Insurance woes

[jetdriven]

6 hours ago, RobertGary1 said:

Yep. And if you intend to fly the plane regularly the best approach is to be named. As CFI's we often ask to be named on student's policies.

-Robert

Problem is with the 3 person partnership adding a fourth person they call it a flying club and triple the rate. 

[Wayne Cease]

Problem is with the 3 person partnership adding a fourth person they call it a flying club and triple the rate. 

What I've seen is it's the 5th that causes that. I've been in a couple of 4 person partnerships. All have been at low individual rates. We were told a 5th would make us a club and we'd have much higher commercial rates.



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[flyboy0681]

At the urging of several people here, I did give Mike Travers a call and am waiting to hear back from him with some quotes.

[LANCECASPER]

Because of this thread and the fact that I am up for renewal in November I filled out a quote request online with Travers. In the comments I told them that @Bob_Belville referred me. I got a quote already e-mailed to me and a phone call. I could hear them rolling out red carpet on the phone in Bob's honor. We'll see what the Falcon quote is, but so far I am impressed with the responsiveness.

[MATTS875]

20 minutes ago, LANCECASPER said:

Because of this thread and the fact that I am up for renewal in November I filled out a quote request online with Travers. In the comments I told them that @Bob_Belville referred me. I got a quote already e-mailed to me and a phone call. I could hear them rolling out red carpet on the phone in Bob's honor. We'll see what the Falcon quote is, but so far I am impressed with the responsiveness.

I used travers and am very happy with them. I dealt with chris travers.

[MIm20c]

@flyboy0681 I just wanted to pass on some info I gathered on another forum. 

Apparently Avemco has been using different strategies to keep the rates down. Two things caught my attention. First in some policies have a disclaimer that they will have the ability to calculate the aircraft “true value” at the time of the claim (vs what you insured for). The second item is they might limit non passenger liabilities to “per person” limits of 100k vs 1m that most policies cover. 

That second item is very important IMO even though the likelihood of injuring someone on the ground is low. 

Please read your policy closely. 

[kortopates]

[mention=7663]flyboy0681[/mention] I just wanted to pass on some info I gathered on another forum.  Apparently Avemco has been using different strategies to keep the rates down. Two things caught my attention. First in some policies have a disclaimer that they will have the ability to calculate the aircraft “true value” at the time of the claim (vs what you insured for). The second item is they might limit non passenger liabilities to “per person” limits of 100k vs 1m that most policies cover. 

That second item is very important IMO even though the likelihood of injuring someone on the ground is low. 

Please read your policy closely. 

 

AVEMCO has never offered smooth limits - only per person sub-limits.This is standard across the industry till the pilot asks for and pays for smooth limits if the pilot(s) meet their additional requirements - except AVEMCO will not write smooth limit

 

Limiting hull insurance to "true value" is new information indeed, have you seen anything publicly you can point too. Not doubting you but interested to learn more about it since that must be fairly recent.

 

Re-reading your post I see you are referring to non-passenger sub-limits. I was referring to passenger sub-limits above. This does appear to be a change different from the rest of the industry - one that really increases the liability exposure of the pilot/owner as well.

 

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[RobertGary1]

25 minutes ago, kortopates said:

Limiting hull insurance to "true value" is new information indeed, have you seen anything publicly you can point too. Not doubting you but interested to learn more about it since that must be fairly recent.

 

That's worse than dirty pool. Your rate is based on the agreed stated value. If they agree to a higher value and charge you the higher rate for it; its very slimy to then value the plane less if its totaled. I'm surprised that's even legal.

-Robert

[flyboy0681]

7 minutes ago, RobertGary1 said:

That's worse than dirty pool. Your rate is based on the agreed stated value. If they agree to a higher value and charge you the higher rate for it; its very slimy to then value the plane less if its totaled. I'm surprised that's even legal.

-Robert

I have a call into AVEMCO to see if this is in fact true.

[Hank]

13 minutes ago, flyboy0681 said:

I have a call into AVEMCO to see if this is in fact true.

If they try this on you when processing a claim, call your state insurance regulator. Regardless of which "they" insurance company it is.

[flyboy0681]

On 9/17/2018 at 12:04 PM, pdxphil said:

Curious, did you ever call Travers?

In the end Travers couldn't do anything for us either, which was totally expected given the circumstances. But it was worth a try.