lnsurance costs

Bretheren,

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!

Ed

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Permalink Reply by Sebastien Heintz on August 28, 2012 at 9:06am

Hi John:  My point for stating "regardless of your experience with a particular broker" is strictly to advise to obtain outside competitive quotes (for comparative purposes if nothing else).  We too have used the same broker for many years but we still shop around to make sure we continue to get the best service and prices.  Many of our customers have had a long term relationship with brokers for their "certified" plane (such as an older Cessna) who have little experience with "experimentals" kit planes which is why it may pay to shop around, not only for better quotes but also fo better coverage.

Permalink Reply by John Austin on August 28, 2012 at 9:23am

I understand! That's what was so ironic about my experience. At my agency, I knew from their clientele that my Cessna 206 was near the bottom of the gene pool ... they're more into Hawkers and Gulfstreams, etc.! I wasn't even sure if they "fooled" with experimentals! Imagine my pleasant surprise when they came back with that quote! LOL!

Permalink Reply by Dr. Edward L. Olds III on August 27, 2012 at 10:49am

John,

Thanks, as always.  You have more time and the IFR rating, so it looks like they aren't far off?

Ed

Permalink Reply by Ari Hulkkonen on August 31, 2012 at 12:34pm

Hey folks!

The annual price you pay (in EU we pay in any case much much much more...) is not everything. In case you've got a case, what really matters is how they really treat you. Do you get your full costs covered? How quickly you get the money?Do you have to argue and fight to get them pay? Unfortunately, there are many sad examples out there...

An insurance company with good reputation would be my choice regardless the insurance price.  If such company exists...

Permalink Reply by Dr. Edward L. Olds III on August 31, 2012 at 12:43pm

Ari,

Good advice!  

Ed

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