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Insurance - It pays to shop around

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Scooter

Joined: 10 Jan 2006
Posts: 155

Posted: Wed Mar 15, 2006 1:36 pm Post subject: Insurance - It pays to shop around

These guys were recommended by a friend:  www.skysmith.com



I got a quote $520 less than (the other guys) and less than half the deductable (and no requirement to join EAA Warbirds - saved another $55).  Falcon was about the same with a higher deductable plus a 5% discount for being an AOPA member.

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ira.saligman(at)verizon.n
Guest

Posted: Thu Mar 16, 2006 2:07 pm Post subject: Insurance - It pays to shop around

When you want to  compare apples to apples, hull value, liability limits and deductibles can  make a big difference in quotes. .  

  

   

  [i]Ira Saligman

  

 isaligman(at)saligman.com (isaligman(at)saligman.com) 

[/i]

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Valkyre1(at)comcast.net
Guest

Posted: Fri Mar 17, 2006 7:32 am Post subject: Insurance - It pays to shop around

I agree Ira. When I almost purchased the  original CJ I was looking at the rates were considerably lower than when I  purchased Linedog's for almost twice that price. I still don't have the hull  value fully insured for what's in it to keep rates lower.

  

  I have over 27000 hours ATP DC-3,  737,727,757,765 rotorcraft, seaplane, CFI, and flew all kinds of typical  civilian aircraft. My rates are somewhere up there around Smash's until I  get more CJ time.

  

 Although it helped...it didn't do me that much  good. EAA/Red Star/ FAST/ Warbird membership etc. seem to count for  more. 

  

 Let's just kid ourselves Smash and imagine that the  premiums are higher for female "jet jockettes" because of supply and  demand. "We are a rare and precious commodity and therefore more difficult to  replace". ( Hah! - Right. Dream on. Well, it beats sticking your head in a oven  and tossing things through windows.)

  

 You did the right thing Sarah.  Go fly, have  fun, enjoy a beer on the guys and the rates will eventually come  down.

  

 - Valkyre

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brian

Joined: 02 Jan 2006
Posts: 643
Location: Sacramento, California, USA

Posted: Fri Mar 17, 2006 7:56 am Post subject: Insurance - It pays to shop around

And the issue of going "bare" is a real and good one. Insurance is a 

bet. You are betting you will wreck the airplane and they are betting 

you won't. If you figure that your airplane is worth $100K and they are 

charging you $2.5K then they are giving you 40:1 odds but they keep 

winning since you are doing everything in your power to avoid getting 

paid. You are on their side.



So what *are* the odds of wrecking your airplane? What can you do to 

skew the odds in your favor. Remember, when you reduce the accident rate 

you skew the odds in the insurance company's favor. They *may* reward 

you with lower premiums next time.



So, what happens if you decide to self-insure? You then carry the cost 

of a potential loss yourself. Take the insurance premium you would have 

paid and invest it (just what the insurance company does). Hopefully you 

will have enough set aside to offset any losses you might incur.



But you probably want to protect yourself from catastrophic loss. There 

are two ways to do this:



1. carry liability only to protect yourself from a suit extending from 

someone else's losses;



2. carry a very high deductible ($10K-$20K) so that you only make a 

claim in the case of the total loss of the airplane. (Tom -- what 

happens with very-high-deductible policies? Got any "for instance" 

numbers you can toss out here?)



At something like $2,500/yr it doesn't take many years to save the cost 

of even a pretty severe "incident". I have been flying for 37 

accident-and-incident-free years. I would have been *much* better off 

self-insuring for all that time.



-- 

Brian Lloyd                         361 Catterline Way

brian-yak at lloyd dot com          Folsom, CA 95630

+1.916.367.2131 (voice)             +1.270.912.0788 (fax)



I fly because it releases my mind from the tyranny of petty things . . .

- Antoine de Saint-Exupery

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_________________
Brian Lloyd
brian-yak at lloyd dot com
+1.916.367.2131 (voice) +1.270.912.0788 (fax)

I fly because it releases my mind from the tyranny of petty things . . .
- Antoine de Saint-Exupery

viperdoc(at)mindspring.co
Guest

Posted: Fri Mar 17, 2006 10:50 am Post subject: Insurance - It pays to shop around

Brian, 

You make absolute perfect sense! Self insurance is the way to go, but carry

the liability coverage. Wish I had been doing that with my $10,000 BC/BS

premium by investing in a medical savings account for the last 30 years!

Granted, only in the past 3 years has the health insurance premiums

increased. Wonder why, could it be that my wife developed diabetes and has

incurred an increased cost in medication? Nah, the actuaries would not do

that now would they?!!!

Same applies for airplanes!

Doc

 	  Quote: 	
		   [Original Message]

 From: Brian Lloyd <brian-yak(at)lloyd.com>

 To: <yak-list(at)matronics.com>

 Date: 3/17/2006 10:06:15 AM

 Subject: Re: Insurance - It pays to shop around



 



 And the issue of going "bare" is a real and good one. Insurance is a 

 bet. You are betting you will wreck the airplane and they are betting 

 you won't. If you figure that your airplane is worth $100K and they are 

 charging you $2.5K then they are giving you 40:1 odds but they keep 

 winning since you are doing everything in your power to avoid getting 

 paid. You are on their side.



 So what *are* the odds of wrecking your airplane? What can you do to 

 skew the odds in your favor. Remember, when you reduce the accident rate 

 you skew the odds in the insurance company's favor. They *may* reward 

 you with lower premiums next time.



 So, what happens if you decide to self-insure? You then carry the cost 

 of a potential loss yourself. Take the insurance premium you would have 

 paid and invest it (just what the insurance company does). Hopefully you 

 will have enough set aside to offset any losses you might incur.



 But you probably want to protect yourself from catastrophic loss. There 

 are two ways to do this:



 1. carry liability only to protect yourself from a suit extending from 

 someone else's losses;



 2. carry a very high deductible ($10K-$20K) so that you only make a 

 claim in the case of the total loss of the airplane. (Tom -- what 

 happens with very-high-deductible policies? Got any "for instance" 

 numbers you can toss out here?)



 At something like $2,500/yr it doesn't take many years to save the cost 

 of even a pretty severe "incident". I have been flying for 37 

 accident-and-incident-free years. I would have been *much* better off 

 self-insuring for all that time.



 -- 

 Brian Lloyd                         361 Catterline Way

 brian-yak at lloyd dot com          Folsom, CA 95630

 +1.916.367.2131 (voice)             +1.270.912.0788 (fax)



 I fly because it releases my mind from the tyranny of petty things . . .

 - Antoine de Saint-Exupery

- The Matronics Yak-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?Yak-List

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