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#21
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On Sun, 14 Dec 2003 11:41:37 GMT, "Matthew Waugh"
wrote: He/She said that decreasing the hull value is a way of raising the deductible. So in your example, by cutting the hull value in half on a $300,000 plane they had decided on a $150,000 deductible. So in the pay-off you describe they got what they paid for, a $150,000 deductible and a $150,000 payout. You may not think that's a good idea, but to each their own set of choices. That means you are paying too much for insurance. If I bought a $150,000 policy with $150,000 deductible, I would expect to pay a lot less than a $150,000 policy with no deductible. |
#22
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One fundamental of insurance, is you should insure for what you cannot
afford to replace. For example, WalMart does not carry fire insurance on their stores. It is less expensive for them to rebuild the occasional store that burns down than to insure. This should not seem surprising, as insurance companies have overhead and profit added to the insurance premium. In that vein, I have a $10,000 deductible. The above reason, combined with the fact that insurance companies tend to just raise your rate to cover small claims, led me to this decision. (I have considered not carrying hull insurance, but decided against it due to I really can't afford to go out and just replace the whole plane without some difficulty). So now for the question. Am I in danger of suffering the consequences of being "underinsured"? I have the aircraft insured for slightly more than I could go out and buy one in TAP for. But I have a 10k deductible. So I am not underinsured in terms of picking a too small hull value. Can this high deductible somehow work against me? |
#23
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"ArtP" wrote in message ... On Fri, 12 Dec 2003 17:41:57 -0700, "Tom" wrote: . Insurance actuaries do not base their rates on "lately". They doubled in one year because there were a lot of accidents "lately". When you have a new model plane, "lately" is all there is. Correct: I should have said "reduce", not "base". Once a pattern is in, I'd say it's going to take a long time for it to be reversed. OTOH, a series of crashes, a new model or not, is likely to kick the rate up into the attic. |
#24
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"Roger Halstead" wrote in message ... On Fri, 12 Dec 2003 17:41:57 -0700, "Tom" wrote: "ArtP" wrote in message .. . On Fri, 12 Dec 2003 19:55:13 GMT, "Jay Honeck" wrote: While this is considerably better than the "$15K per year" I was told earlier, it's still an astounding amount to pay for insurance, IMHO. And it sounds like Cirrus owners will be looking at some pretty big increases. Actually there have not been any crashes lately and some people are reporting that their rates have gone down. I have 400 hours and I am paying $6,000 per year. That is about what you could expect in a really high performance home built/retract. (when you could find insurrance and have over 600 retract time) Roger, would you please exercise some caution in snipping previous statements? The part you left in was "ArtP", not me. I want nothing to do with a Cirrus. Tom --- F33A @ 00V |
#25
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On Sun, 14 Dec 2003 09:33:18 -0700, "Tom Sixkiller"
wrote: Roger, would you please exercise some caution in snipping previous statements? The part you left in was "ArtP", not me. I want nothing to do with a Cirrus. Me neither, but when I snip I leave the top sig which should be the last person to post. Sorry. Roger Halstead (K8RI & ARRL life member) (N833R, S# CD-2 Worlds oldest Debonair?) www.rogerhalstead.com Return address modified due to dumb virus checkers Tom --- F33A @ 00V |
#26
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"Roger Halstead" wrote in message ... On Sun, 14 Dec 2003 09:33:18 -0700, "Tom Sixkiller" wrote: Roger, would you please exercise some caution in snipping previous statements? The part you left in was "ArtP", not me. I want nothing to do with a Cirrus. Me neither, but when I snip I leave the top sig which should be the last person to post. Sorry. For your pennance...three Our Father's and three Hail Mary's! :~) Roger Halstead (K8RI & ARRL life member) (N833R, S# CD-2 Worlds oldest Debonair?) www.rogerhalstead.com Return address modified due to dumb virus checkers Tom --- F33A @ 00V |
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