Renter Insurance

That is waaaaayyyy to blanket of a statement. Buying insurance is
just like any other financial decision. You must weight the risk vs.
the reward. There is no way possible to assign all your risk to
insurance companies so you must decide how much you are willing to pay
to reduce your exposure. It greatly depends on the assests you are
trying to protect and your level of comfort.

-Robert

I stand by my statement. I will NEVER fly without insurance coverage.
**For me and my family** there is too much at risk that I can't justify
a few hundred dollars a year for.

I'm dealing with some auto insurance claims now that I'm glad I have the
higher policy limits for because some of the other people involved are
not settling with my insurance and thus are filing a lawsuit for an
amount that is well more than I make in 1 year. I don't pretend to know
a lot about the insurance, but I do know that I will purchase the most
coverage I can afford that is appropriate to my situation.

Chris


Robert M. Gary wrote:
That is waaaaayyyy to blanket of a statement. Buying insurance is
just like any other financial decision. You must weight the risk vs.
the reward. There is no way possible to assign all your risk to
insurance companies so you must decide how much you are willing to pay
to reduce your exposure. It greatly depends on the assests you are
trying to protect and your level of comfort.

-Robert

"Robert M. Gary" wrote in message

to reduce your exposure. It greatly depends on the assests you are
trying to protect and your level of comfort.

That is certainly true when it comes to hull insurance since the level of
damage is somewhat objective or at least has realistic upper end. I think
there are very few circumstances though where it makes sense to fly without
liability insurance even if you have huge deep pockets. If a policy exists,
there is a very good chance a settlement can be negotiated for policy
limits. If there is no policy, then the settlement amount becomes an
arbitrary number and can easily exceed typical insurance policy limits --
once they have to go after your personal assets, there is no reason for them
to be restrained.

--------------------
Richard Kaplan

www.flyimc.com

I think I meant it the other way. If you don't have a lot of assets you
may not want to buy a lot of insurance for two reasons. First, there
isn't much to motivate the insurance company to come after you if you
don't have a lot of assets. Second, having a large policy can make you
a target. In most states we have JSL, which basically means if you are
5% at fault but you have the most money you can be sued for the entire
amount of loss and its up to you to recover from the people responsible
for the other 95%. Having an unreasonably large amount of insurance
makes you a quick and easy target.

-Robert

Robert, it is customary to quote a line or paragraph or two to indicate what you
are replying to. If you don't know how, ask someone to show you. This is not
an invitation to archive the entire conversation; just a few lines is plenty.

You'll note I didn't bother with any quotation here. Makes it difficult to
follow, doesn't it?



--
Mortimer Schnerd, RN

VE

"Robert M. Gary" wrote in message

I think I meant it the other way. If you don't have a lot of assets you
may not want to buy a lot of insurance for two reasons.

That may be true but it almost always makes sense to have SOME level of
liability insurance. First, that means you are entitled to a legal defense
paid by the insurance company. Second, it creates the likelihood that any
suit will be settled for policy limits.

If your assets and potential future earnings are both so small as to make a
lawsuit against you pointless then it is hard to understand how you have
enough disposable income to fly.

--------------------
Richard Kaplan

www.flyimc.com

Richard Kaplan wrote:

That may be true but it almost always makes sense to have SOME level of
liability insurance. First, that means you are entitled to a legal defense
paid by the insurance company. Second, it creates the likelihood that any
suit will be settled for policy limits.

There is also a third reason. If I crippled somebody and destroyed his
life, I would be very unhappy of course. But if I were not insured and
could not compensate his "inconvenience" at least to some degree, so
that he not only was crippled, but on top of this also financially
ruined, I would sleep pretty bad for the rest of my life. But maybe this
thinking is too European.

Stefan

"Stefan" wrote in message
...
There is also a third reason. If I crippled somebody and destroyed his
life, I would be very unhappy of course. But if I were not insured and
could not compensate his "inconvenience" at least to some degree, so that
he not only was crippled, but on top of this also financially ruined, I
would sleep pretty bad for the rest of my life. But maybe this thinking is
too European.

Unfortunately, if the injury is to a passenger, then the insurance policies
available in the US (at least the ones I know of, such as what AOPA offers)
only cover up to $100,000 (per passenger). That won't make much of a dent in
the case of a badly disabling injury.

--Gary

Gary Drescher wrote:

Unfortunately, if the injury is to a passenger, then the insurance policies
available in the US (at least the ones I know of, such as what AOPA offers)
only cover up to $100,000 (per passenger). That won't make much of a dent in
the case of a badly disabling injury.


Gary,

Policies without the $100K submlimit are not as rare as you seem to
think. My aircraft liablility policy (and every one I've had for the
last 10 yrs) is $1 million with no sublimits. AOPA is not an insurance
agency, they're just a policy writer for a single underwriter. Talk
to a real aviation insurance agent and you'll find that just about
anyone can get a policy with no sublimits. The catch? While they
provide 10 times the potential coverage for a passenger, they do cost
an average of 25% - 30% more than a policy with sublimits.

John Galban=====N4BQ (PA28-180)

Well like I said, I have to have the renters insurance..not something I
would consider under different circumstances due to the fact that my flight
school here has insurance that covers all but $1000 deductible. But the
place where I am doing the taildragger thing requires the renters insurance
for solo and aircraft rental.
Been alot of discussion on insurance but no answers to my questions? I
did find a place that financed the premiums. Avemco was the cheapest but
they would not finance. So I have to pay alittle more and for alittle more
coverage...had to go with 40,000 hull instead of 25,000.
Anyway I will have it for my next flying trip! Myself I think insurance
is a rip off in general. I think back on the outrageous premiums paid for
auto insurance for all those years and WOW I could buy a very nice sports
car with all that money...since I have never filed a claim.
Then you have your medical insurance, which loves you while you are
young and healthy and then wants to cancel on you because you get old!!!!!
Homeowner's insurance that is supposed to cover your home,..but WAIT you
must have earthquake insurance and flood insurance extra!!!! Nothing but
price gouging, IMHO. If the insurance is just we pick and chose what we
cover, then is it really insurance,...or just flushing money down the big
huge toilet!!! Sometimes I wonder.

Patrick
student SPL
aircraft structural mech
"Robert M. Gary" wrote in message
ps.com...
That is waaaaayyyy to blanket of a statement. Buying insurance is
just like any other financial decision. You must weight the risk vs.
the reward. There is no way possible to assign all your risk to
insurance companies so you must decide how much you are willing to pay
to reduce your exposure. It greatly depends on the assests you are
trying to protect and your level of comfort.

-Robert