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-   -   RV-10 $18,000 Insurance Quote (https://vansairforce.net/community/showthread.php?t=189255)

raabs 11-23-2020 01:15 PM

RV-10 $18,000 Insurance Quote
 
My -10 will be flying in approx 6 months so after reading about insurance rates lately, I emailed Gallagher to get an estimate and have some time to prepare/add hours, get some dual etc., in order to minimize cost as much as possible.

Based on 215 hrs low time pilot, HP endorsement, no accidents, $235k ish hull value they replied this morning with a cost of $18,000 w 15 hours dual required. Said more avail options after getting experience in the -10.

I checked 1.5 Year+ ago on one that I was going to buy and it was estimated to be $2500 at the time.

Now... I'll do what it takes for experience and training and adding more time but $18,000 is exorbitant. Exactly how does one get experience in a -10 with $18,000 insurance?

Crazy.

iwannarv 11-23-2020 01:23 PM

Surprised the folks at Gallagher didn't catch on that the supplied quote was wildly outrageous. Yes you will get dinged for low time... But, I'd try to get 10 hours of TT or dual instruction/transition training in an RV10 before going to get quoted (and before yours is completed). I asked Gallagher about 1 year ago what to expect and at the time was told $2k (I'd expect the answer to likely be up to $3k today). However, that was 1000 hrs TT, 10 hrs RV10, IFR, COMM, etc... Hull value was lower, too, in the ballpark of $150k. I'm curious if rates exponentially increase when you start asking for hull over $200k, or does it really matter?

raabs 11-23-2020 01:29 PM

Katie sent me the info on the quote so I imagine she knows how outrageous it is - I think she is a lead on Van's-related insurance.

Hull value definitely matters and may need to lower it to get a reasonable rate when ready - but the cost without valuing my labor is over $200k.

Going to restart IFR, building time, and will start looking for a -10 to get training in. I have my builders insurance and non-owners insur through Gallagher. Hope they can find better options, $18,000 isn't an option.

raabs 11-23-2020 02:15 PM

A bit more info coming in. Apparently Starr is the only one that would write a higher hull value of $235k with less than 250 hours. Even $185k hull with less than 250 hours is still $14780.00.

If over 250 hours, others will(may, will see when I'm ready) write it at $3000-$4000, range depending on $185k-$235k hull.

Need to start adding some hours!

A data point for lower time pilots working on a -10....

BobTurner 11-23-2020 02:21 PM

This is a personal question so please disregard it if you wish: Are you over age 70? I recently read a note from Gallagher that new applications from individuals over age 70 were getting difficult to quote. The same article mentioned 300 hrs TT as a minimum, for the -10.
Yes, hull value matters. Too low, and the insurance company may ‘total’ a minor accident and re-sell useable parts; too high, the insurance company thinks you may be trying to profit from an accident. BTW, I built my non-deluxe but ifr -10 a decade ago, for a parts cost of around $120K. I am astounded if it is now $200K.
I’d look hard at renting, get your ifr, build up your TT to 300.
Another option, which only you can answer: Are you in a financial position to fly uninsured, either forever, or until you qualify for lower rates?

rocketman1988 11-23-2020 02:57 PM

Insurance
 
I don't think there are many people who have the financial ability to fly uninsured...you may be able to cover the aircraft damage/loss but the LIABILITY is where it will be expensive...

bill.hutchison 11-23-2020 03:54 PM

How many RV-10s are out there as a first-time airplane for a new private pilot?

Just curious. Is that a known number?

airguy 11-23-2020 03:58 PM

Have you had any previous claims on insurance?

raabs 11-23-2020 04:01 PM

Nope not over 70. In 50s all good health.

Quote:

Originally Posted by bill.hutchison (Post 1479791)
How many RV-10s are out there as a first-time airplane for a new private pilot?

Just curious. Is that a known number?

Who said anything about first-time airplane?;)

The issue is more an industry issue as plenty of people on here were lower time pilots when they built their -10. Like I mentioned earlier, the 2018 quote was approx $2500.

iwannarv 11-23-2020 04:02 PM

Good points so far. I'm in a place that I expect to have a 'lower-ish' final build cost than what many are reporting as a total finished cost. RV10 is unique as there is a nearly $80-$100k invested value swing from reported 'basic build' to 'luxury build'. I'm interested in the insurance premium swing from $150k, $200k, and $250k (read invested value vs market value). I'd bother Gallagher with the question, but I'm a long ways away from flying.... and the market is always changing.


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