Pat Stewart
Well Known Member
Just checking the market. I have a quote for $2400 for a hull value of 150K. Just curious what the market is and if there are better alternatives.
Pat
Pat
Just checking the market. I have a quote for $2400 for a hull value of 150K. Just curious what the market is and if there are better alternatives.
Pat
Changed companies to Falcon since they gave the lowest qoute this year. I am underinsuring a little to reduce the cost some. For $120K hull insurance and $1M/$100K liability it is now $2231.
When you underinsure, do you realize that the insurance company has the option of totaling your airplane and taking the wreck and only paying you the coverage limit. Are you willing to sell your wrecked plane to them for $120K?
Gary
One other thing, they will total it, when the damage reaches 70% of the insurred value. Thus you only have to do $84K damage to the aircraft for them to take it and give you back $120K. Hail will do that much damage in a heartbeat.
Mind telling us where and from whom you got that quote?? Sounds like a great price.
My 10 is insured by Ace Aviation, call Victoria P?t? at 706-549-7005 or 678-491-4800. Sorry it took so long to respond, I lost track of this thread.
Pat
You airplane is NOT insured by Ace Aviation. Ace is your broker. Your insurer is Chartis, Starr, Global Aerospace, or one of several others. Ace could have placed your coverage with ANY of these - and so could anyone else.
That's like saying Carmax makes a really good SUV.
Lesson: Insured to value. Save money by insuing for gound risks only and self insuring the in flight risk.
Correct me if I am mistaken.
Liability covers damages you do to others with your airplane.
Liability insurance is relatively inexpensive.
Coverage for damage to your airplane when not in motion includes theft and
Bubba running his car into your parked airplane as well as hail and tornado damage as long as the airplane is not in motion and on the ground.
Somewhat expensive.
Hull insurance covers the loss of your airplane if you roll it up in a ball for whatever reason.
This is the expensive portion of your insurance and many opt to fly without it
and self insure that portion.If your aircraft is paid for and you didn't mortgage
your kids college education you might be ok with that.