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06-10-2015, 04:41 PM
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Join Date: Apr 2015
Location: Vail, Arizona
Posts: 33
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Insurance advice please
I just bought a Piper Cherokee and am in the process of selecting insurance. facts follow:
I'm a student pilot with 19 hours
Cherokee is worth $31k
I'm 52
How much coverage do I need other than the hull which I'm assuming I'll put $31K in that blank. I want AOPA unless someone convinces me otherwise.
I've bought a couple of houses and several cars...never an airplane so I'm clueless. Please help a brutha out.
Tim
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06-10-2015, 04:47 PM
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Join Date: Nov 2011
Location: Aurora, OR
Posts: 843
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These folks are advertisers here on VAF, they insure more than just RVs, and I just got a policy on my Cherokee as well as my -8A build project through them at a very good rate:
http://lightaircraft.nationair.com/i...aft-insurance/
greg
__________________
Greg Hughes - Van's Aircraft - Community, Media, Marketing
Van's web site | Instagram | Facebook
Opinions, information and comments are my own unless stated otherwise. They do not necessarily represent the direction/opinions of my employer.
Building RV-8A since Sept 2014 (N88VX reserved)
Dual AFS 5600, Avidyne IFD 440, Whirlwind 74RV, Superior XP IO-360
VAF build thread - Flickr photo album - Project Facebook page
Aurora, OR (EAA Chapter 105)
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06-10-2015, 05:04 PM
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Join Date: Jul 2010
Location: Orlando, FL
Posts: 1,077
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+1 for NationAir (now Gallagher Aviation)...
I had my -4, and now my -6 with them. Talk to Shanna Linton, 877-577-8267, Shanna_Linton@ajg.com, she is great to work with!!!
__________________
Chris Smith
Maule M5-180C (Sold)
RV-6 O-360 CS (Sold)
RV-4 O-360 FP (Sold)
Full-time in the other type of RV....
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06-10-2015, 05:08 PM
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Senior Curmudgeon
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Join Date: Sep 2005
Location: Dayton Airpark, NV A34
Posts: 15,420
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Been with Sky Smith for years--------best price I could find.
__________________
Mike Starkey
VAF 909
Rv-10, N210LM.
Flying as of 12/4/2010
Phase 1 done, 2/4/2011 
Sold after 240+ wonderful hours of flight.
"Flying the airplane is more important than radioing your plight to a person on the ground incapable of understanding or doing anything about it."
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06-10-2015, 05:21 PM
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Join Date: Dec 2011
Location: Livermore, CA
Posts: 6,797
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coverage
What is your net worth (do not answer on-line)?
If it is zero no one will sue you, you don't need liability coverage.
Otherwise, you do. "Standard" liability coverage is pretty much $1,000,000 but limited to $100,000 per passenger (AVEMCO limits it per person, I cannot recommend them). If you are a high net worth individual you might ask about higher coverages. They can get expensive just because they're not standard, and make you a better lawsuit target. But $1,000,000 with no per person limits is usually available. You might hold off on this until you get your license, since until then you cannot take passengers. Your CFI's estate might sue you or your estate, but technically he's the PIC so that would be a little tough, but lawyers will try anything.
If you can stand the loss, you may consider no hull insurance, or at least a large deductible.
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06-10-2015, 05:24 PM
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Join Date: Dec 2009
Location: Boulder, CO
Posts: 4,435
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Some airports want proof of a certain amount of liability insurance to rent a hangar or tie down. If so, then you'd probably want at least that much.
Some don't. It varies.
Dave
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06-10-2015, 06:05 PM
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Join Date: Nov 2011
Location: Aurora, OR
Posts: 843
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Quote:
Originally Posted by BobTurner
What is your net worth (do not answer on-line)?
If it is zero no one will sue you, you don't need liability coverage.
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Not really 100% accurate. If you are found liable and have a judgement filed against you, your future net worth is potentially also at risk. You don't have to be rich today for someone to receive an award of damages, which could be collected in the future.
__________________
Greg Hughes - Van's Aircraft - Community, Media, Marketing
Van's web site | Instagram | Facebook
Opinions, information and comments are my own unless stated otherwise. They do not necessarily represent the direction/opinions of my employer.
Building RV-8A since Sept 2014 (N88VX reserved)
Dual AFS 5600, Avidyne IFD 440, Whirlwind 74RV, Superior XP IO-360
VAF build thread - Flickr photo album - Project Facebook page
Aurora, OR (EAA Chapter 105)
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06-11-2015, 05:42 PM
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Join Date: Apr 2015
Location: Vail, Arizona
Posts: 33
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Thanks everyone. I managed to get it through AOPA for about $400 less than I was expecting.
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06-11-2015, 06:20 PM
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Join Date: May 2006
Location: Pocahontas MS
Posts: 3,884
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Having 'been there, had that done to', I have a different perspective on how much coverage you need. I got sued (auto accident) 30+ years ago when I had at most $50k net worth. The suit was for a bit north of 1/2 million. I had $300k of liability coverage (relatively high level of coverage back then for a business auto policy), and my insurance company advised me (were legally obligated to do this) that I might want to hire my own lawyer in addition to the lawyer hired by my insurance company. Reason: If the ins co decided that they might run up very large legal bills, *and* expect to lose big, they might decide to simply pay out the policy face value and walk away, with no lawyer expenses. I'd have been left holding the bill for any amount that exceeded the policy value in the subsequent suit.
Have a brake failure & chew up the fuselage & an engine of a brand new bizjet, or worse yet, injure/kill some CEO? I doubt any ins co will write a liability policy for us that would cover that.
My perspective is that if you're going to buy liability coverage, you've got to buy enough for the ins co to have skin in the game; otherwise you could still lose everything and not even have a lawyer in your corner that you thought you paid for. Unfortunately, at the level of awards/settlements these days and incredible costs for legal expenses, it's difficult to buy enough coverage to do that.
Charlie
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