Daniel.Snow(at)wancdf.com
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 Posted: Wed Jan 11, 2006 5:17 am Post subject: UPDATE: RV-9A Insurance |
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I attended an insurance forum at Osh this past year. Basically what I learned to be the difference between insurance brokers is the amount of effort they will put into getting you a quote. You want someone who is willing to become familiar with you and your airplane, and who is willing to put together a convincing package to present to the insurance companies. Such a person is probably more likely to be able to get you coverage, and to get it at a lower rate. I understand that every broker is going to approach the same three insurers, but not every broker is going to fight the same for your case. Apparently the insurers have some latitude in who they will insure and how much premium they will charge, based on the package that is presented to them. Moral of the story, find a broker that will spend the time and energy necessary to get you the best quote possible.
Daniel Snow
RV-9A wings finished, waiting on slow-build fuselage
Jacksonville, AL
Time: 06:56:45 AM PST US
From: "Matthew Brandes" <matthew(at)n523rv.com>
Subject: UPDATE: RV-9A Insurance
As some may recall, I was having trouble getting insurance coverage on my almost-complete
RV-9A due to my low total time. I sent in an application to NationAir
as that seemed to be the broker most RV builders were using. It is my understanding
that there are only 3 insurance companies that will underwrite experimental
aircraft: AIG, Global and AIM (I think). Global requires at least 150
hours TT before they will even quote. AIM declined to quote and AIG didn't
like my low TT and was apparently not being responsive to NationAir, even after
I agreed to have a test pilot fly the first 5-10 hours. This was a bit frustrating
since a fellow RV-9A builder had already been recently given a quote by
AIG (via NationAir) and his TT was considerably less than mine. (To recap,
I have 110 total hours, 3 hours in RV-9A with endorsement by Sam Benjamin, 5 hours
tailwheel, 5 hours complex and am getting RV-6A training now.)
My wife Sandi and I were resigned to flying without insurance coverage until Phase
1 testing was complete. At that point, I would have >150 hours TT and >40
hours in make/model and we would go back to the insurance companies for another
quote. As a last ditch effort, Sandi asked that I contact our local insurance
broker for a second opinion before we flew without coverage.
I called Dana Boucher at AIC (913-782-7296) here in Kansas City on Friday the 6th
late afternoon and explained the situation. He didn't see any reason why I
shouldn't be able to get coverage. I got a return call from him yesterday (Monday
the 9th) and he had gotten me coverage with AIG, no problems. The quote
was even reasonable and nearly matched the quote my fellow RV-9A builder received.
He also told me to join AOPA for $39 and I would save 5% on the insurance
premium.
I am always willing to support companies that are supportive of the RV community.
Mahlon at Mattituck is a big supporter of the RV community in the Lycoming
group along with Allen Barrett of BPE. I've given my business to both. JT Helms
at NationAir has also been very supportive of the RV community answering
many insurance related questions in the various groups. However, in this case,
I was disappointed with NationAir's inability to get me coverage when a local
agent was able to get it without any problems. JT was not directly handling
my application, one of his assistants was. She was very nice and was responsive
to my daily inquiries but was not familiar with the various RV models and
for whatever reason was not able to obtain a quote.
I may be an exception to the rule which seems to happen often to me but that was
my experience. Need an insurance quote? Give Dana a call....
Matthew Brandes,
RV-9A - N523RV
#90569
www.n523rv.com
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