Do you have insurance?

pigpenracing said:
I am a good financial advisor... If I wasn't I would be in debt up to my ass and not own anything like the rest of America :)
Having money invested in airplanes has been great for me. I seem to double my money on them when its time to sell.
Maybe you need a financial advisor......
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I am confused. You are so successful that you have accumulated all these great assets without debt, but you can't afford insurance. What happens if you are taxiing and a wheel comes off, you dodge an animal, etc and crash into an expensive airplane? Lose everything you have worked for. Personally I would have one less toy and buy insurance. 1. I think it is responsible and I want to be able to pay for any damage I do. 2. I have significant assets beyond planes, cars, bikes, etc. that I don't want to put in jeopardy.

Skip the collision/ comp/hull coverage if you want, but I think it is irresponsible to not have liability insurance. I am guessing if you had a million in the bank to cover any damage you would have liability insurance.

Not saying it should be government mandated, just seems like common sense to me.

Jim
 
pigpenracing said:
If I had to put insurance on my 3 planes, motorcycle, jet ski, boat and 3 vehicles I would not have money to eat... I take the risk and put liability on the cars and bike. The other stuff does not have any insurance. I don't like giving these companies everything I work for.... Feel free to give them your money if you want.
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You could probably get some kind of bundled rate; you can't operate all of those at the same time (if you could, I'd want to see the YouTube)
 
As I sit here typing this I can't tell you precisely what the contours of section (iv) are. But one thing I am quite confident of is that section (iv) does not collapse to "able to hold a third class medical." Because the regulations already provide for certain activities requiring a third class. If that's what it meant, then section (iv) itself would be a nullity, and it would be extraordinary for a court to read two different sections having different language as co-extensive in scope.

The insurer, on the other hand, can ask for whatever they like of their insureds. That said, I would not presume that an insurer would cavalierly deny coverage. Getting that call wrong could cost them much more than the limits.

timwinters said:
For all intents and purposes that is the definition of a third class medical. My insurance agent and AME both hold this opinion.

My AME brought it up so I discussed it with my agent. He agreed and...

I concur too.
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Insurance has already saved my checking account from large bills.
 
James331 said:
I take full rsponosbility for my actions, I just don't believe people should be forced to buy a product.
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But if you don't have liability insurance and you do happen to destroy someone else's house or their Citation jet, how are you going to take responsibility for that? Does expecting your victim to have to use HIS insurance qualify as you taking responsibility?

Or perhaps you do have liability insurance because you know it makes sense but you oppose the government mandating that. I can understand that, but I can also see you getting really ****ed if someone crashes into your house or plane and critically injures you or a family member, and THEY don't have insurance.
 
Insurance doesn't offer complete restitution, the victim still gets hit hard in many cases. Say an FBO employee hits my aircraft with their tug and they have insurance. Great, they pay for the repairs, I am out of the use of the aircraft for weeks possibly months, my fixed expenses continue (annual, hangar, insurance, etc). NOW I also have a damaged aircraft history and its value is compromised forever. So some $10 an hour bonehead could easily cost me $30-40K, if we're talking jets it could be much, much, higher.

I don't think most people really consider the repercussions.
 
JOhnH said:
Or perhaps you do have liability insurance because you know it makes sense but you oppose the government mandating that. I can understand that, but I can also see you getting really ****ed if someone crashes into your house or plane and critically injures you or a family member, and THEY don't have insurance.
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Bingo!

I'm not saying its a good not to have it, just not the place of the govt to tell me I have to have it.
 
Capt. Geoffrey Thorpe said:
That opinion does not appear to be shared by the Federal Air Surgeon or Dr. Bruce.

http://www.faa.gov/licenses_certificates/medical_certification/sportpilots/
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Agreed. The FAA guidance for Sport Pilots is to discuss their entire medical conditions and medications with their personal physician and determine if there is any reason the pilot cannot safely operate the aircraft.

If anything, this guidance combined with the DL medical seems to indicate that the FAA feels that "for the most part" if you can safely operate a motor vehicle on public roadways you can also safely operate a SP eligible aircraft, respecting the differences of aircraft to automobiles (altitude, g-forces, etc), of course.
 
