Insurance for low time pilot

Trigear? Taildragger? Fixed pitch prop? Which Engine? ...anything related with model selection considerations and questions about buying a Maule
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flyusn99
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Post by flyusn99 »

Another key point is the deductible. Read the fine print because if your $40,000 hull has a $10,000 deductible then they cut you a check for $30,000, not the $40k you were expecting. My deductible was $15,000 which I failed to account for in my calculations. That was en expensive lesson to learn....

James

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Undaunted
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Post by Undaunted »

We used AIR (Aviation Insurance Resource)
First year for a M7 with NO tailwheel time, two pilots, one of whom was brand new with 100K of hull coverage was $3000. (this included a rider for use of any other plane with coverage up to 160K on the other plane)
Now after 2 years with each having over 100 hours in the plane it dropped to $2000.

They have been easy to work with and answer all questions...ie are we covered off airport landings (their answer, YES, it is a tail dragger afterall), covered for landing on lakes in the winter etc. Our agent flys a 180 (not a character judgement, just saying he knows tailwheel)
1999 M7-235C

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Mog
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Post by Mog »

flyusn99 wrote:Another key point is the deductible. Read the fine print because if your $40,000 hull has a $10,000 deductible then they cut you a check for $30,000, not the $40k you were expecting. My deductible was $15,000 which I failed to account for in my calculations. That was en expensive lesson to learn....

James
This is a good point, mine is a zero deductible.

goodt05
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Post by goodt05 »

Check out wenk aviation http://www.wenkaviation.com/about-us.html
I got a policy for 78K with 1.0 hr of prior tailwheel experience(me) and a friend with 50 hrs for $1800. All I had to do was get 5 hrs of instruction from an insurance approved CFI

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Lowflybye
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Re: insurance

Post by Lowflybye »

TomD wrote:Someone from the industry should chime in here, but I would caution on "under insuring" your bird.

As I understand the way it works, if you ball up your plane or it gets trashed by hail, a tree falls on the rear, etc and the cost of repair equals 75% of the the hull insured value; then the insurance company can write you a check for the insured value and the airplane is then theirs.

TD
Well, I'm not an underwriter or agent anymore, but I used to play them on TV. :lol:

If you are going to insure the hull, then do so for what it will cost you to replace it. Aircraft insurance, unlike other lines, is done on an agreed value basis. This means that whatever value is agreed to between you and the underwriter is what will be listed in the policy and what will be paid out in the event of a total loss...deductibles will apply of course.

The misnomer is that there is a certain percentage of the hull value that (if met on a claim) will automatically render the aircraft a "total loss". While there may be guidelines within the companies for the adjuster, the determination of a total loss usually resides within his / her authority. Because the policy is an "agreed value" the reality is that any loss can be deemed a total loss and the adjuster can "buy" the salvage from you for that agreed price. In most cases, the adjuster is willing to work with the insured to determine what works best for both parties. I have seen adjusters total out an aircraft for "minor" damage and I have seen them pay claims equal to the value of the aircraft because the owner wants to return it to the air. The other misnomer is that there is an option for first right of refusal to the insured. Once a total loss is paid, the "salvage" belongs to the insurance company. Once again, each company has their own guidelines as to how salvage is handled, but in every case they are under no obligation to sell it back to the insured unless an endorsement to that effect is pre-existing in the insurance policy (contract) and I only saw that one time in the 11 years I was in the industry.

You fellows in AK do not apply on this topic as things are a bit different up your way. With regards to deductibles...most companies have set deductibles for their policies and rarely are those deductibles very high or negotiable. For example, USAIG usually has $0 deductibles, AIG was at $100 Not In Motion / $100 In Motion, Global was at $50 NIM / $250 IM, and on down the line. When I was still in the industry, I could usually tell which underwriter you were with simply based on your deductibles.

Hopefully that helps with some of the questions without being too confusing.

-Chris
"To most people, the sky is the limit. To a pilot, the sky is home."

Still a bit cloudy when it comes to aviation insurance? Find some clarity: Clear on Top

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bobguhr
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Post by bobguhr »

I use AOPA's insurance service, I had 1400hrs in a tri gear Maule MXT7-180, 11 hrs in an M4-180V and 20hrs in an M6 235 (31 hrs total tail wheel time)
I'm in my first year with the M6 235 and I pay $2,500 for $0 deductible and $90,000 hull. The last year in my Tri-Gear it cost me $1,200 for $70,000 hull. AOPA Insurance Services Amanda Mahoney EXT 1120

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MizzouMaule
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Post by MizzouMaule »

I can't take credit for this, but on another forum, Chris Owens had the name below of insurance to call for low time pilots. I just called to see what mine would be when I renew in October... WOW!

I've got 260 hours total, about 105 in my Maule and she's going to save me $1300/year (from my current $2,800) My premium will be about $1500 in October.

U.S Specialty is the carrier she uses and she says they have a better appetite for Maules than anyone........


Stephanie Dennis
Light Aircraft Account Executive
Gallagher Aviation
877-913-6247
(M-F 8:30 – 5:00 EST)
Referrals are always appreciated!!

Formerly NationAir Aviation Insurance

Arthur J. Gallagher Risk Management Services, Inc.
595 Bell Ave / Spirit of St. Louis Airport /
Chesterfield, MO 63005

Direct: 877-913-6247 I Fax: 636-532-3646
www.ajg.com/lightaircraft / | www.ajg.com
Bill
1998 MX7-180C

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Stinger
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Post by Stinger »

I bought an MX7-180A last September. I had about 100 hours of TT, and maybe 10 hours of tailwheel.
Insured in Montana with Mountain Air Insurance using US Specialty. About $1400/year.
Now I'm in Oklahoma and Mountain Air doesn't have a license for Oklahoma. I went to the US Specialty site and found Joe West Insurance / Insurica out of Tulsa. US Specialty said they'd just do an insurance agent change taking place the same day, and then Insurica would handle the renewal this coming September.

http://www.tmhcc.com/About/OperatingCom ... fault.aspx

Won't show every company that's licensed in that state, only the ones that have an office there. Mountain Air has a license for most of the western US, but only shows up with a Montana search. They also told me, if they get enough inquiries from a state, they'll look into getting licensed there. Need enough people or a big enough account to make it worth it though.

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Joe Crecente
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Post by Joe Crecente »

I also saw Stephanie at Gallagher's mentioned in an earlier post and contacted her. MX7-180C 2007 insured for a hull value of 104000 cost me 4375 saving over 1500.
Joe Crecente
Owner of N3055C, a MX7-180C.
Pilot at last.

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Wyflyer
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Post by Wyflyer »

TxAgfisher wrote:Duncan in Waxahachie, Tx has mine. Total time for me is 65 hours and about 35 of that TW. Think my policy is like $2200 on a $45k hull.
They are my agents also.
This year mine cost 1185.00 for 90k hull value, 213 in make/model with 286 tailwheel.
They were the best price I found when I had zero Maule hours
we allow darwins law to take its course. -chris erasmus

BradleyP
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Post by BradleyP »

Bill White in Corona, CA... http://www.insuranceBWI.com

A lot of our friends at BCP use them and my entire family has used them for 40 years.

That being said, Bill is my Grandpa's cousin, but he wouldn't know me from adam.

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