Insurance
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Insurance
Hi all
I am looking at buying another aircraft after not owning for a few years. I heard the pricing has gone up quite a bit. I am looking for suggestions on insurance companies/brokers. I did get one quote from magnes for a previous aircraft but need to go get another one from them for this new model. A google search leads me to the companies mostly but I think I am looking for a broker?
I am in Ontario but used a company in BC for a few years. They seemed to be growing too fast and became hard to deal with, could not find my account when I called, lost faxes, so I moved on. I am not out to bash anyone, but rather looking for positive suggestions. If you would rather pm me, that would be good too
The aircraft would be a homebuilt tail dragger, both new types for me, sort of. I only have about 10 hours tailwheel time so far.
Thanks
Shawn
I am looking at buying another aircraft after not owning for a few years. I heard the pricing has gone up quite a bit. I am looking for suggestions on insurance companies/brokers. I did get one quote from magnes for a previous aircraft but need to go get another one from them for this new model. A google search leads me to the companies mostly but I think I am looking for a broker?
I am in Ontario but used a company in BC for a few years. They seemed to be growing too fast and became hard to deal with, could not find my account when I called, lost faxes, so I moved on. I am not out to bash anyone, but rather looking for positive suggestions. If you would rather pm me, that would be good too
The aircraft would be a homebuilt tail dragger, both new types for me, sort of. I only have about 10 hours tailwheel time so far.
Thanks
Shawn
Re: Insurance
There are only a very few underwriters who cover GA in Canada. All brokers have access to the same underwriters and will get the same market rates. Pick your broker based on their customer service; the price you'll get will be the same everywhere. Magnes and Air1 are the two I knonw.
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
Re: Insurance
Also I think you will have a really tough time getting insurance on a tail dragger with only 10 hours of tail wheel time fyi
Re: Insurance
Does not have to be an issue, depending on your other experience.
As an AvCanada discussion grows longer:
-the probability of 'entitlement' being mentioned, approaches 1
-one will be accused of using bad airmanship
-the probability of 'entitlement' being mentioned, approaches 1
-one will be accused of using bad airmanship
Re: Insurance
If the lack of experience on type turns out to be a problem you can ask for not-in-motion insurance only until you have 25 or 50 hours, and take the risk on yourself.
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
Re: Insurance
Insurance won't be the issue, hull coverage will be.
"Carelessness and overconfidence are more dangerous than deliberately accepted risk." -Wilbur Wright
Re: Insurance
I take it you mean liability insurance won't be the issue, hull coverage will be?
DId you hear the one about the jurisprudence fetishist? He got off on a technicality.
Re: Insurance
Correct.
"Carelessness and overconfidence are more dangerous than deliberately accepted risk." -Wilbur Wright
Re: Insurance
Bede Van's RV4
I went through my log book, actually, 16 hours. 6+ of that instruction, the rest in my J3 when I had it. I was anxious to get it back on floats, but in hindsight, I should have logged much more while I easily could have. I sent out a couple of applications. Waiting to hear.
I might skip the hull coverage till I get enough hours. Been considering that too. If I crash it, and don't die, my wife will kill me anyways so don't really need to replace the plane in that situation...
Thanks for the input.
Cheers,
Shawn
I went through my log book, actually, 16 hours. 6+ of that instruction, the rest in my J3 when I had it. I was anxious to get it back on floats, but in hindsight, I should have logged much more while I easily could have. I sent out a couple of applications. Waiting to hear.
I might skip the hull coverage till I get enough hours. Been considering that too. If I crash it, and don't die, my wife will kill me anyways so don't really need to replace the plane in that situation...
Thanks for the input.
Cheers,
Shawn
Re: Insurance
Since I asked, I figure I would reveal what I found. Only 2 of 3 quotes back, 3200 each roughly, after taxes.
Magnes and Global. 2-5 hour instructor time needed before passengers. 60K value. It sounds about what I have been hearing from others.
Still waiting on March but their online silverwings quote yielded 1300ish (no hull coverage)
Ouch. Hopefully, it will go down after a decent amount of tail wheel flying. Will see.
Thanks for the input.
Magnes and Global. 2-5 hour instructor time needed before passengers. 60K value. It sounds about what I have been hearing from others.
Still waiting on March but their online silverwings quote yielded 1300ish (no hull coverage)
Ouch. Hopefully, it will go down after a decent amount of tail wheel flying. Will see.
Thanks for the input.
Re: Insurance
I pay just a little less than that on my taildragger flying boat, though being an amphibian, that puts the risk back up again. In this year's market, that price seems within reason. Once you have coverage, go fly lots to get the value back out it the premium!
Re: Insurance
Thank you for posting!ShawnR wrote: ↑Sun Aug 14, 2022 8:11 am Since I asked, I figure I would reveal what I found. Only 2 of 3 quotes back, 3200 each roughly, after taxes.
Magnes and Global. 2-5 hour instructor time needed before passengers. 60K value. It sounds about what I have been hearing from others.
Still waiting on March but their online silverwings quote yielded 1300ish (no hull coverage)
Ouch. Hopefully, it will go down after a decent amount of tail wheel flying. Will see.
Thanks for the input.
As an AvCanada discussion grows longer:
-the probability of 'entitlement' being mentioned, approaches 1
-one will be accused of using bad airmanship
-the probability of 'entitlement' being mentioned, approaches 1
-one will be accused of using bad airmanship
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Re: Insurance
COPA has their in-house insurance run by Magnes and I’ve only heard good things about their policy. Possibly the only insurance policy that is completely open to you having people use your airplane by purchasing block time off you and fairly open and easy to satisfy policy requirements from my experience.
Re: Insurance
Perhaps on some types, but I doubt an RV-4, nor tailwheel types....Possibly the only insurance policy that is completely open to you having people use your airplane by purchasing block time off you and fairly open and easy to satisfy policy requirements
Re: Insurance
Marsh offers it as well nowadays as an option you can pay for. But 'open' does not always mean 'just whoever you want'. It's always good to shop around a bit. I usually ask a quote with Marsh and a local broker. It goes either way whoever is cheaper that year.praveen4143 wrote: ↑Mon Aug 15, 2022 6:07 am COPA has their in-house insurance run by Magnes and I’ve only heard good things about their policy. Possibly the only insurance policy that is completely open to you having people use your airplane by purchasing block time off you and fairly open and easy to satisfy policy requirements from my experience.
As an AvCanada discussion grows longer:
-the probability of 'entitlement' being mentioned, approaches 1
-one will be accused of using bad airmanship
-the probability of 'entitlement' being mentioned, approaches 1
-one will be accused of using bad airmanship