If you want to call it insurance and not be full of crap, you have to follow the regulations for insurance. Not having insurance is not self insurance, it’s not having insurance.
Best Insurance Carrier (Underwriter) for Senior Pilots?
- Thread starter farmrjohn
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All insurance is regulated.
Why?
Clip4
Touchdown! Greaser!
Don’t buy a pet health insurance in Florida Salty. It is unregulated in 49/50 states.
Chip Sylverne
Final Approach
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Quit with the negative waves, man.
Generally speaking, insurance means evidence of financial responsibility. If you don't want to buy a policy, in some states you can post a bond in excess of a certain limit in lieu of insurance coverage.
Getting insurance is usually cheaper.
Getting insurance is usually cheaper.
Shepherd
Final Approach
I'm almost 74,and still use Avemco.
Of course my plane is 75 years old, no electrical system, and the reality is that the only thing worth anything is the low time C-85-8 hung on the front of it.
Which make my insurance $1,200.00 a year for full coverage for everything.
I also make sure I do Wings credit every year to get the discount.
Of course my plane is 75 years old, no electrical system, and the reality is that the only thing worth anything is the low time C-85-8 hung on the front of it.
Which make my insurance $1,200.00 a year for full coverage for everything.
I also make sure I do Wings credit every year to get the discount.
PaulMillner
Line Up and Wait
That's not necessarily accurate. In California, to be self-insured for automotive liability, you merely have to convince a bond and surety company that you have sufficient assets to satisfy the required claim amount. There's no dedication of assets or set aside required... just a demonstration of net worth. The bond company charges you about 1% of that amount annually for guaranteeing to the state that you'll come through when required. If you've got, say, $10 million in assets, and the required coverage is $60,000... the bond issuer is pretty confident they can derive at least $60,000 in value from your $10 million in assets even if you aren't cooperative for some reason.
That's still a far cry from doing nothing and calling it "self insurance".
Rcmutz
Cleared for Takeoff
I don’t think there is anything specific. It is up to each underwriter, and you usually don’t find out the restrictions until you look to renew or get a quote.
We had a partner in that age bracket and found ourselves in a situation where we needed to change companies (as our insurer dumped its entire book of aviation business). We were unable to get coverage at any price from the usual suspects for a A36TC with 5 partners and one over 70. Avemco had us covered in a few days and the requirements were not particularly onerous. Medical and a annual flight review iirc.
Pinecone
En-Route
Because YOU keep stating that it is a violation. But offer no proof.
Eric Pauley
Pre-takeoff checklist
There's nothing in the FARs that says the sky is blue or water is wet, either. Salty is making an (obvious) argument of defintion, not what you are legally obligated to do. Just because you aren't required to insure doesn't mean you can call anything you want "insurance". Words have meaning.
In no context does not having insurance mean you have insurance.
Eric Pauley
Pre-takeoff checklist
Can I self-insure my takeoff performance by following the checklist??
I am 76 and to fly my Navajo solo the insurer requires an annual IPC. The insurer is ANPAC and the premium is high, but reasonable. Also any pilot must have at least 2000 hours total, 1000 hours multi, and minimum of a commercial or higher certificate.