Insurance - Best Options

Insurance and various paperwork needed for our planes
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yiasou
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Insurance - Best Options

Post by yiasou » Wed May 27, 2009 11:51

I need advice on who to talk to concerning insurance for a Chief that I am about to acquire.

I am a 64 yr. old private pilot who will be flying LSA with driver's license medical. I have 10 hrs. of taildragger time in Champ. I belong to EAA and AOPA who I can contact for insurance quotes.

Is there a typical coverage level for liability and for the A/C?

Any recommendations on particular companies? Other advice?

Thanks, George

flyingfool
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Post by flyingfool » Wed May 27, 2009 17:30

You will get all sorts of opinions on this.

I just bought a Chef last August. First let me offer a welcome to Chiefdom!

A lot depends on your total taildragger hours. Insurance companies like time in type. Some up to 100 hours tailwheel and 25 time in type. Expect your first year insurance to be quite high until you get more time in type

Last year I found the best quote with AUA. They do a lot of work with older antique/classic type aircraft. One of the principals is also on the EAA Vintage board of director's. They also have a small discount for either AOPA/EAA membership. I dealt with a fella named Mac McGee. You can let him know I refered you.

I've also heard good things about Butler Brown Insurance. They too specialize in antiques etc.

Remember also that there are only a few national underwriters. You have to be somewhat careful in who you start shopping quotes with. Because once the mother underwriter (like AIG) has your name and N number another insuance agent can not quote a different number. Mus be some franchise type rule or something.

Many people have gne directly to AIG but others feel strongly about the recent bailout stuff. That is a personal decision.

Tom DeWinter
Chief N9129E

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joea
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Post by joea » Wed May 27, 2009 22:27

I was with AIG for the last couple of years. Pretty high total time and taildragger time and was paying $800 or so on my Chief. Moved up to the Sedan last year and it went up a bit but then so did the value of the airplane. Cost went up to $1300 or so.

This spring after the AIG situation contacted my insurance agent and advised them that if possible I am choosing not to support a company that does not understand financial responsibility, and to look for options. They found another large company that will insure me for $100 less than last year.

I was prepared to pay "a bit more" for insurance just to give a "responsible company" my business but this turned out well. For me it would have been worth it even if it cost me just a bit more.

Just the way I feel about this subject.

Joe A

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Nathan K. Hammond
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Post by Nathan K. Hammond » Thu May 28, 2009 01:34

Going through an Insurance Agent/Broker will almost AWAYS get you a better rate. Also, as you gain TW and time in type, call your broker and insist on a better rate. Call at 50hrs, 100hrs and 200hrs.

With only myself and an open pilot clause on the policy; full hull was $815 and liability was $305 which I thought was fair.

nkh
7AC-5691
Super 85-12F @ DVK

yiasou
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Insurance

Post by yiasou » Thu May 28, 2009 17:44

Many thanks to each of you for sharing your experience with insurance. George

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scazz
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Post by scazz » Sun Jul 05, 2009 16:03

joea wrote: This spring after the AIG situation contacted my insurance agent and advised them that if possible I am choosing not to support a company that does not understand financial responsibility, and to look for options. They found another large company that will insure me for $100 less than last year.
Joe,
Is your underwriter AIG or USAIG. USAIG is not affiliated with the AIG that had all the problems.

My quote came in at $1,119 from AIU Holdings (AOPA). 7AC 25K hull; in motion and not in motion; I have 190 in type, 250 in tailwheel, 2300 TT.
Brent W. McCasland
7AC
N82519

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joea
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Post by joea » Sun Jul 05, 2009 23:28

Brent,

Thanks and mine was with AIG but this year is not. Forget who.

Price for a Chief at $24k was right at $800. Now with a Sedan at $38k its $1200 or so. Bear in mind that I am pretty high time and been flying Aeronca's for 25 years so that lowers the premium a bit.

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