Insurance

[Pinecone]

41 minutes ago, Echo said:

Do you think perhaps millions of drivers that pay for the minimum liability coverage adds up to a few dollars?  (rhetorical).  If someone is at fault and hits me $10k in coverage will likely pay to repair my car.  Why the &$#@ should society and those that have insurance bare the entire burdon?  Ten thousand may be "nothing" to you, but that is a lot of money to me and many.  Claims adjusters, in my personal experience, have been fair and professional.  I have never required a lawyer and I don't play one on T.V.

Yeah, $10K goes a long way when the person t-bones a brand new $50,000 or $80,000 car.

If you only own cars worth less than $10,000, it is fine.

[Echo]

41 minutes ago, Pinecone said:

Yeah, $10K goes a long way when the person t-bones a brand new $50,000 or $80,000 car.

If you only own cars worth less than $10,000, it is fine.

What an elitist comment. Lol. Anyway, I had a deer encounter in December. $7500 in damage. Apparently not ALL accidents are T bone with $50-80k?  Who knew? (I did)…Seriously, the douche level is pegged. Hifrigginlarious r u. Thanks for entertainment. 

[LANCECASPER]

30 minutes ago, Echo said:

What an elitist comment. Lol. Anyway, I had a deer encounter in December. $7500 in damage. Apparently not ALL accidents are T bone with $50-80k?  Who knew? (I did)…Seriously, the douche level is pegged. Hifrigginlarious r u. Thanks for entertainment. 

First, what state in the USA only requires $10,000 liability on auto insurance? I'm in Texas and their minimum is $25,000, and I always thought that Texas had about the lowest auto liability limits anywhere. (https://www.tdi.texas.gov/pubs/consumer/cb020.html)

Second, on other online forums people lash out at each other and talk to others disrespectfully. We all have our bad days, but we try our best not to do that here, even when we don't agree with what someone else says. We are a small close-knit community and while you may not agree with someone today, you may need what they have to offer tomorrow. Not many people on Mooneyspace are banned, although I can think of a handful that were almost universally ignored. If you enjoy the benefits that this forum provides, and there are many, do your best to treat others with respect and someday, whether or not you decide to own another Mooney, you'll eventually be a valued member.

[Pinecone]

1 hour ago, Echo said:

What an elitist comment. Lol. Anyway, I had a deer encounter in December. $7500 in damage. Apparently not ALL accidents are T bone with $50-80k?  Who knew? (I did)…Seriously, the douche level is pegged. Hifrigginlarious r u. Thanks for entertainment. 

So one mishap indicates the cost for all of them?????

I friend was t-boned yesterday.  Totaled car.  Even a cheap car these days is over $20,000.

[Pinecone]

1 hour ago, LANCECASPER said:

First, what state in the USA only requires $10,000 liability on auto insurance? I'm in Texas and their minimum is $25,000, and I always thought that Texas had about the lowest auto liability limits anywhere. (https://www.tdi.texas.gov/pubs/consumer/cb020.html)

 

Maryland is $15,000 for property damage

 

[Echo]

[T. Peterson]

On 6/14/2023 at 4:43 AM, Pinecone said:

Since they are a membership organization, that is exactly how I want them to be.  Fight tooth and nail to not pay claims to non-USAA members.

But I have not seen a reduction in the level of service.  Neither has my Dad. 

And he has been a member long enough that when he calls and gives his number, they wait for more digits, then ask him, Is that ALL.  He says yes, then he normally gets, I have NEVER seen a number that short.

 

I have been with USAA since being a young Lieutenant in the early 80’s. I have no plans to leave, but to me the decrease in knowledge and competence is stark.

[Schllc]

On 6/13/2023 at 12:02 PM, Aerodon said:

http://www.aero-news.net/index.cfm?do=main.textpost&id=aab2be79-b528-45de-be04-aafcaa8543b6

The nearly new M600 is probably a $3m plane, and the remains are on the salvage circuit now, so the owner is probably getting a new one.   If you read the NTSB report, the P51 pilot's friends threw him under the bus by saying he always taxied too fast and never did S turns.

The M600 insurance company is probably going to pay the owner quite quickly, but they are not in the habit of stopping there.  Let's just imagine this P51 pilot had no liability insurance (or not enough) as a lot of warbird owners tend to do.  I think he needs to worry about a claim.

 

Aerodon

 

 

 

I flew a p51 and a p40, with the same instructor.  i  asked them why they didn't just put a camera in the front for this challenge?  i mean it cant possibly be that expensive.

