Re: Owner's insurance in NJ

[mikem]

On Thu, 31 Jul 2003 16:24:52 GMT, "Marco Rispoli"
> wrote:

> . . .
>If any one here owns a plane in NJ or North-East in general (as a private
>owner, for personal use only), could you give me an approximate figure of
>what you pay annually for insurance?

$1500

[Ray Andraka]

The biggest variable is the pilot. Why not call an insurance company (AOPA will
do) and ask for a ballpark quote for a specific make model and year aircraft
based at an airport near you.


Marco Rispoli wrote:

> I am looking into buying a plane (eventually). I am still training to become
> a pilot, so buying an airplane is probably many months away, but I want to
> start looking into the economics of owning a plane ahead of time.
>
> The type of plane that falls into my affordability range is a Piper Warrior
> or a Cessna 172 or a Grumman AA (all used, 30k-50k).
>
> I ran through the AOPA cost estimator and I got reasonable figures for most
> of the things I will have to pay.
>
> The only thing I can't get a ballpark for is insurance (what a surprise). I
> understand that coverage, type of plane, value of the plane, pilot's
> experience and even the airport where the airplane is stationed can affect
> the overall insurance cost. There's just too many factors involved to get an
> EXACT quote ... but I don't want an exact quote. I just want an approximate
> value for insurance cost so that I can get an idea of the total annual costs
> and I can start budgeting for it.
>
> If any one here owns a plane in NJ or North-East in general (as a private
> owner, for personal use only), could you give me an approximate figure of
> what you pay annually for insurance?
>
> Thank you
>
> --
> Marco Rispoli - NJ, USA
> You can read my flight training diary at
> http://www.tranceweb.net

--
--Ray Andraka, P.E.
President, the Andraka Consulting Group, Inc.
401/884-7930 Fax 401/884-7950
email
http://www.andraka.com

"They that give up essential liberty to obtain a little
temporary safety deserve neither liberty nor safety."
-Benjamin Franklin, 1759

[Ben Jackson]

In article >,
Marco Rispoli > wrote:
>I am looking into buying a plane (eventually). I am still training to become
>a pilot, so buying an airplane is probably many months away, but I want to
>start looking into the economics of owning a plane ahead of time.

I've worked the numbers many ways for many different planes and
scenarios. The old rule of thumb about breaking even at 100 hours/year
versus renting is *very* close (at least for singles). This does not
include the "cost of money" in any form -- ie you have to consider the
cost of investing in the plane and/or monthly payments on a loan
separately.

>The only thing I can't get a ballpark for is insurance (what a surprise).

I'd estimate $2000. If you want worst case, budget $4000 (which should
get you into a retract costing nearly twice that much) and you will
be pleasantly surprised.

--
Ben Jackson
>
http://www.ben.com/

[rip]

Depending on the plane, AOPA insurance quotes are often OUTRAGEOUSLY
high (like 3 to 4 times higher)!

Ray Andraka wrote:
> The biggest variable is the pilot. Why not call an insurance company (AOPA will
> do) and ask for a ballpark quote for a specific make model and year aircraft
> based at an airport near you.
>
>
> Marco Rispoli wrote:
>
>
>>I am looking into buying a plane (eventually). I am still training to become
>>a pilot, so buying an airplane is probably many months away, but I want to
>>start looking into the economics of owning a plane ahead of time.
>>
>>The type of plane that falls into my affordability range is a Piper Warrior
>>or a Cessna 172 or a Grumman AA (all used, 30k-50k).
>>
>>I ran through the AOPA cost estimator and I got reasonable figures for most
>>of the things I will have to pay.
>>
>>The only thing I can't get a ballpark for is insurance (what a surprise). I
>>understand that coverage, type of plane, value of the plane, pilot's
>>experience and even the airport where the airplane is stationed can affect
>>the overall insurance cost. There's just too many factors involved to get an
>>EXACT quote ... but I don't want an exact quote. I just want an approximate
>>value for insurance cost so that I can get an idea of the total annual costs
>>and I can start budgeting for it.
>>
>>If any one here owns a plane in NJ or North-East in general (as a private
>>owner, for personal use only), could you give me an approximate figure of
>>what you pay annually for insurance?
>>
>>Thank you
>>
>>--
>>Marco Rispoli - NJ, USA
>>You can read my flight training diary at
>>http://www.tranceweb.net
>
>
> --
> --Ray Andraka, P.E.
> President, the Andraka Consulting Group, Inc.
> 401/884-7930 Fax 401/884-7950
> email
> http://www.andraka.com
>
> "They that give up essential liberty to obtain a little
> temporary safety deserve neither liberty nor safety."
> -Benjamin Franklin, 1759
>
>

