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  #21  
Old 06-25-2020, 02:43 AM
BobTurner BobTurner is offline
 
Join Date: Dec 2011
Location: Livermore, CA
Posts: 7,788
Default Up 15%, caution about $1M smooth

Just got my renewal quote: up 15% over last year. Also, I carry $1M ?smooth? liability. There was a note that going to lower sublimits can lower my premium (last year it would have been $400 less) BUT I might never be able to go back, e.g., higher limits are currently only being offered to renewing customers.
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  #22  
Old 06-25-2020, 04:48 PM
zilik's Avatar
zilik zilik is offline
VAF Moderator
 
Join Date: Jan 2005
Location: Pine Junction, CO
Posts: 657
Default

Here's the problem. You guys insure the hull for inflight damages. I only carried "Ground not in motion" plus liability on my 6A. If Bubba ran his pickup into the plane it was covered. If a tree fell on the plane it was covered. If it hailed, it was covered. If I created a smoking hole it was not covered.

I basically have the same coverage on all of my automobiles.

This has worked for me all my life. Insurance is a scam.
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Pine Junction, Colorado
RV-6A N99PZ S/N 22993 SOLD
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  #23  
Old 06-25-2020, 05:01 PM
BobTurner BobTurner is offline
 
Join Date: Dec 2011
Location: Livermore, CA
Posts: 7,788
Default

Quote:
Originally Posted by zilik View Post
Here's the problem. You guys insure the hull for inflight damages. I only carried "Ground not in motion" plus liability on my 6A.

This has worked for me all my life. Insurance is a scam.
Well, calling it a scam is a bit harsh. But you are correct: many seem to forget that insurance is for a loss which otherwise would be devastating. If your house has a second mortgage on it to pay for the plane, the lender might want insurance. If the kids? college fund is tied up in the airplane, you should consider hull insurance. But if you can afford the loss, then yes, you may be willing to roll the dice. One thing I?ve noticed is that many people insure for a hull value that exceeds their out of pocket costs to build the plane. e.g., I carry enough hull insurance to pay for the parts, but not my labor. That part was for fun.
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  #24  
Old 07-01-2020, 07:19 AM
AV8ER's Avatar
AV8ER AV8ER is offline
 
Join Date: Dec 2017
Location: Orlando, FL
Posts: 129
Default

Given the right appetite for risk one can "save" the premium the insurance company would make for the policy on the in motion coverage
on the hull value. IE carry no coverage on the hull. I have been told a good rule of thumb for hull coverage is that it costs 1% of the insured value. I wonder though if this lack of insurance would cause one to make a poor decision in the event of an in flight issue. IE Engine out upwind on climb out shortly after takeoff - instead of making the best aeronautical decision to keep the occupants alive would you be inclined to "save" the plane and attempt a turn back to the runway?

That said we insure our -10 for $200K, the current cost of the parts that would be needed to build another one. When fires hit Paradise California (2018 I think) there were plenty of people who had no insurance or insured the replacement value of their home for what it cost to build when they built it 30 years ago. Fast forward from when they built it and the cost to build the 2018 replacement home is vastly higher. The owners (knowingly or unknowingly) saved that additional premium money on insurance all those years and then when their homes got burned to the ground got a check for something less than what it would cost to build a replacement home in 2018 dollars.

Not saying one insurance decision/risk tolerance fits all but rather that people make an informed decision.

RV-10
1st year of ownership
0 hrs RV 10 time
PP Rating
$200k hull coverage
Premium $2,444

2nd year of ownership (Current Year)
200 hrs RV 10 time
Instrument rating
$200k Hull coverage
Premium was $2,348
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Bought the -10 (Thanks Carl!)
Built the Hangar
Currently building the -8
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"How's it feel to be the fastest plane in the sky? You were spanking two Cirrus planes, a Mooney, and another plane. I took screen shots" - Quote from the best wife in the world.
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  #25  
Old 03-31-2021, 05:39 AM
Dad's RV-10 Dad's RV-10 is offline
 
Join Date: Jan 2005
Location: FL Gulf Coast & NYC
Posts: 143
Default

I just got quoted. The broker queried six carriers. Two quotes were in the ball park of $3000 annually for $250K in hull coverage with $1mil/$100K liability. A third quote was nearly $6000 annually. Three carriers declined to offer coverage. The best rate was from AIG.

