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Posted for "Sasscer, Michael S CDR" <michael.sasscer@navy.mil>:
My insurance premium
(what an appropriate term.....Premium) is up for renewal @ $2436 with AIG,
1,000,000 Liability/100K hull for a LNC2/360.
We can all agree that $2.5K is not pocket change. However, lets look at the big picture. While the insurance premiums for Lancairs are higher than comparable certified aircrafts, they are not significantly higher. A typical Mooney 201 with an IO-360 engine, slightly lower performance, slightly lower hull value, slightly higher liability due to 4 seats instead of two, a SIGNIFICANTLY larger pool and SIGNIFICANTLY better safety record, will be insured for around $2K. The "typical" pilot for this typical airplane has several hundred hours of retract time, several hundred hours in make and model, an instrument rating and takes annual recurrent training in that aircraft.
Considering the loss rate we have suffered in the last couple of years, I am actually surprised that insurance is available at any price. The best thing to lower premiums is to fly safely and encourage others to do so. I know that a lot of people take the attitude that if someone is doing something stupid, it is that person's problem and if they get killed doing it, they suffer the consequence of their actions. However, you too will suffer the consequences of their actions when it comes time to renew your insurance.
Regards,
Hamid
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