better start with £10m.' " -Bruce Dickinson


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Binder
PostPosted: Sun Dec 03, 2017 9:46 am 
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Jeff J wrote:
Being insured in other aircraft wasn’t something I asked for. I called my agent at Hardy Aviation Insurance to ask about getting insured for test flying a friend’s Stinson 108-1 and was told I was already covered under the Thorp policy. He gave me a few other options for increasing coverage but the Stinson in question isn’t worth $20K.



Well that's a happy bonus! I actually had them do some quotes for me but the cheapest Tim could get for me was still 400$ per year more than Avemco and required 25 hours dual. I might call them back up since I have time in type.


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