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matronics(at)bob.brennan.
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 Posted: Tue Sep 23, 2008 12:39 pm Post subject: Insurance |
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Now that I am legally able to fly again I realised I'd better get some insurance before seriously taking to the air, especially with all the cautions going back and forth on this list about things I never even worried about before. 
On reading the archives, especially of those who have actually made claims, I got a quote from Falcon through the EAA. It seems to be in line with older discussions here but there is one glaring discrepancy I need to resolve before signing on the dotted line.
I figure the most likely scenario for breaking my airplane is a bad landing or a forced landing. Besides the liability and medical which I signed up for in full, the "hull insurance" seems the most likely thing I would need if the UAGIs (UK term - Unintentional Air-Ground Interface) (sounds so much nicer than "crashes") on this list are typical. But... the agent says that if the damage is more than 70% of the insured value the plane is totalled, they will pay the full amount, but they then *own* the airplane and everything in it.
So how are you guys re-using bits and "parting out" broken Kitfoxes?? I thought I could just insure for what it would cost to buy a new airframe from the McBeans and re-use the engine and avionics, assuming they were ok. My agent says nope - you break it, we own it. All of it. Not that I mind getting a brand new airplane paid for, but at that price not insuring it for the full value means I could have bought a new (used) one in about 10-15 years anyway.
All advice / opinions welcome, before I sign.
Bob Brennan - N717GB
1991 UK Model 2 ELSA Kitfox
Rotax 582 with 3 blade prop
Wrightsville Pa
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john beirne
Joined: 02 Oct 2006
Posts: 24
Location: Ireland
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| Posted: Tue Sep 23, 2008 1:23 pm Post subject: Re: Insurance |
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Hi Bob
Insurance is hopefully a waste of money,
I had decided that if the worst happened and I was lucky enough to walk away unhurt then I would put the loss of the aircraft down to experience, how ever as my brothers fly the fox as well we have decided it prudent to fully insure for liability and hull loss.
Next to hanger, it is our biggest operating expense and yes in a ten year period you will have spent the price of a new kit.
In the event of a claim the insurance company do indeed own the hull but they will be keen to dispose of it, often for a small amount
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Firm
Joined: 22 May 2008
Posts: 13
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| Posted: Tue Sep 23, 2008 2:01 pm Post subject: Re: Insurance |
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Just from My experience, I had Falcon in 2002 when I hot a bird and ended up making a bad landing in a lake bed. They totaled it, but I was able to buy all the parts for $500.00 I was able to reuse or sell all of it.
Howard
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lcfitt(at)sbcglobal.net
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| Posted: Tue Sep 23, 2008 3:40 pm Post subject: Insurance |
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This is an interesting discussion. I had falcon as well, and to be sure,
the insurance company owns it in the event of a claim. That said, a claim
doesn't have to be filed, I suppose. In my situation, the insurance company
assumed posession of the airplane immediately, long before a claim was
filed. I guess, they were concerned that I might try to remove saleable
items if it were returned to my posession. And the contracted bone yard
stored it outside in the rain. Lots of moisture damage, but they carefully
moved it into a hangar when we went up to claim our property - snow jobs
abound even in aviation. Only those items affixed to the airframe are the
property of the insurance company. Headsets, portable GPS, tools, firstaid
kits, etc. are the property of the owner.
For me the difficulty arose, by not being in much of a mood to know what my
future plans were. Then to top that off, the disposal was by silent auction
and I was not notified of the auction, nor the terminination of the bid
period. I discovered the system after the bid period had expired. I was
further told that the insuracne company wasn't too keen on the original
owner having prior knowledge as it might be construed as a conflict of
interest.
A couple of points pertinent to the discussion.
If you are going to insure for hull, make sure it is for enough for your
purposes. Example, insuring a $30,000 airplane for $15,000 to save some
money means it will be considered totaled if there is $10,500 in damage.
Solution: don't file a claim and lose all the premiums paid.
Have a plan. Do your homework in advance, i.e., how does the auction work.
Decide up front if the whole thing is important enough to go for again, even
in the event of a prolonged recouperation. I was still wearing the back
brace when the auction closed and was still feeling pretty crappy. If it is
that important, have a friend manage the whole thing, bidding etc.
My insurance is what is keeping me in business, as I type this. I'm glad I
had it, but still question what I would have bid and if any bid would have
been too much of a gamble given the possible value of the bones.
Lowell
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larry huntley
Joined: 19 Jul 2008
Posts: 149
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| Posted: Tue Sep 23, 2008 4:19 pm Post subject: Insurance |
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_________________
Larry Huntley,Dundee,NY
Kitfox 4-1200 N234EE
EA81,AMAX Redrive Warp 3 blade |
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