Online Community of Zenith Builders and Flyers
I am close to first flight and have gotten a quote from Falcon Ins. for my insurance. I had a previous policy with them for $600 that covered the various parts, etc. while building at an insured value of $60,000.
Their quote to renew that policy and add flying coverage came in at $1400. They say I need 3 hours dual in a 701 or 750. I currently have @ 720 hours of flight time.
How does this seem to compare to others? By the way, insurance guys must hate experimentals because my cost for a really nice IFR Cessna 172 was $800!
I used my long-time insurance broker, Corrie Thompson, at Coley-Christian Aviation Insurance in Memphis - she placed me with Chartis (I think that's who Falcon/EAA uses???) I've got about 2500 hrs and an instrument rating - the last 1500 hrs mostly in a Cessna 206. I requested 1 million liability and $55,000 hull. Under construction/not in motion was $675. "Full flight" when I was ready to start flying it was $1077/yr. The underwriter told Corrie I had to have "5 hrs in a STOL CH750", but it didn't have to be instruction/dual. Interestingly (and after I already flew the required 5 hrs off), when I got the policy, it didn't mention a single thing about prior flight experience in a 750 being required! Of course, one would be ill-advised not to get a little transition time prior to first flight!
That was hull and liability.
Thanks Ed. I figured that out (I need to read more carefully).
$1800/yr for $55K hull and 1 million liability thru Falcon for me. They required 3 hrs. dual prior to 1st flight. I have approx. 450 total VFR hrs since 2007, all LSA experimental. I'm hoping it will come down substantially on next year's quote, but I'm glad I've got it.
Geez, $1800 for you and $1400 for me??? Looking at John's price, it seems that every 300 or so hours knocks off $400!
I am sure there is a point of diminishing returns on that one, Ed. I have about 25,000 hours and over 25 in type (CH 601XLB) but I doubt they will pay me to take their insurance when my bird is ready to fly. :) For my 1947 Stinson 108-2, I pay $900 or so for a million liablility and 32 grand hull. The policy includes coverage when I fly other planes, as well. That is fortunate because I do some test flying for less experienced friends from time to time.
Thanks for the comment. I love those Stinsons! I am going to do some shopping, I also plan to call AOPA, who I don't believe insures experimentals, but takes my membership money.
Insurance varies greatly between suppliers. The 1st year will probably be quoted higher as that is when problems occur in homebuilts. Presently that is what I pay for my CH750 on amphibs.... last year the quote was $2,200 without the floats (took $1.200 quote no inflight). I never insured in-flight on any aircraft I owned until this year. I have a retired DHC2 pilot friend with 26,000 hrs floats, they quoted $12,000 for in-flight on his C180 amphib. They same company offers in-flight on my CH750 with amphibs for $1,400... I had to do 5 take-offs / landings with an instructor (I used the instructor I type trained on the CH750). Check out on type training is never a bad idea.
Thanks, I will be looking for some check out time. Glad I'm not insuring a C180!
Thanks for sharing your experiences. Aircraft insurance (like all insurance, I suppose) seems to vary quite dramatically case by case, and there seems to be very little standardization within the industry. That's why I recommend builders / pilots to obtain a number of (competitive) quotes, regardless of your experience with a particular broker / underwriter. Their requirements, coverage, and rates vary a lot, so shop around.
Next month at the Zenith Open Hangar Day, Scott "Sky" Smith of SkySmith Insurance Agency (in Iowa) is presenting a seminar on aircraft insurance as it applies to building and flying (a Zenith), and hopefully he will answer relevant questions from Zenith builders, owners and pilots about insuring their project.
Thanks for the info. I am hoping to get down for the Open Hangar Day, but only if you promise warmer weather than last year! I'm off to Germany this Saturday, I hope to visit some airfields while over there. I'll also call Scott Smith.
I take exception with your comment about "regardless of your experience with a particular broker." I'm certainly in no way related to the insurance industry (I'm a retired doc who was paying $70,000/yr for liability insurance when I retired!!!), but I've used the same agency/broker for 20 yrs. In talking with an insider in the business, I was told that established brokers with long-time relationships with companies DO influence the underwriters, i.e., they learn to trust what the broker is representing about the pilot's credentials, experience, and loss history. With my Cessna 206, I consistently was able to get better coverage for less dollars with less restrictions. I used the same broker for my 750, and I've yet to see anyone mention a lower premium or less pre-flight qualifications than what I obtained. Ironically, as I understand it, I was placed with the same company that EAA uses, but it appears I'm paying substantially less than going through EAA! A good broker will do the shopping for you, but I do agree that if the quotes are way out of line, then shop around!