Insurance - is it worth it?

[Guest mudjeep]

Generally speaking, insurance is wise, but when I asked one particular aircraft agent how much it would cost to insure he advised against it. He said that if you make it out alive then the damage is probably repairable at a reasonable cost compared to what you might have been paying in premiums; and if its more serious then your worries have probably been left behind while you line up at the Gates and hope your name is on the guest list.

 

What's your opinion? Do you have insurance, and what did it cost in comparison to the value of your aircraft?

 

Jason

 

 

[storchy neil]

apparantly you own nothing or its in your wifes name check out the story why i fly a storch and the photos by the time its up to flying over $ 20000 with the way litagation goes you can aford $5000 + to insure your baby fully when i made the big mistake and bent my baby rang glen turner and passed the ball to him the insurance co had the problem $5000 + well spent in my situation neil

 

 

[Guest brentc]

Answer: YES!

 

This aircraft / hangar were burnt along with several others in a grass fire.

 

 

 

[Guest disperse]

what if the hanger burns down.... Theft.. But aside from that lets say you bugger up and put your prop into someones nice new cirrus while taxiing ?

 

I don't own a plane. But when I had a nice car, and heard a strange noise outside. I didn't care because if some bugger knocked it off. I'd get a new one for $400.

 

I call this the SLEEP FACTOR

 

 

[Matt]

Hi Jason,

 

Having been a victim of mother nature at her best and turning our smooth skinned Sportstar into the "aircraft now known as Dimples" and having to claim as a result, I'd recommend having your pride and joy insured, there's so many variables with aircraft and flying that you'd want to be covered for.

 

In our experience, insurance will cost around 3-4% of the value of the aircraft depending on your experience, the aircraft type etc. Obviously the more an aircraft costs so does the insurance, for the "top of the range" ultralights in terms of price, this will cost around $5-6000. A small price to pay in my opinion if your pride and joy cost $125,000.

 

My 2c.

 

Cheers,

 

Matt.

 

 

[facthunter]

Insurance costs.

 

In considering this matter, the coverage by RAAus. is a consideration.(If applicable) If you have none then you are obviously exposed to potentially big costs . You could start a bushfire even.and wipe out thousands of acres of wheat etc. Carriage of a passenger (s) is a big risk factor. Even if they are your best mates, their next of kin may think differently. $5 to $6000 to me anyhow is a lot of money, and I would only fly in a hired aircraft (if at all), if I had to pay that figure. I am GA registered and do not have access with this aircraft to the RAAus. scheme. so I insure, on the ground (full cover) In-flight full third party, and I insure the passenger for $250,000. This costs me $1100 pa..This is my way around it. Nev..

 

 

[Guest Fred Bear]

Re the passenger issue/passengers NOK suing in the event of a mishap, I seriously though of a legal disclaimer drawn up by a solicitor. Would not cost much and would be legal. Stacks of skydiving joints/other extreme sports places use them (I have signed enough) and it covers their donkey in the event of an accident. As strange as it may be to get your pax to sign it before flight and have it witnessed (obviously leaving it with someone safe on the ground) may save you much heartache later. Don't know if there are any solicitors on here that could advise. Just a theory of mine but I don't know if it is as easy as this. Does anyone know what exactly our RAA membership covers us for and how much? Good thread by the way. ;)

 

 

[Guest brentc]

If you fly a homebuilt, be it GE or RAA, the passenger disclaimer should technically limit the chance of being sued. It works for the commercial warbird operators and their passengers are actually fare paying.

 

 

[facthunter]

Disclaimers.

 

The cockpit placards, it could be argued, advise the pax. of the situation. I have had a fair bit to do with disclaimers. They are a good starting point .That's all! With RAAus. the passenger is supposed to be an "informed person" and is supposed to be informed of ,and understands, the risks involved, in undertaking the flight. This is why we should never go for more than one passenger. TechMan may wish to elaborate. Hi Chris. Nev..

 

 

[Guest ozzie]

a very basic liability waiver for skydiving has been tested in court and was upheld.

 

shortly after the case the APF had a solicitor make up a more substaintial version and distributed this to all dropzones.

 

maybe this is a service that the RAAus provides or if not maybe should consider.

 

i do not carry passengers, but before the RAAus upped the coverage i was quoted $2000. for 5 million property.

 

After years of 'extreme sporting" (i really hate that term, i just go aviating) with all the usual signing my life away i basically belive in the 'pays yours money and yous take your chances' approach.

 

At the major DZ's in the states you read and sign every page whilst it is being recorded by video, prefer not to get to this stage here.

 

ah life in the 21st century.

 

Ozzie