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In a message dated 9/2/2008 11:10:24 P.M. Eastern Daylight Time,
rwolf99@aol.com writes:
So,
what *is* the going rate for insurance on a 360? I'm an IFR-rated
commercial pilot with 500 hours total and zero hours in type.
$1000
per year? Sure I'll buy it.
$2000 per year? I'll
grumble but pay it.
$7000 per year? No way.
Is there a
significant savings to be had by forgoing hull insurance? I
believe that most airports require liability insurance in order to rent a
hangar.
Rob,
Forgoing in motion hull insurance merely means you are self
insuring for damage to your own aircraft once the engine is running. Not
in motion insurance is very cheap (like automobile comprehensive).
Liability insurance may be easier to get with low time in type although you may
not be able to get $1M smooth - i.e. there may be limitations on what passengers
are insured for. Usually aircraft liability insurance extends to liability
coverage while the airplane is located at a facility in which the airplane
is stored or maintained. You should check with an agent (such as Falcon)
or the EAA if you are a member.
My liability insurance premium (1M/100K) is $450 where I am the sole
pilot (SEL, MEL, Comm, Inst, 2270 TT, 930 in type) and the in motion
hull premium for my self-built TAA Lancair 320, valued at $100,000, is
$1990.
Originally, I thought I didn't need hull insurance as it wouldn't make
much difference to my estate and all accidents end in death. I was
wrong. After paying for the repairs following a non-insured gear up
('twas pricey), I chose to insure the hull. Let's see, that was 6
years ago and about $12,000 in premiums. 70 more hours and I will be safe
from accidents - maybe then I'll drop the in motion
insurance.
Grayhawk
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