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#1
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ME Insurance
Can a multi-engine student get insurance for his own ME airplane,
based on his instructor's ME time? One insurance company is saying "no way"; they'll only insure him AFTER he get's his ME rating. I'm wondering if this is universally true. |
#2
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ME Insurance
Scott,
I got coverage on a 310 with no rating but was back in 2001. But it cost $6500 to insure it for $120k. I had the Commercial ME rating and close to 200 the next year and it dropped to $3500. It was abt the same last year with new engines ($170k Hull) and 600 hrs. Keep looking and good luck. Mark Manes N28409 "Scott Draper" wrote in message ... Can a multi-engine student get insurance for his own ME airplane, based on his instructor's ME time? One insurance company is saying "no way"; they'll only insure him AFTER he get's his ME rating. I'm wondering if this is universally true. |
#3
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ME Insurance
Thanks, Mark. Who was your insurance with?
On Sat, 24 Dec 2005 17:31:30 -0600, "Mark Manes" wrote: Scott, I got coverage on a 310 with no rating but was back in 2001. But it cost $6500 to insure it for $120k. I had the Commercial ME rating and close to 200 the next year and it dropped to $3500. It was abt the same last year with new engines ($170k Hull) and 600 hrs. Keep looking and good luck. Mark Manes N28409 "Scott Draper" wrote in message .. . Can a multi-engine student get insurance for his own ME airplane, based on his instructor's ME time? One insurance company is saying "no way"; they'll only insure him AFTER he get's his ME rating. I'm wondering if this is universally true. |
#4
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ME Insurance
are you "no ME rating" or no rating at all..
yes some people do go straight to Private Multi as their first aircraft.. Instrument and Commercial ratings with at least 500 or 1000hrs total time will reduce the premium. What type aircraft? how many seats? anything over 4 seats increases the pilot limitations and/or insurance premiums significantly. Type aircraft based on "accident rate" also makes a factor. Piper Seminole vs Beech Baron, etc. good luck BT "Scott Draper" wrote in message ... Can a multi-engine student get insurance for his own ME airplane, based on his instructor's ME time? One insurance company is saying "no way"; they'll only insure him AFTER he get's his ME rating. I'm wondering if this is universally true. |
#5
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ME Insurance
Parts availability makes a difference as well. My insurance broker was
telling me there is some very inexpensive Piper twin out there that is very old and not many parts. Any accident ends up being a total so the rates are very high. -Robert |
#6
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ME Insurance
That would probably be the Aztec A or B models. Limited numbers, expensive
prop AD's, and many dis-similar parts to the much more numerous later models. Unless the props have been replaced with non-AD hubs/props and some interior, paint, and avionics upgrades have been performed, they are basically worth the value of the engines. By the time you spend that much on a twin that old, you'll be lucky if you can find an insurance agency willing to insure the hull for what you've put into it. I know of a local B model that was offered for sale @ $60k over a year ago... last ad I saw had it listed for less than $30k. A sharp scrapyard can get a lot more out of it in parts. Our lowest time partner is a PPL-IA-SEL-MEL. He had about 200 hours when he did his MEL. First years insurance on our Aztec with $88k hull cost us $4600 IIRC. Getting the rating only takes a weekend. If I had any insurance questions, it wouldn't be about cost or if I could get insurance before I received the rating, it would be "What twins can I get insurance in as a pilot with these ratings and with these times?" I'm sure we wouldn't have gotten any company to take us if we had first bought a C421 or an Aerostar with only 10-15 hours MEL time. (if they did, they would have forced us to live with a MEI with lots of hours in make/model before ever turning us loose) Jim "Robert M. Gary" wrote in message oups.com... Parts availability makes a difference as well. My insurance broker was telling me there is some very inexpensive Piper twin out there that is very old and not many parts. Any accident ends up being a total so the rates are very high. -Robert |
#7
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ME Insurance
are you "no ME rating" or no rating at all..
Actually, I'm the instructor. My student's father bought him a 182 to do his instrument rating in, whereupon he sold the airplane for a profit and the instrument rating was free. Since his father was willing to buy a twin, I suggested doing his ME Commercial before his SE. However, his insurance agency said they won't insure him until he has his ME, so we're considering doing a private ME add-on, VFR only, in our flight school's Seneca, and then go for his Commercial ME in his own airplane. However, it makes far more sense to do everything in his own airplane, if he can get insured. |
#8
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ME Insurance
Based on what you described.. he should be able to do his Pvt ME add-on in
his own plane (all dual received).. get the insurance and press for the Commercial ME then Commercial SE. Or did you mean that the insurance company would not insure him until he had Comm and ME. Granted, the kicker for the Commercial is the required Long Solo cross country.. everything else can be dual received, unless he is short on total time requirements. Our local flight school has Seneca II, but you need Comm ME and Instrument to rent them solo, but with a qualified MEI, no problems.. it's all dual until the check ride. Then you are limited to one pax until x number of hours in type and total ME hours, before you can "fill the seats". BT "Scott Draper" wrote in message ... are you "no ME rating" or no rating at all.. Actually, I'm the instructor. My student's father bought him a 182 to do his instrument rating in, whereupon he sold the airplane for a profit and the instrument rating was free. Since his father was willing to buy a twin, I suggested doing his ME Commercial before his SE. However, his insurance agency said they won't insure him until he has his ME, so we're considering doing a private ME add-on, VFR only, in our flight school's Seneca, and then go for his Commercial ME in his own airplane. However, it makes far more sense to do everything in his own airplane, if he can get insured. |
#9
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ME Insurance
Based on what you described.. he should be able to do his Pvt ME
add-on in his own plane (all dual received).. get the insurance and press for the Commercial ME then Commercial SE. The insurance company will not insure him while we are pursuing the Private add-on, even if it's all dual (so he tells me). Granted, some people take the risk, but I can't recommend that route. Granted, the kicker for the Commercial is the required Long Solo cross country.. everything else can be dual received, unless he is short on total time requirements. Yep, that's wasted time, IMO, the "performing the duties of pilot-in-command". That's why I normally discourage the ME as the first rating, but when you own your own airplane, the ME hours come a lot cheaper. Thank you. |
#10
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ME Insurance
Scott Draper writes:
Can a multi-engine student get insurance for his own ME airplane, based on his instructor's ME time? One insurance company is saying "no way"; they'll only insure him AFTER he get's his ME rating. I'm wondering if this is universally true. I bought our Aztec before I even had my Private. My partner had his MEL though. We were both on the policy as soon as I got my ASEL. I was just required to spend 25(?) hours dual and then 15 hours solo in the plane before I was insured for carrying passengers. Call Andy Facer at Facer Insurance. (It's storming here and I'm offline so I can't look up the info.) --kyler |
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