Airframe insurance

[danny_galaga]

i understand that public liability is included in the ra-Aus licence but what sort of money are people paying for insurance on the plane itself?

 

 

[Jaba-who]

i understand that public liability is included in the ra-Aus licence but what sort of money are people paying for insurance on the plane itself?

I just paid $3200 for aircraft insurance for $80K value - through a broker.

 

 

[Guest Bristell]

I just paid $3200 for aircraft insurance for $80K value - through a broker.

I paid just under $2000 to insure my Bristell for $150000 hull and $1000000 liability via PSB who advertise with RA-Aus. I go for a $5000 excess to get the premium down. It is not hard to do 5k in damage.

 

 

[Bennyboy320]

Recently renewed my insurance for my Foxbat A22LS with PSB, my policy is for full flight risk value of a/c $110,000 excess $5,000 public liability of $2M, cost $2,200.

 

 

[rgmwa]

Just paid $2100 for $80K (should be more) hull cover and $2m public liability with $1,000 excess. Next time I'll look at increasing both excess and hull cover.and see how that affects the premium.

 

 

[Yenn]

I pay just under $2000, for $65000 cover and $1000 excess, $5000000 liability.

 

QBE is my insurer and I have just had to make a claim, brakes locked up on landing and I stood it on its nose. Engine and prop have to be checked out, and I am fixing damage to spats and cowl on an hourly rate.

 

So far I am very happy with my treatment by QBE, but they are not making a loss on me. The experience is far better than I have had with 3 claims for car damage to other insurers.

 

 

[danny_galaga]

I’m curious about you guys having liability as well. Doesn’t the RA AUS licence cover liability?

 

 

[rgmwa]

I’m curious about you guys having liability as well. Doesn’t the RA AUS licence cover liability?

I'm VH experimental so not in RAAus.

 

 

[Bennyboy320]

I’m curious about you guys having liability as well. Doesn’t the RA AUS licence cover liability?

Can never have too much insurance, only works out a few hundred dollars extra a year or less than a dollar a day.

 

 

[rankamateur]

With PBS curiously 80,000 hull cover has the same premium as 67,350 does, there seems to be tiers of premium and sweet spots with in the tiers.

[rankamateur]

Can never have too much insurance

 

The more you have, the more the lawyers go for, particularly the No Win No Fee variety!

[skippydiesel]

Be careful folks - insuring your aircraft above market value, may lead to disappointment, in the event of a significant claim.

 

It is clear from the "classifieds" that many (RAA) owners have an inflated expectation of their aircraft's value - they sit on the listings for many many months befor they sell/withdrawn.

 

RAA aircraft are insured against personal liability/third party - no point in doubling up. Claims against you/your aircraft, w are unlike to be honoured by more than one policy.

[Downunder]

Isn't there some sort of law against multiple claims for the same accident from different insurance companies ?

[Kyle Communications]

I just paid mine was on 12th of May $1960 for 60,000 hull and 2 million for pax. I can post this now as I dont own the aircraft any more and insurance was cancelled on Monday.

 

It went up about $180 this year. Geoff told me that insurances had gone up dramatically this year and if you insure a taildragger it has now gone up a lot. I got a quote for the Rans S-21 as a taildragger with a hull insurance of 85k as this and the answer was "around 4k" cost. The excess on this policy was $1000

 

 

 

 

 

[kgwilson]

Aviation Insurance is expensive and the reason is that there are plenty of claims. Our Aerodrome Public risk Insurance has increased 15% year on year for the last 3 years & that is for a policy that has had no claims in the last year. In fact we have never had a claim.

[Flightrite]

Mine went up a few $$$ this year, I think it was across the board.

My two airframes combined $140K 3G's. I can only fly one at a time so insurance is cheaper. I don't have any other pilots on my policy as I never let anyone fly my rides so that helps with premiums.

[Kyle Communications]

I had my instructor nominated on my policy...which was good as I got him to take the prospective buyer up for a flight in mine so he could fly from the left seat.

[skippydiesel]

I had my instructor nominated on my policy...which was good as I got him to take the prospective buyer up for a flight in mine so he could fly from the left seat.

 

My insurance allowed demonstration (non instructional) flights with no additional cost or naming additional pilots.

[Kyle Communications]

There was no additional cost on the policy but I could nominate anyone else provided they had more than 100 hrs experience

[rankamateur]

Be careful folks - insuring your aircraft above market value, may lead to disappointment, in the event of a significant claim.

 

Surely it is reasonable to insure a home built plane for more than component cost, I am about to put $80,000 on my un-flown Savannah S. I would think that under insurance is more likely to lead to disappointment if your low insured value is further reduced by a factor for under insurance in the event of a write off.

[rankamateur]

Has anyone had any response from Bill Owen insurance brokers lately? I made an enquiry last week and got no response.

[Downunder]

Has anyone had any response from Bill Owen insurance brokers lately? I made an enquiry last week and got no response.

 

Probably no help, but I reinsured last December.

They are normally very good with their communications but I had to prompt them several times, which I thought was strange.

[onetrack]

It's also important to remember, that if you under-insure for the full value of the aircraft, the insurance company will also reduce the amount paid for repair works, to the same percentage as your total-loss insurance figure.

This means if you incur repairable damage to the tune of, say $20,000 - and you're deemed to have only insured for total-loss figure of 80% of the actual value - then the insurance company is entitled to only pay for 80% of the damage claim.

[NT5224]

I recently renewed my VH rego-d tail dragger with QBE at $3500 with $1500 excess.

 

I made a claim two years ago when my old engine seized in the cruise and we had to set down in a swamp. Gotta say QBE were excellent. Not the cheapest but there when you need them!

 

Alan

[rankamateur]

Bill Owen consultant emailed me on Monday and has been very communicative since. I think I have made sufficient disclosures to expect a quote in the next couple of days.