Mooney_Driver wrote:
From what I hear from friends in the US but also what I have experienced recently myself, the insurances are a greater danger to GA than anything currently.
In US, it reached the point where insurance is the main factor on how & who can fly an aircraft rather than FAA rules…
johnh wrote:
My plane is finally about to arrive in France, after a lengthy delay due to the shipping situation. I have an insurance quote for £3266 (actually more because rates have gone up). Is this a reasonable figure? If anyone says no, then please let me know who your insurer is! The plane is N-registered and will be based in France (Mandelieu, LFMD).Many thanks,
John
Seems high.
Hull value? Agreed or replacement? Only you or open pilot clause (=anyone can fly it)?
Emir wrote:
That’s super-cheap. Mine is €7.400 for €350k hull value and it went up from 4.5k in last 4-5 years.
Hmm…that’s the cost of insuring with 750k hull value. Let me know and I’ll try to get you a quote.
A friend pays 1200€ per year for 5m CSL and 40k hull value. Only named pilots. EASA reg.
Ibra wrote:
In US, it reached the point where insurance is the main factor on how & who can fly an aircraft rather than FAA rules…
Mine is $800 annually for anybody rated to fly the plane, if they have my permission. $50K hull value, which I raised this year, fixed gear. No in flight hull coverage, that would be a few hundred more than I’m motivated to spend.
If the plane were ever to get wrecked in flight beyond my ability to fix it at reasonable parts and materials cost plus my own labor, and if I were still alive, it’d be parted out. I don’t insure toys more than necessary – I have 12 of them in vehicular form, have never made a claim in 40 years and one less would not be a big deal.
1200€ for 40k, 3300€ for 120k it is quite linear.
Seems the norm is 3% of hull value now.
In US, it reached the point where insurance is the main factor on how & who can fly an aircraft rather than FAA rules…
Yes and that is something which does not really conform to any intent of regulation. Mooneyspace is full of people who buy airplanes and find out they can´t get insurance. Also apparently one gear up landing or other similar mishaps makes the owner uninsurable for the future.
I wonder how legislation is in this regard. Insurers need to be certified or not? so can they simply refuse whomever they don´t like? I don´t think that is legal in Europe but I may be wrong. It appears it is in the US.
One broker over there has voiced concerns to me that GA may well become uninsurable over there at all, as more and more insurance companies simply throw GA insurance away.
@Silvaire, many have great rates over there until they need to renew, then the hammer falls. Hope this won´t be the case for you but some Mooney people reported going from 800 to over 3000 USD over simple renewal, others were simply refused, quite a few due to “old age” with the limit being 70 apparently. Personally i think the FAA or whoever else is in charge of licensing those insurers need to put their foot down here. OTherwise this is going to turn into an existential question.
Insurers can decline any new or renewal business.
It will stabilise…
Mooney_Driver wrote:
@Silvaire, many have great rates over there until they need to renew, then the hammer falls
I renewed within the last couple of months. Nobody I know has mentioned higher rates, but then again almost nobody I know flies a retractable.
Insurance as a concept is generally annoying to me. I like facing risk and managing it successfully on my own terms, it’s part of why I get up in the morning.
Hmm…that’s the cost of insuring with 750k hull value. Let me know and I’ll try to get you a quote.
That would be great. You can send me your address via PM and I’ll send you my current policy, so anyone who analyzes it can see the conditions.
