vmirv8bldr
Well Known Member
Part of this is a vent, part educational for other builders to consider, and part a request for knowledge and experience.
I am financing the engine and avionics on my -8, the price of a nice car. Everything else I've paid for to date without even credit card debt. I contacted an extrememly reputable aircraft financing company with an inquiry, and one of their requirements is to carry FULL FLIGHT insurance on the plane, even though it won't be finished for another 12-18 months. Ok, that's weird, but what the hey, call the EAA insurance guys. Underwriters seem to be unwilling to insure with less than 250hrs, with a substantial amount of that in TW. (I still do not know what a substantial amount actually comes to in the decimal / arabic number system we use, and neither do the people explaining it to me.) I have about 40 TW, 110 total, and am flying at about 20hrs per year right now.
So for financing, no problem, there are several viable opportunities. I'll give someone else my business. But when it comes time to fly, it looks like I will be stuck if I don't have 250 hrs logged. 250 hours is doable, but that's about $10k (assuming fuel / rental prices don't change much) that I would much rather throw at an RV than at a FBO.
What do low time aircraft owners do for insurance??!! Who is the "Progressive" aircraft insurance company.
(I fully understand insurance companies are all about numbers and statistics, and I honestly can't blame them. But I expected to pay MORE for insurance, not be flat out DENIED.)
Thanks for letting me vent, I hope this encourages other low timers to fly while they build, and I hope someone on this awesome and extremely helpful forum has traveled this path before and can shed some light for the rest of us.
Thanks,
(This really kills building motivation!)
I am financing the engine and avionics on my -8, the price of a nice car. Everything else I've paid for to date without even credit card debt. I contacted an extrememly reputable aircraft financing company with an inquiry, and one of their requirements is to carry FULL FLIGHT insurance on the plane, even though it won't be finished for another 12-18 months. Ok, that's weird, but what the hey, call the EAA insurance guys. Underwriters seem to be unwilling to insure with less than 250hrs, with a substantial amount of that in TW. (I still do not know what a substantial amount actually comes to in the decimal / arabic number system we use, and neither do the people explaining it to me.) I have about 40 TW, 110 total, and am flying at about 20hrs per year right now.
So for financing, no problem, there are several viable opportunities. I'll give someone else my business. But when it comes time to fly, it looks like I will be stuck if I don't have 250 hrs logged. 250 hours is doable, but that's about $10k (assuming fuel / rental prices don't change much) that I would much rather throw at an RV than at a FBO.
What do low time aircraft owners do for insurance??!! Who is the "Progressive" aircraft insurance company.
(I fully understand insurance companies are all about numbers and statistics, and I honestly can't blame them. But I expected to pay MORE for insurance, not be flat out DENIED.)
Thanks for letting me vent, I hope this encourages other low timers to fly while they build, and I hope someone on this awesome and extremely helpful forum has traveled this path before and can shed some light for the rest of us.
Thanks,
(This really kills building motivation!)