Shopping for Insurance

[KewFlyer]

Since the "economic stimulous package" has not arrived as of today and the Taylorcraft's insurance is due by the end of the month, I am approaching the members of this tribe for advise on where to go shopping for insurance. I am aware that rates may vary for each individual, aircraft and their own particulars. I am currently with the EAA insurance carrier. Without getting quotes from other insurance companies, I wont feel that I have done my due dilegency to cut costs, specially under the current economic situation. Your advise is welcome. Others in this group may also be thinking about cutting costs, specially when it comes to this fixed cost of flying our planes = the insurance. Thanks in advance. Ralph

[Carrieve]

Re: Shopping for Insurance

I agree. I go to the mailbox everyday and my Obama check isn't there either. I have seriously considered dropping my hull coverage. It might be a big mistake. I dropped the collision on my 98 Ranger and I saved a bundle. Life is a chance. I was paying $900 plus for full coverage for my Tcraft. Is that in the ballpark?
Carri

[Pearson]

Re: Shopping for Insurance

To a certain degree, your premium depends on how much hull value you request. I pay $798 for 18K of hull coverage and I forget how much liability. If you have a LOT of property or a small business, you might want to consider a higher liability limit than the minimum.

I have been told by more than one agent that there are only ABOUT 7 aircraft insurers in the country. They told me that it can actually hurt your quote by calling dozens of "agents" requesting quotes. They say the best thing is to assign an "agent of record" and let him get the quotes.

[MNJoe]

Re: Shopping for Insurance

Paying less then $1000.00 dollars a year for Hull and Liability is very reasonable for a tail dragger. Dropping Hull coverage will most likely save only a few hundred dollars at most! All it takes is one claim to be way ahead. As far as you liability coverage if you check your policy you most likely only have 1,000,000.00 per occurence / $100,000.00 per seat most people don't realize it and think they have $1,000,000.00 per accident no matter what. I also have a A36 Bonanza that is used in my business. We have $2,000,000.00 per seat which we have had for many years. The carrier has told us if we were trying to get that kind of coverage it would be very difficult. That policy cost $5,500.00 this year down from $7,000.00 a few years ago.

Joe

[3Dreaming]

Re: Shopping for Insurance

Right now the insurance market is very good for the one buying. Some new companies in the market place. When you have an agent get you a quote for your N-number aircraft the company will not quote it to an other agent. The only thing an other agent can do is maybe quote a different company that the first agent did not have access to. If you call an other agent make sure you tell them who you have talked to, so they know which companies to contact.I don't know if there any companies still dealing direct, but you might check that as well. Tom

[Guest]

Re: Shopping for Insurance

I have used Professional Insurance Management (PIM) since about 1990. Very good rates. I made one claim for total and they paid. I pay about $700/year for $20k hull and liability.

http://www.pimi.com/

[Mark Julicher]

Re: Shopping for Insurance

I pay $330 for 1 million liability and 100K medical per seat. No hull, which is my personal choice. Experience level of the pilot matters - I have about 800 hours in Tayorcraft and an ATP rating.

[flyguy]

Re: Shopping for Insurance

Looks like $300+ for liability only and close to $900 for 18 to 20 K hull is typical. That is what mine is also. That is for 1M and 100K coverage.
DC

[murphy]

Re: Shopping for Insurance

I don't have any insurance and don't fly anybody with me anymore, the price has gotten to high, 90% of the folks I fly with don't have it either. I lost a 108-2 in the trees once and was glade it was insured but that was when insurance was cheep you can now pay for a TCraft in 10-15 years if you just don't crack it up with not paying the insurance companys yearly. Mike

[Pearson]

Re: Shopping for Insurance

Dear Mr Murphy,

Please go out and get some liability insurance. You may be willing to absorb the loss of your Taylorcraft, but if you land on someone's house or just destroy a farmer's crop, they are going to take you to court to seek compensation. Liability isn't very expensive for the protection you get.

Based on the postings above, it looks like you can get around a million dollars of protection for around $300. Considering the devastation a lawsuit can cause on someone's lifestyle, I think that is very cheap.

[MNJoe]

Re: Shopping for Insurance

If I'm not mistaken in Minnesota its against the law not to have insurance. Last time I renewed my registration they required proof of insurance

[flyguy]

Re: Shopping for Insurance

Even though the thought of flying without liability coverage chills my bones, I suspect that on a $300 a year policy, if some really large liability item came up, the company would likely find some way not to pay. Like something wrong with your paperwork on board, or the amount of tire pressure, or not getting approach control's approval for a forced landing in a field, or some other nonsense.

I have heard a few really insane horror stories like that.

Still, the thought of flying without liability coverage in these days of suit craziness...I am at a loss for words.
DC

[NY86]

Re: Shopping for Insurance

I'm with AIG. I figure I should get good service, being as I'm a part-owner...

Oh, yeah, they're the only ones that'll write a policy on my 1300' strip, too. Maybe there's a message in there...

[Rick Hadley]

Re: Shopping for Insurance

I'm with AIG. I figure I should get good service, being as I'm a part-owner....

Did you get your bonus too??

[flyguy]

Re: Shopping for Insurance

Been meaning to speak to them about that.
DC