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Insurance quote

 
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Tim(at)MyRV10.com
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PostPosted: Wed Jan 18, 2006 6:29 am    Post subject: Insurance quote Reply with quote

Just wanted to pass on my recent quote. I listed 450 hours TT, which is
a little lower than actual. This is with a private and instrument
rating, and the instrument is usually good for a discount.
The quote is also for a hangered RV-10.

$160K hull value full coverage $3,357 from AIG, requires 5 hours
dual and 10 hours solo. Reduced limits during the flyoff.

$160K hull value full coverage $6,850 from Global, requires 10
hours dual with Mike Seager in ANOTHER RV-10 prior to solo
operation of my RV-10. ** Interesting that they specified
exactly who the transition trainer must be.

It's also interesting to note that if I were to fly off the time,
and then apply for the insurance, the quote would likely be less,
as I'd have 25 hours in Make and Model, plus in my case I'd have
more HP time.

Just passing along my quoted info.

--
Tim Olson -- RV-10 #40170
DO NOT ARCHIVE


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Jack.Phillips(at)cardinal
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PostPosted: Wed Jan 18, 2006 7:13 am    Post subject: Insurance quote Reply with quote

Did you try Falcon Insurance through the EAA? I have the insurance on
my Pietenpol and my RV-4 with them. Their price is comparable to AIG,
but there is no deductible and you are covered in anything you fly (that
you are qualified to fly) up to the value of your hull insurance. I use
the $50,000 coverage on my RV-4 to allow me to fly a friend's 1934
Fairchild 22 and have full insurance coverage.

Also, Falcon only required me to have 2 hours dual in the RV-4.

Jack Phillips
Pietenpol Air Camper NX899JP
Van's RV-4 N18LR

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Tdawson(at)avidyne.com
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PostPosted: Wed Jan 18, 2006 7:23 am    Post subject: Insurance quote Reply with quote

I talked to EAA insurance last year and they wanted some ungodly number
of total hours, if I remember . . .

TDT
40025
Do not archive
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schmoboy(at)cox.net
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PostPosted: Wed Jan 18, 2006 7:37 am    Post subject: Insurance quote Reply with quote

One thing you might want to ask, which I was told when I was shopping
for Builder's Insurance, was that the EAA plan did NOT cover
transportation. In other words, when I was moving my $$$ project by
trailer from garage to hanger, it was not covered. Just what I was told.

-Sean #40303

Tim Dawson-Townsend wrote:
[quote]
I talked to EAA insurance last year and they wanted some ungodly number
of total hours, if I remember . . .

TDT
40025
Do not archive
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dmasys(at)cox.net
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PostPosted: Wed Jan 18, 2006 8:26 am    Post subject: Insurance quote Reply with quote

These numbers suggest that the insurers are being a bit conservative until the -10 gets a fleet track record. You might also want to get a quote from NationAir through their VanGuard program, if that is not the source of the quotes you already have.

For a comparable data point, from NationAir I have not-in-motion hull coverage at $75K, and $1M liability on my RV-7A for $724/yr.; full in-motion coverage would make that about $1250/yr. Have 1600 hrs. PIC, high perf endorsement and instrument rating.

-Dan Masys

Quote:
From: Tim Olson <Tim(at)MyRV10.com>
Date: 2006/01/18 Wed AM 09:28:30 EST
To: RV10 <RV10-list(at)matronics.com>
Subject: Insurance quote



Just wanted to pass on my recent quote. I listed 450 hours TT, which is
a little lower than actual. This is with a private and instrument
rating, and the instrument is usually good for a discount.
The quote is also for a hangered RV-10.

$160K hull value full coverage $3,357 from AIG, requires 5 hours
dual and 10 hours solo. Reduced limits during the flyoff.

$160K hull value full coverage $6,850 from Global, requires 10
hours dual with Mike Seager in ANOTHER RV-10 prior to solo
operation of my RV-10. ** Interesting that they specified
exactly who the transition trainer must be.

It's also interesting to note that if I were to fly off the time,
and then apply for the insurance, the quote would likely be less,
as I'd have 25 hours in Make and Model, plus in my case I'd have
more HP time.

Just passing along my quoted info.