[A64Pilot]

2 hours ago, Schllc said:

If flew a p51 and a p40, with the same instructor.  i  asked them why they didn't just put a camera in the front for this challenge?  i mean it cant possibly be that expensive.

I have been astonished why no camera myself to look ahead.

‘The pic shows what I helped designed and Certified, it was a Thrush with 11” longer nose to correct CG without ballast, save a couple hundred lbs

The red and white airplane, not the B-25.

Anyway on a few we exported I put camera’s to look forward and the FSDO had no problems with it.

US guys had no interest, they have learned to accommodate the blind spot I guess, oh and from memory it was a couple hundred dollars and on a million dollar airplane, what’s $200?

It’s nose is much longer than I believe any warbird, you get used to it and learn to look way ahead.

‘Anyone who’s flown helicopters will tell you on approach they are nose high, so you look through the chin bubbles, but Gunships like the Cobra and Apache have no chin bubbles, so you learn to look at either side of the intended touchdown point and pick references, because you can’t see where your going to land as soon as you start decelerating.

I don’t know why the Warbird guys haven’t learned, or put in cheap cameras to cover the blind spot.

I think I remember one ran over an RV or something at Oshkosh a few years ago killing the pilot?

 

[A64Pilot]

22 hours ago, LANCECASPER said:

First, what state in the USA only requires $10,000 liability on auto insurance? I'm in Texas and their minimum is $25,000, and I always thought that Texas had about the lowest auto liability limits anywhere. (https://www.tdi.texas.gov/pubs/consumer/cb020.html

Florida, I can’t speak to other places, I don’t live there.

https://www.flhsmv.gov/insurance/

That $10,000 insurance coverage cost the Pizza deliver kid etc over $1,300 a year, I don’t know why, but I suspect the profit margin for required insurance is among the highest profit insurance there is. $1,300 yearly for $10K coverage is crazy. Example, that’s $13,000 a year for $100,000 of liability. Some of us carry $500K liability and don’t pay $65,000 a year for it, which is the rate the average legally required insurance costs in Fl.

Methinks I smell a Rat.

https://www.marketwatch.com/guides/insurance-services/average-cost-of-car-insurance-in-florida/

I have and I bet it’s very common, underinsured and uninsured insurance coverage, as I’m sure most do, so I really don’t care too much if the person that hits me has insurance that will give me or I bet actually my insurance company $10,000 or not.

To put it in perspective, my Wife’s car was hail damaged when she was at work a month or so ago, from 50 feet you couldn’t see any damage, no glass was broken etc. Small dents on the hood and trunk and left side of the car, top is glass and undamaged.

Cost to repair? $14,000, and some will kick in and say well that’s because Tesla parts are so overpriced. $1,800 of that $14,000 is parts.

AVERAGE auto bought in 2023 cost over $48,000 and expected to exceed $50,000 by year end. That’s why I say $10k is nothing, it’s just barely 20% the cost of an AVERAGE Auto, 20%.

https://www.caranddriver.com/news/a43611570/average-new-car-price-down-still-high/

But extrapolating the average cost of $1,300 a year for the current legal min and increasing it to cover the average cost of a new car is $6,500 or $541 a month, think the average wage earner can afford that?

So what’s wrong here? It seems to me not being an industry insider that the legally required insurance is a bit overpriced, because in my option the law requires it, the average wage earner has no choice

Price of average Auto’s by category, Remember this inflation is transitory  

Where we go from here is the big question. The head of sales for Toyota North America, Jack Hollis, said in March that he expects new-car prices to top an average price of $50,000 sometime in 2023. That doesn't seem outlandish, given December's ATP of $49,501. Understanding how new vehicle prices are changing means breaking them down by category. The average new luxury vehicle, for example, cost $65,202 last month, effectively even with the February number. Prices for electric vehicles are headed up slightly, with an average price of $58,940 in March. It was $313 lower in February. The average price for a non-luxury vehicle in March was $44,182 and has been on a downward trend since January.

 

 

[Pinecone]

19 hours ago, Schllc said:

I flew a p51 and a p40, with the same instructor.  i  asked them why they didn't just put a camera in the front for this challenge?  i mean it cant possibly be that expensive.

Not these days.  A go pro and a small video screen.

[Pinecone]

16 hours ago, A64Pilot said:

Florida, I can’t speak to other places, I don’t live there.

https://www.flhsmv.gov/insurance/

That $10,000 insurance coverage cost the Pizza deliver kid etc over $1,300 a year, I don’t know why, but I suspect the profit margin for required insurance is among the highest profit insurance there is. $1,300 yearly for $10K coverage is crazy.