I fly for a living but was honest on the application about having no time in RV-10's. The quoted rates require two hours of dual and one hour of solo.

The rates are also based on being hangared in Florida. Florida obviously has hurricanes. I don't know how much that impacts the rate vs. other parts of the country? And I'm also very curious why three carriers declined to offer coverage (QBE, USAIG & IAT)?

$3000 ($1650 for not-in-motion coverage) is more than I was anticipating but there's not too much I can do about it.

Last edited by rv7boy : 04-01-2021 at 10:06 PM. Reason: “Bump” is a four letter word.
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  #26  
Old 03-31-2021, 08:20 AM
Tim Lewis Tim Lewis is offline
 
Join Date: Aug 2006
Location: Bristow, VA
Posts: 167
Default Latest renewal

Jan 2021 renewal, $180K hull, $1M smooth (apparently no longer available to new customers, but still available on renewal) $2335/year. USAIG through Falcon.

Me: 3500 total time, 1400+ in RV-10, Commercial, Instrument, CFI, AGI, A&P.
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CFI, A&P
RV-10 N31TD - 1450 hrs
RV-6A N47TD - 1100 hrs (sold)
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  #27  
Old 03-31-2021, 05:03 PM
Plummit's Avatar
Plummit Plummit is offline
 
Join Date: Apr 2010
Location: SoCal
Posts: 1,372
Default

Quote:
Originally Posted by Tim Lewis View Post
Jan 2021 renewal, $180K hull, $1M smooth (apparently no longer available to new customers, but still available on renewal) $2335/year. USAIG through Falcon.

Me: 3500 total time, 1400+ in RV-10, Commercial, Instrument, CFI, AGI, A&P.
Wow, only $180k hull??? Would you sell your -10 for $180k? Seems to me that's pretty low...

-Marc
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N814RV
2021 Donation Made
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  #28  
Old 03-31-2021, 06:08 PM
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cderk cderk is offline
 
Join Date: Sep 2015
Location: Park Ridge, NJ
Posts: 796
Default

Just got my renewal for this year. Went with a different carrier, but my premium dropped $1000 for the same coverage. Carrier is now HARCO. $200k hull and $1M liability. 130 hours in type now
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  #29  
Old 03-31-2021, 07:33 PM
Bill Boyd's Avatar
Bill Boyd Bill Boyd is offline
 
Join Date: Sep 2006
Location: Landing field "12VA"
Posts: 1,688
Default

I am carrying $165 hull. That's what is actually in it for parts. Decisions like this are always a compromise...
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Hop-Along Aerodrome (12VA)
RV-6A - N30YD - Built '98 / sold '20
RV-10 - N130YD - 50 hours +
65 years running stock DNA
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  #30  
Old 04-01-2021, 06:44 AM
N427EF N427EF is offline
 
Join Date: Oct 2005
Posts: 1,556
Default

Much the same as Bill Boyd.
Mine was below $2000 until this year when I added my son to the policy.
He just got his private ticket middle of last year and the insurance required
10hrs dual and 10 hours solo."sounds fair".
The premium went up $1000, also understandable.
Gallagher is my broker and they often give me a choice of carriers, the cheapest is not always the best when it comes to service. I am hoping I will never need service but that is why I carry insurance. As for carrying hull insurance, I self insured my hull on the RV 8 and liability was relatively cheap.
The RV-10 valued around 185,000 is a bit out of my league to self insure.
the choice is yours.
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RV-8 finished (sold)
RV-10 IO-540 8.5:1
Running on 91 Octane E10 mogas since 2011
Don't believe everything you know.
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