Insurance - IFR rating

[phxcobraz]

1 minute ago, bcg said:

I actually just submitted my wings Basic Credit flight activity. I forgot about that giving an insurance reduction.

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It was so easy. I think it took 45min total. Absolutely worth doing and now I get notifications of presentations in the area that would also count towards wings credit. 

[gabez]

I get butt f.ed every year. I am at 600 hrs 400 in gears. IFR rated 3500

[N201MKTurbo]

I have about 5000 in type and an ATP. My insurance is about half that.

[Mcstealth]

On 5/30/2023 at 8:29 PM, bcg said:

 

Those of you with an instrument rating, how much did it lower your insurance?

 

I have 150 hours in my Mooney and just got my Private so I'm finally able to get insurance. I got a quote from Avemco today for $3600, which really doesn't seem horrible for the first year. However, I'm working on my instrument right now and expect to have it done in 6 - 8 weeks so I'm wondering if there's enough of a savings to make it worthwhile to just wait until I finish that to get insurance. I've been without for 9 months now so another 1-2 months without doesn't really bother me. Honestly, I really just want the liability coverage.

 

Anyway, I appreciate any input.

 

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Over 40 hrs in type lowers 9%  IFR another 9%   Commercial even more. Wings training also helps. 

[EricJ]

44 minutes ago, gabez said:

I get butt f.ed every year. I am at 600 hrs 400 in gears. IFR rated 3500

What's your insured hull value?    That seems to have a significant affect on the premium.

[MikeOH]

32 minutes ago, gabez said:

I get butt f.ed every year. I am at 600 hrs 400 in gears. IFR rated 3500

YIKES!

Have you had any claims?

[gabez]

45 minutes ago, MikeOH said:

YIKES!

Have you had any claims?

none. I also have a multi engine and in my late 40s. Insurance has gone off the roof. 

[toto]

4 minutes ago, gabez said:

none. I also have a multi engine and in my late 40s. Insurance has gone off the roof. 

Does '400 in gears' mean 400 in retracts?

Hull value must be the determining factor here - $3500 sounds very high for a K.

The other factor might be whether you're using Avemco or any other firm.  Avemco from my experience is anywhere from 200% to 300% the rates I've seen with other firms.  Avemco has their strengths, and seems to have uniformly positive reviews, but they are pricey.

Hopefully a DM to Parker can get this sorted out

@Parker_Woodruff

[gabez]

Just now, toto said:

Does '400 in gears' mean 400 in retracts?

Hull value must be the determining factor here - $3500 sounds very high for a K.

The other factor might be whether you're using Avemco or any other firm.  Avemco from my experience is anywhere from 200% to 300% the rates I've seen with other firms.  Avemco has their strengths, and seems to have uniformly positive reviews, but they are pricey.

Hopefully a DM to Parker can get this sorted out

@Parker_Woodruff

yes 400 in retractable. I am not using Avemco, I am using Travers. I will DM that contact to see if they can do better. I am not due for a while but perhaps I can save some money. 

[PT20J]

27 minutes ago, 1980Mooney said:

It is probably just a matter of time before the FAA mandates that we all use Electronic log books. 

Why would they do that? The regs don't even require a logbook at all. All you have to do is keep a record to show you meet the currency regs or whatever experience you need to apply for a new certificate or rating.

[Parker_Woodruff]

I still want to know how pilots that use electronic logbooks are supposed to keep their BasicMed paperwork in their logbook.

Probably a good idea to keep a paper logbook just in case.  I have done it for dual instruction and endorsements where a CFI signature is needed.

[bcg]

I still want to know how pilots that use electronic logbooks are supposed to keep their BasicMed paperwork in their logbook.

Scan it and keep it in your FF docs?

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[201Mooniac]

21 minutes ago, bcg said:

Scan it and keep it in your FF docs?

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Yep, that's what I do, I scanned my docs and saved them both to Garmin Pilot and my dropbox account which is available from my iPad

[Pinecone]

13 hours ago, Parker_Woodruff said:

I still want to know how pilots that use electronic logbooks are supposed to keep their BasicMed paperwork in their logbook.

Probably a good idea to keep a paper logbook just in case.  I have done it for dual instruction and endorsements where a CFI signature is needed.

My paperwork is in my paper logbook.  Which I leave at home.

I do carry copies of all my documents (and my aircraft documents) electronically on my phone and tablet.

[gabez]

well...thanks to this group I just had my insurances lowered by over 1K and now I am at 2300!!!! Basically cancelled my previous and rebook it with another carrier who kept the money and extended it by 3 months.