--
Tim Olson -- RV-10 #40170
DO NOT ARCHIVE















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Randy(at)abros.com
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PostPosted: Wed Jan 18, 2006 8:36 am    Post subject: Insurance quote Reply with quote

I went with ground and taxi from AIG at 2100.00 year. With 250 total
hours and 100+ hours in the 10 and no instrument rating. My quote for
full flight was bout 3100.00 for 150,000 coverage. Randy
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Randy(at)abros.com
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PostPosted: Wed Jan 18, 2006 8:39 am    Post subject: Insurance quote Reply with quote

The real difference is hull value and 2 more folks in the seats. I got a
quote for 50,000 for the 10 at 1500.00 or so. If you ask for 150,000 on
your 7 the price will climb to almost double. Randy

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Jack.Phillips(at)cardinal
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PostPosted: Wed Jan 18, 2006 8:41 am    Post subject: Insurance quote Reply with quote

Those numbers are comparable for my RV-4. I have $50,000 full hull
insurance and $1 Million Liability. I have 1100 hours PIC, 900 hours
tailwheel time and instrument rating. My insurance costs $1350 per year
through Falcon/EAA. Of course, the RV-4 has a long track record. My
Pietenpol, which is worth about $15,000, costs almost as much because it
is wood and fabric, and there are very few of them flying. Its
insurance is over $1,000 per year. Insurance companies thrive on
statistics and if there aren't enough of a type flying, they get very
conservative.

Jack Phillips

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bob.condrey(at)baesystems
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PostPosted: Wed Jan 18, 2006 9:04 am    Post subject: Insurance quote Reply with quote

Another data point: when dealing with builder's risk insurance I had no
issues the first year. When renewal time came last summer Nationair
quoted a huge price increase (Phoenix stopped writing policies) and was
difficult to deal with. Interestingly I switched to another broker and
got a significantly lower quote for the same coverage from the same
companies. I never spent the time to figure out why the difference. My
conclusion was that Nationair was unwilling and/or unable to work
through the issue at the time.

Lesson learned: you might get different quotes via different brokers,
even though it's not supposed to work that way. I did have to execute a
Broker of Record letter for the new broker, but that was all it took.

Tim may not have this issue because he's got an existing relationship
because of his Beech, but anybody else...

Bob #40105

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Tim(at)MyRV10.com
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PostPosted: Wed Jan 18, 2006 9:11 am    Post subject: Insurance quote Reply with quote

That also accounts for the difference between mine and Randy's original
full coverage. His was 150K hull at $3,1XX, mine was 160K hull at
$3,3XX. My quotes were from NationAir, by the way. After talking to
them, it's apparent that between the very few insurers that we'll be
looking at, that the agency itself doesn't have much to do with
the price of the quote. Also, I'm an AOPA Member, so the quote I
got from at least AIG included the AOPA discount in it too....you
don't have to use AOPA insurance agency to get that.

I'm really leaning towards doing what Randy did and going with
Taxi and Groun only...and even then waiting for the flyoff time
to be done unless I can easily get the transition training. There
aren't many good options for that yet. Oregon isn't easy to
get good weather in this time of year, and I'm not too hot on
going to Texas.

Tim Olson -- RV-10 #40170

Randy DeBauw wrote:
[quote]

The real difference is hull value and 2 more folks in the seats. I got a
quote for 50,000 for the 10 at 1500.00 or so. If you ask for 150,000 on
your 7 the price will climb to almost double. Randy

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dmasys(at)cox.net
Guest





PostPosted: Wed Jan 18, 2006 9:25 am    Post subject: Insurance quote Reply with quote

Point well taken about shopping around about any form of insurance. Never had builder's insurance, so can't comment on what might be going on with insurers for that type.

I can say that with the first annual NationAir renewal of my policy after the airplane started flying, the insurance premium dropped from $760 to $724. So I guess occasionally insurance goes down rather than up.

-Dan Masys
Quote:


Another data point: when dealing with builder's risk insurance I had no
issues the first year. When renewal time came last summer Nationair
quoted a huge price increase (Phoenix stopped writing policies) and was
difficult to deal with. Interestingly I switched to another broker and
got a significantly lower quote for the same coverage from the same
companies. I never spent the time to figure out why the difference. My
conclusion was that Nationair was unwilling and/or unable to work
through the issue at the time.



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coop85(at)bellsouth.net
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PostPosted: Fri Jan 20, 2006 3:25 pm    Post subject: Insurance quote Reply with quote

FWIW I had ground coverage only on my first two airplanes, a Q-2 and a
Skybolt. I figured I didn't have that much in them and if I totaled the
machine I wouldn't be needing the money anyway. Morbid, but honest. On my
RV-6 I figured I had a lot more in the airplane, around $42,000, and decided
to opt for full coverage. I'm about as cheap as they get, buy I am thankful
I didn't short change myself this time. I had a catastrophic engine failure
due to an improperly overhauled engine and had to deadstick into unfriendly
terrain. That extra insurance was worth every cent at that point.

My thought is that as much as I hate to pay for insurance, I can't afford
not to with these over $100K airplanes.

Marcus
40286

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wvu(at)ameritel.net
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PostPosted: Fri Jan 20, 2006 10:13 pm    Post subject: Insurance quote Reply with quote

Quote:
I talked to EAA insurance last year and they wanted some ungodly
number of total hours, if I remember . . .

TDT,
My recent quote from EAA (Falcon) = $3723/yr for $150K hull, no instrument
rating, 750TT, no credit toward my 400hrs RV-6 time. It does appear to be
higher than most.
Anh
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