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  #11  
Old 09-04-2012, 01:23 PM
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N941WR N941WR is offline
 
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Location: SC
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Quote:
Originally Posted by Gary 40274 View Post
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
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.
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  #12  
Old 09-04-2012, 01:30 PM
BobTurner BobTurner is offline
 
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I think this aircraft is well beyond phase 1.
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  #13  
Old 09-04-2012, 04:43 PM
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RV10Rob RV10Rob is offline
 
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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
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  #14  
Old 09-05-2012, 06:16 AM
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Brandi Brandi is offline
 
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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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  #15  
Old 09-05-2012, 07:04 AM
JDRhodes JDRhodes is offline
 
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Quote:
Originally Posted by N941WR View Post
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.
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.
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  #16  
Old 09-05-2012, 08:02 AM
Pat Stewart Pat Stewart is offline
 
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Location: Granbury Texas
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Quote:
Originally Posted by JDanno View Post
Mind telling us where and from whom you got that quote?? Sounds like a great price.
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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  #17  
Old 09-05-2012, 08:08 AM
JDRhodes JDRhodes is offline
 
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Quote:
Originally Posted by Pat Stewart View Post
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
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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  #18  
Old 09-05-2012, 02:33 PM
Pat Stewart Pat Stewart is offline
 
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Quote:
Originally Posted by JDRhodes View Post
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.
You certainly have me on a large technicality. The insurer is Star.
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  #19  
Old 09-05-2012, 02:55 PM
2bolts 2bolts is offline
 
Join Date: Jul 2012
Location: San Antonio, TX
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Quote:
Originally Posted by JDRhodes View Post
Lesson: Insured to value. Save money by insuing for gound risks only and self insuring the in flight risk.
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
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RV8 N886LH (Reserved) BuNo 83320
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  #20  
Old 09-05-2012, 05:26 PM
N427EF N427EF is offline
 
Join Date: Oct 2005
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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.
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