Insurance

[markendee]

This is a question most will have pondered/wrestled with at some time.

 

My plane is on the way to being finished and have been contemplating the do's and dont's of insurance.

 

I considered fire and theft but have been advised by an insurance agent it is rarely (if ever) claimed against. Not too sure why.

 

The next is the first plus taxiing. The advice there was since it is that close to the cost of full flying and most incidences occur during take off or landing might as well have full flying.

 

The third is of course full flying.

 

There is however a fourth option - nothing. By the time we pay the premium and the excess it may be feasible to self insure. The problem here would be if we were to damage someone else's aircraft then you could lose the house!

 

What did you decide and what helped you to your decision?

 

Mark

 

 

[Jabiru Phil]

I believe that the cost is determined by the hours flown. 3% of aircraft cost including gst and taxes seems to be around the mark for a 200 hour owner pilot.

 

!000 excess.

 

Sure makes me feel happier especially with a passenger.

 

 

[Guest brentc]

3rd party liability for that property and life outside your aircraft is pretty much essential although you shouldn't be worried too much if you are RA-Aus registered because you are covered anyway.

 

My hull coverage is 2.1% plus 22% taxes and extra for passenger and 3rd party liability outside my aircraft.

 

 

[Yenn]

If your plane is not too expensive or important, as mine is no insurance is the way to go if RAAus registered. Once you get into the high priced stuff you will have to weigh the cost of insurance against the loss

 

Using brentc"s figure of 2.1% that is $1575 for a $75000 plane. Probably $15 per hour. Not a lot for peace of mind, but there are a lot of if"s and but"s, such as the excess and what exactly is covered. A good insurance broker would be my bet for advice.

 

 

[Guest brentc]

Unfortunately it's a bit more than that.

 

2.1% is a good rate - assume say 2.7% if you convince them you are safe (also depending on aircraft type) THEN add 22% for taxes.

 

$75k = $2,470. Ouch and that's just for hull!

 

I'm a fan of ground risk only. It's a lot cheaper and covers you for parking and hangar fire etc, but not for flight. You'd take the risk for flight and taxi knowing that taxi incidents won't cost a fortune and that if you fall out of the sky you probably won't care about the payout if you're not around.

 

I don't believe the same for third party.

 

 

[markendee]

3rd party liability for that property and life outside your aircraft is pretty much essential although you shouldn't be worried too much if you are RA-Aus registered because you are covered anyway.

This is a good point. Can anybody tell me exactly what RAA registration covers re insurance? In fact I have heard so many differing opinions on this it requires it's own thread.

 

$160.00 odd bucks does not buy a lot of insurance these days.

 

 

[Guest Rocko]

Grinz at Brentc

 

Dunno about that.

 

After ending downside up after balooning when landing on my first solo, and only then finding out I wasn't covered by any insurance, I'd almost disagree with that! ;)

 

Insurance may not be that cheap, but I'd prefer to have it.

 

It was an expensive day otherwise ;)

 

Mind you, another thing to really consider is how much YOU are insured for. Say, you stack it, and end up unemployable or, even worse, dead. Have you covered yourself if you can't work, and your family if you can't live?

 

Does anyone with a family fly without permanent disability or death insurance? Or income protection insurance? What about health insurance?

 

No point insuring your plane, if you can never afford to fly again after a bad accident, because your medical bills make you poverty stricken.

 

Friend of mine had none of this. Went skiing, shattered a leg. Between all the hospital expenses, time off work, losing his job because he can't work anymore in his sales job...he lost everything.

 

So, think about ALL the insurance you need to fly a plane.

 

 

[storchy neil]

dont muck around no insurance no brains ring glen turner 0882812255

 

when i got it wrong and damaged my air craft first call to police

 

second call to glen turner and no more worries for me it was his problem

 

could not have had better service from vero but then i pay for service and that is what i got neil

 

 

[peter]

Bought my insurance from QBE, via Chris Sperou (jnr) .When my left main gear collapsed he was fantastic -- nothing like any insurance claim of any kind I have had before -- he took all the worry out of it, insisted I choose the repairer, quote "Peter, you will be the one flying it, you need to have total confidence,......"

 

The insurance wasn't cheap (but certainly less expensive tha the equivalent value for a car) but I certainly got what I paid for and am totally happy with the outcome.....