Compulsion Posted July 12, 2012 Posted July 12, 2012 I am looking for help and advice on Aircraft insurance. I am looking at buying a Jabiru 170. I have never owned an aircraft and I have no idea how insurance works. Is it worth taking a risk and not insuring the airframe? Who is best to go to? Any advice would be great. Thanks all.
Yenn Posted July 13, 2012 Posted July 13, 2012 Insurers work by working out the odds that you will damage your plane, then charging enough to cover their buts with those odds and make a profit. It is certainly worth not having insurance if you can afford to lose your investment and consider your own odds. I havn't had insurance for the two planes I have owned in the last twenty years, because i was the sole pilot, did all my own maintenance and could afford a totsl loss if it happened. I was gambling against the insurance companies and won. Now I am building a rather more expensive plane and I have had it insured for construction and also ground use. Being retired I feel I cannot afford a totsl loss now and will soon have to pay more to cover flying inurance. It really is a case of working out the odds. 1
Compulsion Posted July 13, 2012 Author Posted July 13, 2012 I would never not insure for everyone else. Eg the old third party property insurance but wonder how much I would save and wether it is worth not insuring the airframe. Also what is ergo work on a Jabiru 170? I appreciate the help.
Camel Posted July 13, 2012 Posted July 13, 2012 I am looking for help and advice on Aircraft insurance. I am looking at buying a Jabiru 170. I have never owned an aircraft and I have no idea how insurance works. Is it worth taking a risk and not insuring the airframe? Who is best to go to? Any advice would be great. Thanks all. Insurance comes in different ways, third party cover, ground cover, full Hull cover. Go through a broker and they approach the same companies Vero, Qbe etc . The more brokers you ask may work against you as you wont't get an answer as the companies are being asked the same question. Who you nominate as pilot, number of hours, ab-inito students and whether hangared or not makes a difference, you could also make clauses as to minimum hours of any pilot who flys and experience on type to get reduction of premium. RAA has a certain public liability cover and most Insurer are aware and will give you a top up on this. Ground cover expires as soon as the engine is started so a prop strike is not covered in this or any flight and landing. If your aircraft is in someone else hangar there is mean't to be hangar keepers insurance which will cover all aircraft except the hangar owner aircraft, most hangar owners will probably get you to sign a clause not to claim because their premium is based on your aircraft value. I use a broker and PM me for his details, there are many out there, expect to pay around $2500 for full hull cover but I have full no claim. If you use one way airstrips or break the rules you will have difficulty collecting insurance. I know people who do not have insurance and are fine with it but insurance is only appreciated when needed. When I bought my first aircraft it was not insured but not worth a lot my last four have been full Hull insurance as they were worth a lot and it gave me peace of mind. Hope this helps. 1
bushpilot Posted July 13, 2012 Posted July 13, 2012 We have 4 aircraft insured through these brokers.. They provide excellent service and they shop the main underwriters for you: http://www.psbgroup.com.au/Aviation.html Talk to Geoff Tonkin on 08 8267 2875
Compulsion Posted July 13, 2012 Author Posted July 13, 2012 Thanks Chris I will give them a call Monday.
bushpilot Posted July 13, 2012 Posted July 13, 2012 Thanks Chris I will give them a call Monday. I meant to add: I just renewed our covers - and tried PSB for the first time - and they saved me over $1,o00 compared to dealing direct with a well known insurance company...
storchy neil Posted July 16, 2012 Posted July 16, 2012 I am looking for help and advice on Aircraft insurance. I am looking at buying a Jabiru 170. I have never owned an aircraft and I have no idea how insurance works. Is it worth taking a risk and not insuring the airframe? Who is best to go to? Any advice would be great. Thanks all. warning warning dont go any where near vero inc warning warning dont go neat shepair for repaires warning warning dont get charles taylor avaition involed will cost you over $60.000 in legal fees and dont complain to raa about a l2 and dont complain to CASA about a lame for insurance when i had my plane on cross hire at shep it was $5000.00 for $80000.00 hull abitno and ground allso when it was being transported on the trailer the plane is it factory build or out of the box some one else has build the what ifs can and will bite should the sxxx hit the fan neil
bushpilot Posted July 16, 2012 Posted July 16, 2012 Maybe people who post on this forum should pass a literacy test first... :-) 1
johnm Posted July 16, 2012 Posted July 16, 2012 thats a bit tough bushpilot ? I'm more interested in what some one has to say than how its spelt .................... in fact storchy neil seems surrounded in litigation and hopefully at the end of it - with his result - he can educate / warn ALL of us ............................ so we all benefit
Riley Posted July 16, 2012 Posted July 16, 2012 Maybe people who post on this forum should pass a literacy test first... :-) Might not have been your intent but at the very least, this post smacks of being rather pompous
storchy neil Posted July 16, 2012 Posted July 16, 2012 johnm you are on the button what i have is a very grave situation after the 10 sept court case i will post more with writen facts from so called experts and so callled writers of the raa manual at least i have put money on what i am doing not like some who hide and winge when something goes wrong neil
bushpilot Posted July 16, 2012 Posted July 16, 2012 thats a bit tough bushpilot ?I'm more interested in what some one has to say than how its spelt .................... in fact storchy neil seems surrounded in litigation and hopefully at the end of it - with his result - he can educate / warn ALL of us ............................ so we all benefit I can see why you would say that it was a 'bit tough' and I withdraw the remark.. with an apology to SN. What I should have said is I was interested in the post - but the words make little sense to me.. Nothing to do with the spelling though. Maybe it picks up on another thread elsewhere that I've missed.
storchy neil Posted July 16, 2012 Posted July 16, 2012 than you dont worry about it bushpilot water of a ducks back at this time most of my writing is criptic has to be neil
horsefeathers Posted July 16, 2012 Posted July 16, 2012 If you have a current RAA certificate, fully paid up, AND I assume have the correct endorsements, then you and your plane are automatically covered for $10 million third party personal AND property, with the exclusion of your passenger, who is only covered for $250,000. Check the flyer that was in a recent RAA mag from the insurance company who are the appointed RAA brokers. Read paragraph (a). You are even able to get a certificate of currency from their web site if you need it. As I understand it, and I spoke with a broker yesterday, the only insurance you need to purchase is to cover your own aircraft against damage (however you may wish to inflict that), and you may wish to increase your coverage for your passenger. I also assume there are the standard insurance get-outs, such as you wont be covered if you are not RAA legal, perform malicious acts etc 1
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now