Wednesday, March 06, 2019

Insurance Update!

UPDATE  3.6.2019 

I was contacted by my broker and he let us know that ONE company indicated they would insure us. Indicated because I did not supply a specific SN or tail number at this time. I guess since 13 other companies declined they saw the fruit ripe for the pickin'.

For the Sierra at @80k hull value the in-movement deductible would be 5k and not-in-movement deductible is 500. I would be required to have 15 hours dual, 10 solo, and a minimum of 30 full stop landings. The rest of the policy info is $1 mil Liability / $100,000 each passenger, $5,000 Med Pay each occupant.  Total Annual Premium = $ 2869

For a Commander 114 @100k hull value the IM deductible is 5k, NIM 500. I would be required to have 10 hours dual, 5 solo, and a minimum of 25 full stop landings. The rest of the policy info is $1 mil Liability / $100,000 each passenger, $5,000 Med Pay each occupant.  Total Annual Premium = $ 3188
I have decided to wait until I have the final report in hand, the more info provided the better. Once that is done and requests for quotes are received then we will close on a plane.

Just for reference
My typical insurance on the Sundowner was $620 a year and the Debonair for the first year was $1,055 a year, both with no deductables. 


Chris said...

Gary, I hope this isn’t too stupid a question, but are these higher rates vs the Debonair solely because of the accident or are there other variables in play? This is outside my experience, but it seems like what happened last summer was more about the Deb eating a valve than anything under your direct control as a pilot. Or is that just the way it goes with insurance rates regardless of culpability? Would the availability of a final report from the NTSB impact your rate if pilot error is not implicated?

Chris said...

Ah...just read your earlier insurance post. That answered my question.


Gary said...


Yes, the accident is the issue. Despite it being a catastrophic engine failure, without the final report, I don't think my new rate will change. I was advised that the accident will carry for three years....that's a lot of money for no pilot error. Like I said before, a boat in the Caribbean or RV is looking better every day. ;)

I managed to open up my flight track from Foreflight from that day and with some trial and error found my altitude was maybe 520' vs the almost 700' I had thought. I'll be posting my findings in a few days.

Chris said...

Ug. Do you think a final report could shorten the three year wait? Is the rate hike literally driven by the uncertainty in fault in the absence of a report?

One point to consider - if you look at FlightAware for any of your cross countries, you'll see that the altitudes are all off by up to a couple of hundred feet from whatever cruise altitude you were using. I wonder if FlightAware is only reporting the raw pressure altitude data from your encoder and not correcting for the local barometric pressure or is it GPS altitude via ADS-B? I assumed that it was Mode C data because all my data in FlightAware are only reported to the nearest 100 feet. For example, if I fly from home to Michigan at 8,000 feet per my altimeter, I will often see my reported altitude at 7800 or some such thing.

Chris said...

Ack! You said ForeFlight and I read FlightAware. Sorry for that!