Hey all,

Thought I'd draw on the communal knowledge base yet again, still going on the insurance.

I got a quote back which seems "too good to be true" --> 2.3% of agreed value annually for a low time pilot with low TW time, flying a fairly powerful homebuilt aircraft with a high-ish agreed value, plus 1m liability cover and 50k for cargo loss/damage.

I've read most of the 23 pages of fine-print, but with all the legal jargon it can be hard to know which little sentances have the biggest ramifications. They don't want to cover test flying, and obviously it all has to be legal, but otherwise....

What curveballs should I be looking out for in the terms and conditions?

I did notice "malicious acts or sabotage" is excluded, is that common? Would that also extend to vandalisim or hanger arson, etc?

My plane isn't a home built, but low time pilot, low tail time, with one wreck in taildragger, and mine is 2.9% with 1mil liability and 500 deductable. Ill gladly take it as it seems pretty good to me. Includes off airport landings and aerobatics.

Hah - just reading the last few pages...

I am not insured if France declares war.

Haha. I'm not covered in the event of a hi-jacking.

A1Skinner wrote:Haha. I'm not covered in the event of a hi-jacking.

I wonder if that still applied to a single-seater?

In the US, insurance is a highly regulated industry, almost exclusively by each state. But I don't know if it is as regulated in Canada or Alberta. Since I live with legalese on a daily basis, I don't have trouble understanding it, but I know that many do--and that's no reflection on anyone. Best advice I can give is go to a local lawyer, preferably one who is familiar with both aviation insurance and Canadian (or Alberta provincial) insurance law, and find out what it covers and doesn't cover (besides France going to war).

Cary

shoot i'm not covered in case of nuclear attack

Around here malicious acts are called vandalism. If the policy won't cover vandalism, what else won't it cover?

Looking for insurance on my S7. Avemco quote extremely high and EAA declined. 1100 hrs total, 400 hrs TW and one claim early on.

Magnet wrote:Looking for insurance on my S7. Avemco quote extremely high and EAA declined. 1100 hrs total, 400 hrs TW and one claim early on.

Those are pretty good hour totals. It has to be that claim that's hurting you. How long does something like that haunt you?

Zzz wrote:

Magnet wrote:Looking for insurance on my S7. Avemco quote extremely high and EAA declined. 1100 hrs total, 400 hrs TW and one claim early on.

Those are pretty good hour totals. It has to be that claim that's hurting you. How long does something like that haunt you?

5 years

Battson wrote:Hah - just reading the last few pages...

I am not insured if France declares war.

Lol I think you're safe.

Mine has all the T/C related to war, vandalism, nuclear attack and all that. When I got insurance on my bird it was setup this way. 150/h pilot, 10h T/W, little engine and cheap plane. I got multiple 2-3% quotes with my plane fully covered and 1m/500k for things I hurt. I think the claims are really what ups it, that and student pilots. Mine is good for off airport, and if my little plane could do acrobatics, I didn't see anything limiting coverage in the fine print.

Details... covered plane caught fire in October being de-fueled. Totalled. Fire marshal found the burned extension cord and outlet cover that caused the arcing.
Jump ahead... Global (through AOPA) writes a new policy... for new plane. 20K higher hull and still under a grand for the policy. Companies like Avemco will take a case clear to state appeals court to screw a widow out of her farm. Literally. Google it.
Now, I like training... so ratings might keep my premiums low. Also learned that if you take an AOPA online safety course each 6 months, they have an agreement with the carriers that policy will NOT go up after a claim. Now that got my attention. ZZZZZZ is right, 5 years on a claim. 40% increase usually the first year and then declining about 10% off that penaly for each of the next 3 years or so.
So, as much as people complain about AOPA and the fat guy that used to run it, check it out. Good representation in any number of ways. Cheers.

Battson wrote:Hah - just reading the last few pages...

I am not insured if France declares war.

Insurers factoring past behaviours.
Rainbow Warrior.........

flightlogic wrote: Also learned that if you take an AOPA online safety course each 6 months, they have an agreement with the carriers that policy will NOT go up after a claim. Now that got my attention.

Now that IS interesting

Holy Cow! If my quotes came in at 2 to 3% of agreed value, I would just fore-go the insurance. I barely find it tolerable at just under 0.7%... However, I suppose the lower the agreed value, the higher the % would tend to be, probably due to the cost of processing a claim being factored in which would be a larger portion of the total on a payout....