Aircraft Insurance - Why would you?

[M61A1]

Insurance is about one thing only.....peace of mind! My A/C are insured, I accept the costs knowing that at any time I could lose $150K, no thanks!

Would you do the same if your aircraft was worth $20k, and you built it?

[Flightrite]

Would you do the same if your aircraft was worth $20k, and you built it?

Irelivent, to me!

[M61A1]

Irelivent, to me!

At what point would it become relevant? At $20k you’ve exceeded the value of the aircraft in 4-5 years, and the materials to build the airframe would be around the cost of a year's worth.

[Flightrite]

At what point would it become relevant? At $20k you’ve exceeded the value of the aircraft in 4-5 years, and the materials to build the airframe would be around the cost of a year's worth.

 

Irelevent cause I don't own a $20K plane that I built?

[Bruce Tuncks]

My gliders have not been insured and now the premiums I didn't pay have exceeded the value. So I could lose it all tomorrow and be better off financially than if I had insured.

Mind you, I should have put the premuims into a special account and I didn't. Bugger, that account would have a lot of money.

[Kyle Communications]

It all goes to what your aircraft is worth ..certainly during its useful time to you. In my case its worthwhile for "The Girlfriend" but for "Mabel" well thats a different matter my actual cost will be around 30k when flying so that may determine what I do with insurance on it. The Rans S-21 will definetly be insured as it is expensive to get here and its so crazy at the moment since I ordered and the final cost of just getting the kit here what I ended up paying in october last year when it arrived the kit by itself and thats no avionics or engine is now at least 20K more expensive. If you order a kit now it will take about 18 month until you see it so most likely another 10 or 20k more expensive. The price of importing from the USA is now nuts with exchange rates and transport costs. It will be insured because just the replacement parts cost is far more than a factory built savannah

[Butch]

It's all smiles till you F.ck up and do damage to a third party.

 

I've worked hard all my life to get what I have and insurance although expensive gives me the piece of mind that I'm not going to end up in court and lose it all!

 

Insurance has always treated me well.....I might have paid more in premiums than claims but it is better than the alternative.

[Flightrite]

It's all smiles till you F.ck up and do damage to a third party.

 

I've worked hard all my life to get what I have and insurance although expensive gives me the piece of mind that I'm not going to end up in court and lose it all!

 

Insurance has always treated me well.....I might have paid more in premiums than claims but it is better than the alternative.

 

.....like I said...'peace of mind', one pays a premium for that?

[Old Koreelah]

I remember when practising forced landings in a C172, I asked the instructor what to do (in a real forced landing scenario) when sheep were in the way. He advised me to land anyway - apparently the sheep help you slow down quicker!

Didn't mention legal liabilities. I guess if you manage to walk away from it, you're happy to shell out to the farmer for the mutton you've just purchased.

Not all livestock losses are easily paid for. Stud sheep and cattle, etc.

I avoid flying down the valley over Murrurundi because a little aeroplane suddenly dropping into a paddock could spook some very expensive racehorses thru a fence.

[Downunder]

Everything we do in life is about risk! I don't want $150K to just evaporate even if I'm not around to collect, I think of my children, my A/C is part of their rightful inheritance.

But paying the premium is not taking away from your childrens inheritance somehow......

[Flightrite]

But paying the premium is not taking away from your childrens inheritance somehow......

 

That's nonsense! That's a loooong bow you are drawing there! It's my choice to cover my ass, liability is also peace of mind!

[kgwilson]

I assume that aircraft are insured for an "Agreed Value" as it would be hard to work out what the "Market Value" is given the small size of the market & then there are factory & amateur built etc. I spent about 70k building my aircraft & I reckon the market value is about 40k at best. With a car you pay a sizeable extra premium for insuring for an "Agreed Value".

[facthunter]

Aircraft values are so variable, you would have to have a stipulated value recorded 'somewhere' for your plane to apply over a period that both the client and company agree on . I can't imagine any other way. Nev

[Jerry_Atrick]

Not sure how aviation insurance works in Aus, but over here, for an agreed value of £150K we pay £1,500 per year of full flying cover including £10m public liability... That is less than some pay for car insurance (noting that third party for the car is privately insured and not paid through rego). Yep, it does sap a little from the inheritance - nowhere near as much as if we have an accident as the pilot here has the civil equivalent of absolute liability to third party claims.

[Yenn]

For my RV4 I paid about two grand per year for insurance and had it for 8 years. In that time I had a brake lockup which put me on my nose, damaged prop, spats and cowl. Insurance paid out twenty three grand for engine and prop repairs and I did the remainder of the work. The work I did covered the excess, as they paid me, plus a little.

The Corby has never been insured as I reckon I can stand the financial loss. I am definitely glad I insured the RV and dealing with the insurance assessor was no problem.