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  #1  
Old 02-15-2010, 09:09 AM
Paul "OX" Harder Paul "OX" Harder is offline
 
Join Date: Dec 2006
Location: Windsor, Colorado
Posts: 22
Angry Avemco Insurance Alert!

Don't want to start a war, just want to give everyone a heads up on our experience with Avemco Insurance. We called Avemco the day before the first flight of our RV-8. We went ahead and had them bind the insurance so that we could fly the next day. The next day came and we flew without any problems (except for this huge grin I can't get off my face!). Two days later we received a copy of the policy and thought all was in order. The next day we received an addendum to the policy that stated that the aircraft is not covered until it completes ten successful take-offs and landings. We were floored! Thank God nothing happened. We immediately contacted the agent that we dealt with and he proceeded to tell us that he must have been "off his game" that day and forgot to tell us that information. BS in our opinion. Of course we canceled the policy. From our view, Avemco uses a very fraudulent and sneeky way to do business. We have since contacted Falcon Aviation and got a policy at half the cost that covers first flight, pilot and aircraft in phase one and no deductible on the hull (This is through the EAA program). If your thinking about using Avemco to insure your aircraft, don't fly until you receive the written policy and read it. We asked very specific questions at the time we bound the policy and still were not covered.

Paul "OX" Harder
RV-8 969PH in Phase One
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  #2  
Old 02-15-2010, 10:24 AM
BASE1127 BASE1127 is offline
 
Join Date: Sep 2009
Location: California
Posts: 60
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I just switched my insurance from Avemco to AUA and I was able to get better coverage at a much lower price. Definitely read every word of an insurance binder to the letter! Remember that insurance companies make more money when they can find ways to exclude you from coverage, hence the legalese terms and conditions attached to everything.

Congrats on the first flight!
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  #3  
Old 02-15-2010, 11:45 AM
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Jim P Jim P is offline
 
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Posts: 934
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I'd give NationAir a call instead of Avemco. I think you may find a big difference between the two. I insured with Avemco on my Wolf Boredom Fighter as I couldn't get coverage through another, but other brokers should be able to cover an RV without issue.
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  #4  
Old 02-15-2010, 11:59 AM
JDRhodes JDRhodes is offline
 
Join Date: Feb 2008
Location: Taylorsville, GA
Posts: 748
Default Policies say EXACTLY what they cover - and don't

Eric,

I'd take a little bit of exception to your premise that the insurance companies try to "find a way to exclude [deny] coverage" through leagalese. But, in a way, you're right. The important thing to remember is that the insurance policy is a legal contract, and yes - it should be read and understood before it's accepted. You accept it by binding coverage.

Insurance contracts say EXACTLY what is and is not covered and what conditions must be met in order for coverage to apply. Don't ASSUME that something is covered - read and verify via appropriate binder letters, policies, endorsements, etc.

AVEMCO is the Progressive or Gieco of the aviation insurance world. Their coverage is marginal and their ad budget is high. If you have coverage with AVEMCO, you need to call a good agent - PM me if you need the name of one - and get something better.

One other thing - moderators my axe it if necessary - As much as my compeditors' names are thrown out here (Nationair, Falcon, AUA, etc.), I would remind members that there are other aviation insurance specialists, with full marketplace access, here, too!
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  #5  
Old 02-15-2010, 12:07 PM
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flickroll flickroll is offline
 
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Location: Charlottesville, VA
Posts: 801
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I have used Avemco in the past and found their service very good. However their pricing is not good and accordingly I have not been a customer of Avemco for quite some time. I bound coverage on my -8 when I first flew it with NationAir. What I paid at NationAir was about half of the Avemco quote for the same coverage. So far my experience at NationAir has been excellent.
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  #6  
Old 02-15-2010, 12:56 PM
TSwezey TSwezey is offline
 
Join Date: Oct 2005
Location: Savannah, GA
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Call Jenny at Nationair. She handles the RV's. My insurance (AIG) did increase the deductible to 10% of the plane for the first 20 hours I think.
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  #7  
Old 02-15-2010, 01:11 PM
RScott RScott is offline
 
Join Date: Aug 2005
Location: Estacada, OR
Posts: 787
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I have always found Avemco to be expensive.

They used to have a tie-in with EAA and when I was newsletter editor, each year when I renewed my insurance I put an announcement in the newsletter about how much more expensive Avemco was than my regular source. I got a call from Oshkosh and they thought there must be an error; that the quotes must not be on the same basis. I sent them a copy of my policy and the quote from Avemco.

Wasn't long after that, maybe a year, before EAA dropped their affiliation with Avemco.
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  #8  
Old 02-15-2010, 02:44 PM
David-aviator David-aviator is offline
 
Join Date: Feb 2005
Location: Chesterfield, Missouri
Posts: 4,514
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I am compelled to add a little ballast water to the other side of the boat so it floats a bit more evenly. I've been with the company for a long time with several airplanes. Every now and then I go shopping and end up staying with them. Here's why.

When I was looking to insure the RV with a Subaru engine, none of the regular RV insurers would touch it - had to be a Lycoming.

Avemco insured it without a hitch. And when I wrecked the airplane, it was a payment without a hitch. And then they wrote another policy with another Subby and there was no increase in premium. The service has been very good and that's worth something when you need it. Before that, I had one claim with a Lycoming in another airplane. That service too was very good.

Yes, I could save a couple hundred bucks by shopping around but what do you know about their claim service and how many will take a pilot over 70 or keep a pilot over 70? I put that question to Avemco at a forum at OSH last year the response was all that is required is the FAA medical. We will not drop you because you are over 70 and the rep gave me her card.

Yes, they do not insure a hull the first 10 hours. Its been that way a long time. I sure knew it. It did not take long to log 10 hours.
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  #9  
Old 02-15-2010, 02:44 PM
David Paule David Paule is offline
 
Join Date: Dec 2009
Location: Boulder, CO
Posts: 4,435
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Likewise, Avemco has always been high. I've been buying aircraft insurance for darn near 29 years and they haven't once been competitive in price.

They are very good at sending reminder notices and asking for my business, though.

David Paule
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  #10  
Old 02-15-2010, 02:49 PM
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hydroguy2 hydroguy2 is offline
 
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nice Welcome Wagon for the new advertiser
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