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  #1  
Old 11-23-2020, 01:15 PM
raabs raabs is offline
 
Join Date: Apr 2017
Location: Clermont, FL
Posts: 95
Default RV-10 $18,000 Insurance Quote

My -10 will be flying in approx 6 months so after reading about insurance rates lately, I emailed Gallagher to get an estimate and have some time to prepare/add hours, get some dual etc., in order to minimize cost as much as possible.

Based on 215 hrs low time pilot, HP endorsement, no accidents, $235k ish hull value they replied this morning with a cost of $18,000 w 15 hours dual required. Said more avail options after getting experience in the -10.

I checked 1.5 Year+ ago on one that I was going to buy and it was estimated to be $2500 at the time.

Now... I'll do what it takes for experience and training and adding more time but $18,000 is exorbitant. Exactly how does one get experience in a -10 with $18,000 insurance?

Crazy.
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  #2  
Old 11-23-2020, 01:23 PM
iwannarv iwannarv is offline
 
Join Date: Aug 2005
Location: Olathe, KS
Posts: 431
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Surprised the folks at Gallagher didn't catch on that the supplied quote was wildly outrageous. Yes you will get dinged for low time... But, I'd try to get 10 hours of TT or dual instruction/transition training in an RV10 before going to get quoted (and before yours is completed). I asked Gallagher about 1 year ago what to expect and at the time was told $2k (I'd expect the answer to likely be up to $3k today). However, that was 1000 hrs TT, 10 hrs RV10, IFR, COMM, etc... Hull value was lower, too, in the ballpark of $150k. I'm curious if rates exponentially increase when you start asking for hull over $200k, or does it really matter?
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  #3  
Old 11-23-2020, 01:29 PM
raabs raabs is offline
 
Join Date: Apr 2017
Location: Clermont, FL
Posts: 95
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Katie sent me the info on the quote so I imagine she knows how outrageous it is - I think she is a lead on Van's-related insurance.

Hull value definitely matters and may need to lower it to get a reasonable rate when ready - but the cost without valuing my labor is over $200k.

Going to restart IFR, building time, and will start looking for a -10 to get training in. I have my builders insurance and non-owners insur through Gallagher. Hope they can find better options, $18,000 isn't an option.
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Last edited by raabs : 11-23-2020 at 01:34 PM.
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  #4  
Old 11-23-2020, 02:15 PM
raabs raabs is offline
 
Join Date: Apr 2017
Location: Clermont, FL
Posts: 95
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A bit more info coming in. Apparently Starr is the only one that would write a higher hull value of $235k with less than 250 hours. Even $185k hull with less than 250 hours is still $14780.00.

If over 250 hours, others will(may, will see when I'm ready) write it at $3000-$4000, range depending on $185k-$235k hull.

Need to start adding some hours!

A data point for lower time pilots working on a -10....
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  #5  
Old 11-23-2020, 04:03 PM
bill.hutchison bill.hutchison is offline
 
Join Date: May 2020
Location: Northern VA
Posts: 133
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Quote:
Originally Posted by raabs View Post
A bit more info coming in. Apparently Starr is the only one that would write a higher hull value of $235k with less than 250 hours. Even $185k hull with less than 250 hours is still $14780.00.

If over 250 hours, others will(may, will see when I'm ready) write it at $3000-$4000, range depending on $185k-$235k hull.

Need to start adding some hours!

A data point for lower time pilots working on a -10....
You can build a lot of time in 6 months. That $18K could buy you an ugly-but-airworthy 150 that you can fly the **** out of and still sell for what you paid. You could spend a little more, do an instrument rating too, and I suspect the time built with the IR would offset a HUGE chunk of that $18K.
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  #6  
Old 11-23-2020, 04:12 PM
raabs raabs is offline
 
Join Date: Apr 2017
Location: Clermont, FL
Posts: 95
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Quote:
Originally Posted by bill.hutchison View Post
You can build a lot of time in 6 months. That $18K could buy you an ugly-but-airworthy 150 that you can fly the **** out of and still sell for what you paid. You could spend a little more, do an instrument rating too, and I suspect the time built with the IR would offset a HUGE chunk of that $18K.
Per my earlier post, they are now indicating 250 hrs would bring it down to $3-$4k depending on hull value. I will be flying the **** out of something for 6 mos and finishing the IFR ticket.

This is how crazy the insurance market has gotten with apparently only 4 carriers writing new policies on -10s.
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  #7  
Old 11-23-2020, 04:12 PM
McStevens McStevens is offline
 
Join Date: Sep 2019
Location: Edmonds, WA
Posts: 138
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I'm planning to self-insure the airframe while I build time, but I'll absolutely have liability throughout. Haven't gotten quotes yet but I figure it will be significantly cheaper.
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  #8  
Old 11-23-2020, 02:21 PM
BobTurner BobTurner is online now
 
Join Date: Dec 2011
Location: Livermore, CA
Posts: 7,177
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This is a personal question so please disregard it if you wish: Are you over age 70? I recently read a note from Gallagher that new applications from individuals over age 70 were getting difficult to quote. The same article mentioned 300 hrs TT as a minimum, for the -10.
Yes, hull value matters. Too low, and the insurance company may Ďtotalí a minor accident and re-sell useable parts; too high, the insurance company thinks you may be trying to profit from an accident. BTW, I built my non-deluxe but ifr -10 a decade ago, for a parts cost of around $120K. I am astounded if it is now $200K.
Iíd look hard at renting, get your ifr, build up your TT to 300.
Another option, which only you can answer: Are you in a financial position to fly uninsured, either forever, or until you qualify for lower rates?
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  #9  
Old 11-23-2020, 02:57 PM
rocketman1988 rocketman1988 is offline
 
Join Date: Jun 2010
Location: Sunman, IN
Posts: 2,344
Default Insurance

I don't think there are many people who have the financial ability to fly uninsured...you may be able to cover the aircraft damage/loss but the LIABILITY is where it will be expensive...
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  #10  
Old 11-23-2020, 03:54 PM
bill.hutchison bill.hutchison is offline
 
Join Date: May 2020
Location: Northern VA
Posts: 133
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How many RV-10s are out there as a first-time airplane for a new private pilot?

Just curious. Is that a known number?
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