Am I still going to be able ton buy insurance?

[RobertE]

Boy, it's humbling to even pose the question in the. Subject line.

Longtime readers may recall that 3 years ago I ran out of runway due to pilot error.  That required a tear down of prop and engine because the prop cut a couple of inches into the soil. Well, recently my prop impacted a chock, meaning another tear down and inspection.

Does anyone have an informed opinion as to how the insurance markets are likely to react to two incidents in the space of 3 years and 500 hours?

[Bartman]

That sucks.  Sorry to hear, but no broken bones and heartache can be cured over time.  I am sure you can get insurance, but I'm equally sure your rates will increase.  Hope it all works out OK but I have no expertise in insurance.

[FoxMike]

My guess would be it depends on how old you are.  If you are  above 65 I would say be careful.  I would discuss the claim with your insurance broker before you file the claim.

[Bob_Belville]

I'll be interested in what your favorite broker can find. I had hull claims in consecutive years. The insurer declined to renew and finding hull coverage was difficult. I had to change brokers but I was able to get coverage. At a significant premium increase.  

[Becca]

Ouch.  That will really hurt you in the check book.  If your plane is owned outright (meaning no requirements from bank to consider insurance) you might consider self-insuring the hull and only getting liability.   Or dont make a claim for hitting the chalk and take the financial hit there (you didn't explain all the detail but I'm presuming whatever happened counts as an "aircraft in motion", because I think insurance treats passive claims differently in terms of holding it against the pilot).  If you haven't already made a claim, you can probably talk to a good insurance agent in a "hypothetical" sense and he can let you know about his experience with situations like yours.  You can also ask your agent to be creative about solutions --- maybe he can negotiate a discount if you agree to some additional dual instruction or attendance at a MAPA safety clinic.  Though you walked away unharmed from both of these incidents, extra training might be not just for insurance purposes, probably time to ask yourself a little bit about what parts of your flying "routine" are leading to these expensive mistakes before they become potentially injurious and safety mistakes too.  

Edited July 30, 2017 by Becca

[jasona900]

You will likely have to stay with the same insurance company, as others will not insure you with a prior claim history.   After a claim with Starr Aviation Insurance (total loss) I got a new policy with them when I purchased another Mooney to replace the first.  I went through AOPA, and Starr was the only company who would accept my policy request.  Likely to recoup some of the payout they provided.  My premium doubled in cost, even though the incident on my first Mooney was not my fault.   I'm told it takes about 3 years of incident/accident free flying to bring the premium back to normal.

[neilpilot]

Had a prop strike in the 90s that caused my premium to increase by about $50.

Then I had a total loss in July 2012, which wasn't my fault.  Was able to insure the replacement, in October 2012, thru the same broker (AOPA) but a different underwriter at a competitive rate.

[Danb]

I have a friend who just completed his home built and its ready for test flights. He also just turned 80 is in great condition, his premium went from 800 to $4000 this week, it sucks he was working on the plane for 8-9 years now insurance is cost prohibitive. Other companies have denied coverage 

[jetdriven]

I'd defnately shop if I were him. Even drop the hull insurance if necessary or change the limits.  I don't think there is a law that says you have to have insurance, if it came to that. 

Edited August 1, 2017 by jetdriven

[MyNameIsNobody]

Congrats on your flying skills and all those advance degrees. Enjoy your new car and plane.

[Cyril Gibb]

15 hours ago, jetdriven said:

I'd defnately shop if I were him. Even drop the hull insurance if necessary or change the limits.  I don't think there is a law that says you have to have insurance, if it came to that. 

Going through US customs in Buffalo this spring, customs wanted to see my proof of liability insurance.

[LANCECASPER]

18 hours ago, jetdriven said:

I'd defnately shop if I were him. Even drop the hull insurance if necessary or change the limits.  I don't think there is a law that says you have to have insurance, if it came to that. 

You definitely want liability. People who own an airplane usually have other assets to protect. 

[kortopates]

Going through US customs in Buffalo this spring, customs wanted to see my proof of liability insurance.

I've crossed the border numerous times and don't believe their is such a requirement unless they are picking on Canadians and other foreigners. Cars yes, but not airplanes. Unfortunately, our CBP folks are not easy to deal with.


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[Becca]

1 hour ago, kortopates said:

I've crossed the border numerous times and don't believe their is such a requirement unless they are picking on Canadians and other foreigners. Cars yes, but not airplanes. Unfortunately, our CBP folks are not easy to deal with.


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Thread drift a little ... I have never been asked for the paperwork in my very limited expernce, but I believe technically Canada does require proof of liability insurance to enter.  https://www.aopa.org/go-fly/destinations/international-travel/canada

For those who used a secured loan to finance their planes, the bank is likely to require hull insurance.  (And with all the overhead that goes with it, eg if insurance pays out, check goes to bank or mechanic,  not you, son bank can confirm repairs on "their" security...). But if hull insurance is not required, if the rates are obscene due to situations described above, going without may be a worthwhile risk if you can stomach it financially should something happen to airplane.