VansAirForceForums  
Home > VansAirForceForums

- POSTING RULES
- Donate yearly (please).
- Advertise in here!

- Today's Posts | Insert Pics

  #21  
Old 09-05-2012, 05:37 PM
2bolts 2bolts is offline
 
Join Date: Jul 2012
Location: San Antonio, TX
Posts: 120
Default

Quote:
Originally Posted by N427EF View Post
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.
Thanks Ernst, I think I would fully insure liability and hull.
__________________
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.
Reply With Quote
  #22  
Old 09-05-2012, 05:55 PM
BobTurner BobTurner is offline
 
Join Date: Dec 2011
Location: Livermore, CA
Posts: 6,797
Default

Liability is relatively inexpensive. That's because it is very difficult to get substantial amounts of coverage. Standard for most policies is $1M/$100K. That means if you injure or kill a passenger (or anyone if you use AVEMCO) the most your insurance will pay out is $100K to that person or his/her estate. Many jury awards far exceed that.
Reply With Quote
  #23  
Old 09-06-2012, 06:55 AM
Bill.Peyton's Avatar
Bill.Peyton Bill.Peyton is offline
 
Join Date: Sep 2009
Location: St. Louis, MO
Posts: 1,788
Default

I have tried to get a smooth limits policy on the -10, but all of the quotes limited the $1M to 100K sub. Be careful with the sub-limit alnguage, some policies state "per person" and some are "per passenger". Obviously a huge difference.
I just got my quote for my first flight and phase I from Global Aerospace, $175K, ~2K hours comm/inst, for $2,994. I am hoping that goes down after I get some time in the -10 and it gets some time with me!
__________________
Bill Peyton
RV-10 - 1125 hrs
N37CP
First Flight Oct 2012
Aviation Partners, LLC
Reply With Quote
  #24  
Old 09-06-2012, 12:43 PM
BobTurner BobTurner is offline
 
Join Date: Dec 2011
Location: Livermore, CA
Posts: 6,797
Default

To the best of my knowledge only AVEMCO has "per person" sublimits, all the others are "per passenger".

I too asked about higher coverage and was told the market just didn't offer it. The insurance companies know that, statistically, it is rare for non passengers to be injured so really I'm paying for $300K liability, plus a bit more for the unlikely chance of hurting a non-passenger.

The whole process is something of a mystery to me. When I was in a 182 partnership the premium for $3M liability was more than triple the premium for $1M. The agent's explanation was "attractive target for lawyers" and "legal costs". Apparently for a large claim the company would just write a check for $1M, but was prepared to fight it out in court for more than that.

PS As most of you know, you have to go directly to Avemco to get a quote from them. An independent agent should be able to get quotes from everyone else. I tried Avemco, just to be complete, but their quote was nearly twice Chartis', as well as having the "per person" exclusion. However, they did send me the promised nice baseball cap for my trouble. My hangar neighbor said it must be the world's most expensive hat!

Last edited by BobTurner : 09-06-2012 at 12:48 PM. Reason: AVEMCO
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -6. The time now is 01:20 AM.


The VAFForums come to you courtesy Delta Romeo, LLC. By viewing and participating in them you agree to build your plane using standardized methods and practices and to fly it safely and in accordance with the laws governing the country you are located in.