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09-04-2012, 01:23 PM
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Join Date: Jan 2005
Location: SC
Posts: 12,887
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Quote:
Originally Posted by Gary 40274
When you underinsure, do you realize that the insurance company has the option of totaling your airplane and taking the wreck and only paying you the coverage limit. Are you willing to sell your wrecked plane to them for $120K?
Gary
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One other thing, they will total it, when the damage reaches 70% of the insurred value. Thus you only have to do $84K damage to the aircraft for them to take it and give you back $120K. Hail will do that much damage in a heartbeat.
Here is a thought, insure it for solo flight for 40 hours. They may give you a reduction in your rate. Then after your phase 1, tell them you have 40 hours in type and would like a quote for a four seat RV-10. This has worked for other types of EAB's and might just work for you.
__________________
Bill R.
RV-9 (Yes, it's a dragon tail)
O-360 w/ dual P-mags
Build the plane you want, not the plane others want you to build!
SC86 - Easley, SC
www.repucci.com/bill/baf.html
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09-04-2012, 01:30 PM
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Join Date: Dec 2011
Location: Livermore, CA
Posts: 6,797
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I think this aircraft is well beyond phase 1.
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09-04-2012, 04:43 PM
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Join Date: Mar 2007
Location: Woodinville, WA
Posts: 533
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I could get a significantly lower quote by reducing the hull value, but didn't seem worth it. This time I'm paying $3389 for Starr. $200k hull. At renewal time I was private/IFR w/ 320 hours TT and 110 in type.
-Rob
__________________
Rob Kochman
RV-10, Flying as of March 2011 ( blog)
Paine Field (KPAE)
EAA Chapter 1440
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09-05-2012, 06:16 AM
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Join Date: Mar 2011
Location: Marietta, GA (KRYY)
Posts: 110
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We're paying $4100 @ 150K hull. Low time PP w/ 130 hrs total and 10 in type at the time. NationAir was the ONLY one that would cover our phase I.
Hoping next year will be cheaper. Brian's already put in over 80 hrs in less than 3 months.
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09-05-2012, 07:04 AM
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Join Date: Feb 2008
Location: Taylorsville, GA
Posts: 748
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Quote:
Originally Posted by N941WR
One other thing, they will total it, when the damage reaches 70% of the insurred value. Thus you only have to do $84K damage to the aircraft for them to take it and give you back $120K. Hail will do that much damage in a heartbeat.
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It's worse than that, Bill. The policy says that they can total it at their discression for any loss. The GENERAL roule of thumb is that they start thinking total if the cost to repair approaches 70% of insured value.
But - it you are underinsured, it may become way more cost effective to total than to repair. I once had a client that insisted on insuring his $40K airplane for $20K to save $400-$500 in premium. He suffered some minor hail damage and the insurance company offered $3,000 (fixing it would have cost 10-12K) or they would give him a total.
The insurer could have sold the "scrap" for 20K easy and the insurer would have lost nothing - maybe even made a little. Offering $3K was a courtesy to the insured. He took the $3K and flew a dented airplane.
Lesson: Insured to value. Save money by insuing for gound risks only and self insuring the in flight risk.
__________________
Jeff Rhodes - Taylorsville, GA
RV-9, 7 - going fast
BC-12D - going slow
jrhodes@v1salesmgt.com
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09-05-2012, 08:02 AM
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Join Date: Jan 2005
Location: Granbury Texas
Posts: 1,136
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Quote:
Originally Posted by JDanno
Mind telling us where and from whom you got that quote?? Sounds like a great price.
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My 10 is insured by Ace Aviation, call Victoria P?t? at 706-549-7005 or 678-491-4800. Sorry it took so long to respond, I lost track of this thread.
Pat
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09-05-2012, 08:08 AM
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Join Date: Feb 2008
Location: Taylorsville, GA
Posts: 748
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Quote:
Originally Posted by Pat Stewart
My 10 is insured by Ace Aviation, call Victoria P?t? at 706-549-7005 or 678-491-4800. Sorry it took so long to respond, I lost track of this thread.
Pat
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You airplane is NOT insured by Ace Aviation. Ace is your broker. Your insurer is Chartis, Starr, Global Aerospace, or one of several others. Ace could have placed your coverage with ANY of these - and so could anyone else.
That's like saying Carmax makes a really good SUV.
__________________
Jeff Rhodes - Taylorsville, GA
RV-9, 7 - going fast
BC-12D - going slow
jrhodes@v1salesmgt.com
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09-05-2012, 02:33 PM
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Join Date: Jan 2005
Location: Granbury Texas
Posts: 1,136
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Quote:
Originally Posted by JDRhodes
You airplane is NOT insured by Ace Aviation. Ace is your broker. Your insurer is Chartis, Starr, Global Aerospace, or one of several others. Ace could have placed your coverage with ANY of these - and so could anyone else.
That's like saying Carmax makes a really good SUV.
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You certainly have me on a large technicality. The insurer is Star.
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09-05-2012, 02:55 PM
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Join Date: Jul 2012
Location: San Antonio, TX
Posts: 120
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Quote:
Originally Posted by JDRhodes
Lesson: Insured to value. Save money by insuing for gound risks only and self insuring the in flight risk.
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I'm sorry Jeff, could you explain that a little clearer please, like I'm a 5 year old. Do you mean you do not insure for flight risks, but pay out of your pocket if any thing happens?
We bought my wifes Taurus from Carmax, nice car, nice people, they didn't make it though 
__________________
Roger
A Brit in Texas
RV8 N886LH (Reserved) BuNo 83320
Collecting books/info/tools.
Tail kit arrived! 9/30/2012
Construction started
"The engine's overheating, and so am I! Either we stand down, or blow up! Now which do you want?" Sqn Ldr Canfield.
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09-05-2012, 05:26 PM
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Join Date: Oct 2005
Posts: 1,516
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Correct me if I am mistaken.
Liability covers damages you do to others with your airplane.
Liability insurance is relatively inexpensive.
Coverage for damage to your airplane when not in motion includes theft and
Bubba running his car into your parked airplane as well as hail and tornado damage as long as the airplane is not in motion and on the ground.
Somewhat expensive.
Hull insurance covers the loss of your airplane if you roll it up in a ball for whatever reason.
This is the expensive portion of your insurance and many opt to fly without it
and self insure that portion.If your aircraft is paid for and you didn't mortgage
your kids college education you might be ok with that.
__________________
Ernst Freitag
RV-8 finished (sold)
RV-10 Flyer 600 plus hours
Running on E10 mogas
Don't believe everything you know.
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