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More on High Performance Insurance
I received this from a friend who knows a Diamond Star owner in MA:
"If you can afford the planes you can probably afford the insurance but AVEMCO wanted $8300 per year for the SR20 and only about $4500 for the DA40. It seems that low-time pilots have made a mess of many a Cirrus. (I got my best quotes from www.avemco.com and www.falconinsurance.com. A local agent in Massachusetts was unable to do better than $9500!) AVEMCO lowered my rate to $1800 for a second year of DA40 owernship while my friends who own Cirrus are getting hit with big increases because of all the crashes." 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. :-( -- Jay Honeck Iowa City, IA Pathfinder N56993 www.AlexisParkInn.com "Your Aviation Destination" |
#2
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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. |
#3
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"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. Insurance actuaries do not base their rates on "lately". |
#4
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On 12-Dec-2003, ArtP wrote: Actually there have not been any [Cirrus] 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. Art, Are you instrument rated? If not, have you asked your broker how much less your insurance would be if you were IR? -- -Elliott Drucker |
#5
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Don't forget that a large part of the insurance is for the hull, and that
the rate for liability is relatively constant. You can decrease your premium by minimizing the amount of hull insurance to the level that you can afford to lose in case of a mishap. |
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#7
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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. |
#8
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On Sat, 13 Dec 2003 01:54:15 GMT, "Viperdoc"
wrote: Don't forget that a large part of the insurance is for the hull, and that the rate for liability is relatively constant. You can decrease your premium by minimizing the amount of hull insurance to the level that you can afford to lose in case of a mishap. I was under the impression that if your insured value is too low, it is in the interest of the insurance company to declare a fixable plane a total lose, give you the insured value, fix it up and sell it for market value. The excess liability went from $2500 to $5000, so everything doubled, not just the hull, and some pilots were unable to get smooth. Recently a new company entered the Cirrus market which seems to be lowering the rates. |
#9
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Viperdoc wrote: Don't forget that a large part of the insurance is for the hull, and that the rate for liability is relatively constant. You can decrease your premium by minimizing the amount of hull insurance to the level that you can afford to lose in case of a mishap. So, you insure the plane for half what it's worth. Then some clown runs into the aileron with the lawnmower and does $1,000 damage. The insurance company totals the aircraft, puts $1,000 into repairs, and resells it for a nice profit. Enjoy your settlement. George Patterson Great discoveries are not announced with "Eureka!". What's usually said is "Hummmmm... That's interesting...." |
#10
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On Fri, 12 Dec 2003 21:45:26 -0500, "G.R. Patterson III"
wrote: So, you insure the plane for half what it's worth. Then some clown runs into the aileron with the lawnmower and does $1,000 damage. The insurance company totals the aircraft, puts $1,000 into repairs, and resells it for a nice profit. Enjoy your settlement. Although under insuring the plane gives you a built in deductible. If you only insure the plane for 1/2 of its value you wouldn't file a claim until the cost of repair exceeded 1/2 the value of the plane so your example would not happen. |
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