Alexb2000 said:
Insurance doesn't offer complete restitution, the victim still gets hit hard in many cases. Say an FBO employee hits my aircraft with their tug and they have insurance. Great, they pay for the repairs, I am out of the use of the aircraft for weeks possibly months, my fixed expenses continue (annual, hangar, insurance, etc). NOW I also have a damaged aircraft history and its value is compromised forever. So some $10 an hour bonehead could easily cost me $30-40K, if we're talking jets it could be much, much, higher.

I don't think most people really consider the repercussions.
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That is another reason to have insurance. Maybe the repair to my plane caused by someone is only a few thousand dollars, the rental costs of a replacement plane could be significant. Also I am going to expect some compensation for the diminished value of the plane. If I caused damage, I would much rather have those discussions take place between the damaged plane owner and my carrier than with me.

Jim
 
Trying to get insurance on the Flybaby today. So far of the 9 markets the broker has talked to, 7 declined any coverage, and the other two have not responded.
 
Topper said:
That is another reason to have insurance. Maybe the repair to my plane caused by someone is only a few thousand dollars, the rental costs of a replacement plane could be significant. Also I am going to expect some compensation for the diminished value of the plane. If I caused damage, I would much rather have those discussions take place between the damaged plane owner and my carrier than with me.

Jim
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You raise a good question. In some states they don't allow diminished value claims on cars, I don't know about aircraft, I'll have to look at my policy. I know there is some precedence of aircraft owners suing for diminished value.
 
Actually, one of the best reasons to carry liability insurance is for policies that give the insurer the obligation to defend you against a claim. That can be a double-edged sword in some cases (like if the costs of defense reduce your limits; or if the insurer can pressure you to settle a case you might not otherwise settle).

But generally speaking the immediate aftermath of bumping into something unexpectedly (like the ground) and receiving a summons from a process server soon thereafter is enough to strike fear in the hearts of most. Knowing that you can call your insurer and they can activate their stable of defense attorneys and you won't have to start writing five-figure monthly checks as a result can make insurance worth it to many.
 
jesse said:
Trying to get insurance on the Flybaby today. So far of the 9 markets the broker has talked to, 7 declined any coverage, and the other two have not responded.
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Call Teri Branstatre with Northwest insurance... She can get you coverage on anything.
 
The insurance on my homebuilt LSA taildragger rag and tube airplane is from Chartis via the Forest Agency in Forest Park Il. Costs more than a 152, but there are more risk factors. I am reasonably confidant that you have more ratings and hours than I do...
 
Alexb2000 said:
You raise a good question. In some states they don't allow diminished value claims on cars, I don't know about aircraft, I'll have to look at my policy. I know there is some precedence of aircraft owners suing for diminished value.
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Your policy might not allow for diminished value, but that would not keep you from going after someone that damaged your plane fie diminished value. Unless state statute prohibited it. I would guess most states are silent on the matter when it comes to airplanes.

FWIW, in Kansas a partner of mine collected from his auto carrier for diminished value. Took an attorney to get it done, but we are a fee shifting state, so his insurance company ended up paying his attorney to sue them!:D

Jim
 
jesse said:
Trying to get insurance on the Flybaby today. So far of the 9 markets the broker has talked to, 7 declined any coverage, and the other two have not responded.
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Just curious if you were looking for hull and liability? Thinking they might have an appetite for the liability, but not the hull.

Jim
 
One time I got my front wheel on my 182 in a trench that hadn't been packed in. It was wet and the front wheel and the left main went down far enough to get the prop in the dirt. I had to have two new prop blades, engine tear down and replace crank and some other parts. The total bill was $16,000. dollars. I had AOPA full coverage. and they paid the whole thing. But it was the same year that Paine Stewart, the golfer, had the Lear Jet crash. So that company got out of the insurance business with AOPA, and I was out looking for a new company. But I had paid about $800. a year for 20 years. so I just got my money back.:yes:
 
Liability insurance for a 700 pound motorcycle is cheap and easy to get, because it is so light that it's not going to hurt much of anything besides its own rider.

You'd think that liability on a 700 pound Flybaby would be similar.
 
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