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More on High Performance Insurance



 
 
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  #1  
Old December 12th 03, 08:55 PM
Jay Honeck
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Default 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  
Old December 12th 03, 09:14 PM
ArtP
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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  
Old December 13th 03, 01:41 AM
Tom
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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  
Old December 13th 03, 02:48 AM
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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  
Old December 13th 03, 02:54 AM
Viperdoc
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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.


  #6  
Old December 13th 03, 03:22 AM
ArtP
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On Sat, 13 Dec 2003 01:48:51 GMT, wrote:

..
Are you instrument rated? If not, have you asked your broker how much less
your insurance would be if you were IR?


I am instrument rated and commercial.

  #7  
Old December 13th 03, 03:23 AM
ArtP
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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  
Old December 13th 03, 03:30 AM
ArtP
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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  
Old December 13th 03, 03:45 AM
G.R. Patterson III
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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  
Old December 13th 03, 03:49 AM
ArtP
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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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