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larry(at)macsmachine.com
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 Posted: Thu May 15, 2008 10:46 am Post subject: Insurance renewal |
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Hi guys,
The posts from each of you were very useful. It helped me continue full
coverage insurance and decide when the aircrafts log-time reaches the
300-hour mark. I was informed that each year, as I renew, the added
hours help bring the insurance rate down. This has been the case for
the 115 hours accrued. Liability is nearer $600 with $350 added for
non-moving hull insurance brings it to $950 and full coverage, down from
$1525.00 in 2004, is now $1400.00 at 115 hours. The cost will bottom
out, but be approximately cut in half by the time I renew past the
300-hour mark.
Thanks again for the input.
Larry McFarland
601HDS with Stratus Subaru at www.macsmachine.com
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frankroskind(at)HOTMAIL.C
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| Posted: Thu May 15, 2008 11:36 am Post subject: Insurance renewal |
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Please be careful in buying hull insurance. Consider the case of a plane worth $75,000, insured for $50,000, with a $5,000 deductible. If the plane suffers an engine failure, and lands with the prop not turning, it could cause $30,000 in damage to the aircraft. The insurance company will look at the plane, and realize it can sell the engine for $15,000, and the radios for $15,000. Instead of fixing the plane, they will total it, and pay you $45,000. They will receive $30,000 for the radios and engine, and another $5,000 for the scrap value of the rest. It will cost the isnurance company $10,000, instead of $30,000, and you will be out an airplane worth 75K with only 45K in hand. There are a lot of traps like that, and you would do well to read a lot of AOPA and EAA stuff on insurance, and to talk to an attorney BEFORE you insure.
| Quote: | Date: Thu, 15 May 2008 13:43:21 -0500
From: larry(at)macsmachine.com
To: zenith-list(at)matronics.com
Subject: Insurance renewal
--> Zenith-List message posted by: LarryMcFarland <larry(at)macsmachine.com>
Hi guys,
The posts from each of you were very useful. It helped me continue full
coverage insurance and decide when the aircrafts log-time reaches the
300-hour mark. I was informed that each year, as I renew, the added
hours help bring the insurance rate down. This has been the case for
the 115 hours accrued. Liability is nearer $600 with $350 added for
non-moving hull insurance brings it to $950 and full coverage, down from
$1525.00 in 2004, is now $1400.00 at 115 hours. The cost will bottom
out, but be approximately cut in half by the time I renew past the
300-hour mark.
Thanks again for the input.
Larry McFarland
601HDS with Stratus Subaru at www.macsmachine.com
>====================
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[quote]
Make Windows Vista more reliable and secure with Windows Vista Service Pack 1. Learn more.
| | - The Matronics Zenith-List Email Forum - | | | Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:
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tshankland(at)sbcglobal.n
Guest
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| Posted: Thu May 15, 2008 5:10 pm Post subject: Insurance renewal |
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I've been thinking about the insurance angle ever since I started paying it two years ago. I carry liability and hull coverage. The hull coverage is about 60% of the cost. Now I plans built my 601HD so I asked the insurance agent up at OSH last year what happens if I bend my airplane, who is going to fix it. He said the insurance company would pay me to fix it and if that cost was too high they would scrap it. Now my point is I built the plane once I don't really want to build it again even if someone is paaying me for it. I Iook at hull insurance as insuring my past, I paid for and built the plane and there are no debts so if I lose it I'm out an airplane but incur no additional cost. Now liability insures my future. If I mess up and do somethink that gets me sued that can affect the rest of my life. So I'm seriously looking at dropping the hull insurance next year.
Tim Shankland
LarryMcFarland <larry(at)macsmachine.com> wrote:
[quote]--> Zenith-List message posted by: LarryMcFarland
Hi guys,
The posts from each of you were very useful. It helped me continue full
coverage insurance and decide when the aircrafts log-time reaches the
300-hour mark. I was informed that each year, as I renew, the added
hours help bring the insurance rate down. This has been the case for
the 115 hours accrued. Liability is nearer $600 with $350 added for
non-moving hull insurance brings it to $950 and full coverage, down from
$1525.00 in 2004, is now $1400.00 at 115 hours. The cost will bottom
out, but be approximately cut in half by the time I renew past the
300-hour mark.
Thanks again for the input.
Larry McFarland
601HDS with Stratus Subaru at [quote][b]
| | - The Matronics Zenith-List Email Forum - | | | Use the List Feature Navigator to browse the many List utilities available such as the Email Subscriptions page, Archive Search & Download, 7-Day Browse, Chat, FAQ, Photoshare, and much more:
http://www.matronics.com/Navigator?Zenith-List |
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