Airborne_Again wrote:
Is it common for insurance companies to price LSA aircraft insurance like this or should we try another company? The one we have is quite good, so we would rather stay with it.
My friend with the Pipistrel Virus SW 100 LSA has 3 named pilots, pays around €600 for CSL, then around 1.3% hull value so around 1800€ annually. Pilots experience levels: all VFR with 550 hrs, 800hrs and 220 hrs.
Steve6443 wrote:
My friend with the Pipistrel Virus SW 100 LSA has 3 named pilots, pays around €600 for CSL, then around 1.3% hull value so around 1800€ annually. Pilots experience levels: all VFR with 550 hrs, 800hrs and 220 hrs.
In my case the premium was approximately 4% of hull value.
Try to contact GrECo International AG at [email protected] – they offered me great reduction compared to my previous Croatian insurer which increased my premium for no reason 2 years ago.
I don’t understand why insurance companies in GA don’t usually work internationally.
In the TP/jet world this is quite normal.
Our insurance is going through the roof. But actually the insurance did not increase prices but with the US market and USD exchange rate we did figure that we have to make a massive increase on the hull value. On one hand nice it increased in value but then what does that help if we just want to fly it and it drives the operational cost way up? If this thing becomes more valuable I might get afraid to fly it. Anybody else did have this experience lately?
Not to that degree. But yes, in the last few years, most owners have increased their hull values to protect them better from a potential loss. So if one pays say 1%, and one does not intend to sell, the only thing this appreciation does is make flying more expensive .It is pretty marginal though. For me, the cost no. 1 is maintenamce. No. 2 is fuel. No. 3 is hangarage. And insurance is only number 4. So even if it doubled (say from 4000€ to 8000€) it wouldn’t affect the total annual costs all that much.
I don’t think used aircraft prices will go up any higher in the next few years. Yes, attrition is one factor, but then there is the economic downturn to come.
This is a digression but “the cost no. 1 is maintenamce. No. 2 is fuel. No. 3 is hangarage” surprises me, for a presumably frequently flown SR22. For me, fuel dominates by a huge margin.
I am sure aircraft values will come down, back to historical levels. That’s about a 1/3 drop. Probably 1/2 for shagged out old dogs.
I’ve insured for a 195k hull value since 2002.
Any reason why one should insure their aircraft to the actual market value? if one is sole outright owner and sole pilot flying, they should be happy to take some of the loss and could insure less, say 70% of hull-value? it’s only when aircraft is used in business, on mortgage or shared by other pilots where one may want to protect 100% of their downside
I don’t understand why insurance companies in GA don’t usually work internationally.
There are only 5 insurers worldwide who hold the bags in books & records, the rest are mostly brokers or middle mans, these try to concentrate on their markets (don’t eat in others plates)
Ibra wrote:
I don’t understand why insurance companies in GA don’t usually work internationally.
When there is a claim things might get difficult and having any legal dispute is difficult enough in the same country where you speak the language, know the rules etc. So if possible at reasonable cost I would like to have a local insurance company.
Ibra wrote:
Any reason why one should insure their aircraft to the actual market value?
Very true but our plane is shared so to keep everybody happy I think it is good to have an insurance which pays enough to actually buy another similar plane.
boscomantico wrote:
So if one pays say 1%, and one does not intend to sell, the only thing this appreciation does is make flying more expensive .It is pretty marginal though.
That is about the current rate but the latest estimate is way over 1 million Euro for the hull including VAT so things add up. Insurance is about to take second place after fuel for us.
Peter wrote:
For me, fuel dominates by a huge margin.
For me as well – let me throw some numbers: fuel 15k, maintenance 7k, insurance 6k, hangar 4k. So fuel (Jet A1) is close to everything else combined.
