Are you NOT INSURED?

Young Eagles

I base my liability coverage amount largely on what it takes to qualify to fly Young Eagles because that is some of the most fun and rewarding flying I do.

Hull is based on the fact that an earlier poster stated... my wife would never let me buy another airplane if the one I have now had to be written off with no insurance.

ccsmith51 said:

I believe that most airports require tenants to carry liability insurance, with the airport entity as one of the insured. So if your poll is trying to find out if people voluntarily carry insurance, you might need to reword it.

On my Sonex I carried only liability, on my RV-4 I carry liability and hull coverage.

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Certainly no one mentioned it to me when I leased my hangar. I don't recall it being in the lease, and yes I read documents very closely when I'm signing them.

DonFromTX said:

I flew my own airplane for many many years with no insurance whatsoever.....
Somehow having saved like over a quarter of a million dollars by not paying premiums

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What on earth were you flying that insurance premiums would have cost that much?

From someone who has had to use his hull insurance

A few words from someone who has had to use his hull insurance?

When I had my taxi incident a few years back, I still remember the shock of trying to figure out what I hit. After all, I was in the middle of a well-marked taxiway, I could see my destination over the nose, but what I couldn?t see was the low trailer that someone parked just over a small rise in the taxiway.

What it my fault? I tend to think not but my insurance company at the time said I was PIC and it was coming out of my policy, not the airport?s.

What did insurance mean to me?

My plane was down for close to two years while I fitted a new engine, cowling, etc. and they didn?t cover my loss of use or the hangar rent I carried while the plane was back in my basement.

What they did cover was the $40K I spent on a new engine, engine mount, prop, cowling; basically everything firewall forward. Had I not had full coverage, I probably wouldn?t be flying today.

Do I like paying for full coverage? No! Will I write that check in June when the bill comes due? Yes!

Rate increases after a claim

You typically won't see rate increases tied directly to your claim - at leaset not as closely as with car insurance. Airplane insurance is a TINY market segment. TINY.

Above anything, airplane insurance is market driven. Rates go up and down based mostly on the number of compeditors in the marketplace and the general direction of global reinsurance rates.

In some market cycles you'll be loss free and see large rate increases. In other cycles you'll be fresh off a claim and still see rate reductions.

Your loss history WILL usually affect the willingness of competing insurers to quote your policy for a few years (3-5 years). So, during a period where the available pool of insurers is slim, you may have some problems. Especially if you're a habitual airplane wrecker. Or, if you fly an airplane that is difficult to insure.

All good points and Jeff is right on with is comments above.

Insurance might pay for the financial loss, but there is always the time, hassle, disappointment, aggravation, loss of use and reduced value to keep you busy in the interim.

I know lots of licensed pilots that fly without insurance.
And even a few unlicensed pilots who fly WITH insurance!
2.E.H.O., eh?

Yikes!

... That last combination blows my mind. I NEVER considered there might be unlicensed pilots out there actively flying. The fact they're insured doesn't assuage my concern!

Rupester said:

... That last combination blows my mind. I NEVER considered there might be unlicensed pilots out there actively flying. The fact they're insured doesn't assuage my concern!

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We would all probably be shocked if truth were easily discernible.
Some are extremely well qualified, perhaps just medically Unable to qualify.

Rupester said:

... That last combination blows my mind. I NEVER considered there might be unlicensed pilots out there actively flying. The fact they're insured doesn't assuage my concern!

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tjyak50 said:

We would all probably be shocked if truth were easily discernible.
Some are extremely well qualified, perhaps just medically Unable to qualify.

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Have to wonder if they are indeed insured if they file a claim as an uncertificated pilot........that would most likely violate the conditions of any aviation policy.

I answered NO, as I figured the question was related to Hull coverage.
I figure I can accept the damage I incurr, but I do carry $1m liability which is required on my hangar leasing agreement.

Rupester said:

... That last combination blows my mind. I NEVER considered there might be unlicensed pilots out there actively flying. The fact they're insured doesn't assuage my concern!

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There's plenty out there.

...just like many who file and fly IFR who have never held an instrument rating.

It's only against the law if you get caught, right?