1)  Insurance rates for liability are not linear like they are for hull/collision

2)  That pizza delivery kid is likely in the highest risk category, being a young, possibly male, driver.  Call your insurance company and ask them how much it will be to add a 20 year old male driver to your policy.  The numbers are staggering.

[A64Pilot]

On 6/16/2023 at 9:39 AM, Pinecone said:

1)  Insurance rates for liability are not linear like they are for hull/collision

2)  That pizza delivery kid is likely in the highest risk category, being a young, possibly male, driver.  Call your insurance company and ask them how much it will be to add a 20 year old male driver to your policy.  The numbers are staggering.

The $120ish is an average, it includes the newly Retired 65 yr old, the Pizza kid and everyone.

Sure the kid pays more, but it averages out unless you think only pizza delivery kids are the only ones that carry min required by law liability.

Majority of people only carry min liability, why? Because most call and ask, how much for insurance and don’t get any deeper than that, and to be honest average person can’t afford or doesn’t have the assets to protect

Its pretty difficult not to see that $120 a month for $10,000 insurance isn’t way overpriced.

[Pinecone]

Again, it is not linear.  When I went from 100,000 or 200,000 to 1 million liability, it was DOLLARS per 6 months, as in less than $10 extra.

[A64Pilot]

25 minutes ago, Pinecone said:

Again, it is not linear.  When I went from 100,000 or 200,000 to 1 million liability, it was DOLLARS per 6 months, as in less than $10 extra.

Have you thought for just a minute why it’s not linear?

Is it because 100,000 and up claims are as rare as hens teeth so they never have to pay that out or why exactly? What’s the logic of ten or a hundred times the exposure for only a couple of bucks? One claim would wipe out hundreds or thousands of profits on policies.

I think to a large extent the companies are in business to make money, which of course they should be, but just like anything else the cost of a product is not really what determines its price, well it determines it’s minimum price but often not what it sells for, what often sets the price is how much people will pay for it. Take any “Luxury” iDesigners handbags for example, the profit margin is huge, it’s not that the designer handbag cost 500 times as much to manufacture as to why it’s so expensive, it’s so expensive because people will pay that much.

Now if you require by law a person to have something, or whoever has the note requires it, then they have to purchase it, what it costs is irrelevant they have to buy it or go to jail and or pay large fines, or get foreclosed on and if you really want to make money then you structure the law or note so that you only have to provide a pittance, so you make even more money because you drive down your cost.

How else can you explain that on average 10,000 liability costs $1,300 a year and by your own statement ten times as much only costs a few dollars more?

I bet it’s because once you get into the large policies your getting close to the actual cost, because otherwise they are selling it below cost and you know they aren’t doing that.

If 10 gls of gas cost $50 why can’t I get 100 gls for %55?

 

[BlueSky247]

On 6/14/2023 at 3:42 PM, Pinecone said:

That is 100% wrong.  If you go through USAA you get a special number for Falcon, and it gets you to a group at Falcon that only deals with USAA customers.

Sorry to bring up an old thread, but I could use some feedback here. I am a long time USAA customer and was unsuccessful at getting Falcon to respond to me for a renters policy either over the phone at the special number or via their web page form. Since my other policies require things to be under USAA, this presents a problem. I had to go with Avemco for now just to get the renters coverage, but would really rather use Falcon long term. Has anyone been able to reach them lately? Maybe I just need to call them wanting an actual airframe policy.

[Hank]

USAA told me back in 2007 that they no longer insured aircraft, so I went with a local broker. Later I switched to Falcon, because I moved out of the area my broker covered. Saved some coin, too.    But there was no USAA connection (call it 2014). 

Now I'm with @Parker_Woodruff and Airspeed Insurance.

Apparently USAA also no longer covers boats, but there is a USAA-referred desk at Progressive for boat insurance. Just a little bass boat, but it's in the water and I don't want tpit to sink and be a total loss, especially if anyone else is on board.

[Pinecone]

I heard from Falcon recently.  
 

i had my Mooney through them via USAA portal.  If you go through USAA you great a special group inside Falcon that only handle USAA customers

what coverage requires everything be USAA?  If Umbrella, aviation is excluded from the umbrella coverage

[BlueSky247]

1 hour ago, Pinecone said:

I heard from Falcon recently.  
 

i had my Mooney through them via USAA portal.  If you go through USAA you great a special group inside Falcon that only handle USAA customers

what coverage requires everything be USAA?  If Umbrella, aviation is excluded from the umbrella coverage

Bingo. It’s the umbrella. Thank you!

 

edit: And I did try the special number. No joy. 

[Pinecone]

Strange.  They have always been responsive to me via phone or email.