[G.R. Patterson III]

Marco Rispoli wrote:
>
> If any one here owns a plane in NJ or North-East in general (as a private
> owner, for personal use only), could you give me an approximate figure of
> what you pay annually for insurance?

I pay $1,280 a year for a policy on an 8 year old Maule with $65k hull
insurance. Even as a low time pilot, you should be able to do better than
that for a 172 valued at $30k.

I second the others who have suggested calling an agent. My broker is
Chris Wolbert. His number is 301-682-6200. I have asked for and gotten
"ball park" quotes from him before on aircraft in which I was interested,
so he will probably be happy to help you out. He usually can get you a
good deal when you do buy too.

George Patterson
The optimist feels that we live in the best of all possible worlds. The
pessimist is afraid that he's correct.
James Branch Cavel

[Marco Rispoli]

Thank you all for your replies.

I did guess that it would cost between 1500 to 2000 and it sounds like I
wasn't far off.

Thanks again guys!

--
Marco Rispoli - NJ, USA
You can read my flight training diary at
http://www.tranceweb.net
"G.R. Patterson III" > wrote in message
...
>
>
> Marco Rispoli wrote:
> >
> > If any one here owns a plane in NJ or North-East in general (as a
private
> > owner, for personal use only), could you give me an approximate figure
of
> > what you pay annually for insurance?
>
> I pay $1,280 a year for a policy on an 8 year old Maule with $65k hull
> insurance. Even as a low time pilot, you should be able to do better than
> that for a 172 valued at $30k.
>
> I second the others who have suggested calling an agent. My broker is
> Chris Wolbert. His number is 301-682-6200. I have asked for and gotten
> "ball park" quotes from him before on aircraft in which I was interested,
> so he will probably be happy to help you out. He usually can get you a
> good deal when you do buy too.
>
> George Patterson
> The optimist feels that we live in the best of all possible worlds. The
> pessimist is afraid that he's correct.
> James Branch Cavel

[Mark Astley]

Marco,

Didn't see this posted yet, but you can get a free quote online at the AOPA
insurance agency web site:

http://www.aopaia.com/

Occasionally they will not be able to give you an immediate quote, but they
usually follow up in a day or two via e-mail with the quote.

Just another data point for you: I'm based in northern NJ, I pay $980/yr for
my '70 PA28-140 with about $35K in hull insurance.

mark

"Marco Rispoli" > wrote in message
t...
> I am looking into buying a plane (eventually). I am still training to
become
> a pilot, so buying an airplane is probably many months away, but I want to
> start looking into the economics of owning a plane ahead of time.
>
> The type of plane that falls into my affordability range is a Piper
Warrior
> or a Cessna 172 or a Grumman AA (all used, 30k-50k).
>
> I ran through the AOPA cost estimator and I got reasonable figures for
most
> of the things I will have to pay.
>
> The only thing I can't get a ballpark for is insurance (what a surprise).
I
> understand that coverage, type of plane, value of the plane, pilot's
> experience and even the airport where the airplane is stationed can affect
> the overall insurance cost. There's just too many factors involved to get
an
> EXACT quote ... but I don't want an exact quote. I just want an
approximate
> value for insurance cost so that I can get an idea of the total annual
costs
> and I can start budgeting for it.
>
> If any one here owns a plane in NJ or North-East in general (as a private
> owner, for personal use only), could you give me an approximate figure of
> what you pay annually for insurance?
>
> Thank you
>
> --
> Marco Rispoli - NJ, USA
> You can read my flight training diary at
> http://www.tranceweb.net
>
>