Wow! How extremely generous of you to afford your friend the privilege of using your plane. The world should have more people like you in it, no matter the arrangement. Kudos to you..
I have an older friend who spends 8 months in Florida.He encouraged me to fly his Warrior as much as possible which I gladly did.I always appreciated that he put his trust in me.Unfortunately he lost his medical and sold the plane.The insurance company only required a check flight with a CFI.
If you are going to shop rates assign different agents different companies. If numerous agents shop the same companies it is going to make you look bad and waste the agents time. It is called an Open Pilot Warranty. I am a 25 year Certified Aviation Insurance Agent.
This is fantastic info Ted. Thwack you so much for posting this. I can't wait to ser what you do next. Like others said if there was more pilots like you there would be more pilots in the world. Thanks again Ted.
Really great video, which bridges a knowledge gap into the world of insurance. Your encouragement to get out there and learn about this topic is extremely valuable - especially for low-time renters. In the past, I've "trusted and hoped" that someone else was taking care of everything, when I've signed up to rent aircraft.
It’s a necessary evil, however it can be VERY expensive. I’m a 250 hour instrument and rated tailwheel pilot, very similar in progression with you on commercial rating as well... and was quoted 3k/year for 30k worth of coverage on my newly purchased Sonex. Of course, it’s because I have zero time in that particular make/model.
I love the fact that you are approaching this subject. However, you failed to approach the fact that aircraft insurance for those of us over 70 or as you approach that age are 1. paying thousands of dollars a year for insurance and many companies will not even quote insurance for us at all. The pilot pool is growing older on average but it appears that this issue is growing not getting better. I would ask you to follow up with a second you tube that approaches this specific issue.
Want a baseball bat dose of reality? Get a quote on a plane that has a value over $100K Or higher. $38k planes are not the norm. Aviation Insurance has skyrocketed the last year and is expected to go up substantially. AOPA has already done videos and written articles on this subject. Insurance companies are blaming Boeing for the 737 Max and the rash of lawsuits because of that plane. But wait till you see the rate increases because of the tornado damage in Nashville. An entire airport was wiped out and Insurance Companies will be raising rates to cover their enormous losses. True you should see reductions in your ongoing policy if you acquire more ratings but, they will be reductions in an inflated market. My policy went from $4200 last year to $3600 this year because I added hours and had no claims. Bottom line...Insurance companies are NOT going to lose money. They increase their rates as the payouts get bigger. Ask anyone that doesn't qualify for Obama Care how their health insurance rates have gone nuts. If you are going to buy a plane make sure you get insurance info prior. If you can afford it, go for it. I believe these costs will go down again after the Ins. Industry recoups its losses. Just like health Insurance will go down once we get rid of Obama Care.
Another Great video. I decided to own an airplane and stop renting especially with my new work schedule and rental scheduling. I narrowed down my search and currently looking for a decent low price M20C. A pilot that owns a M20E with only PPL told me that his coverage was about 2k. I have a CPL with instrument and high performance rating, so I was positive my rate would be lower. I called the same company the Mooney pilot is insured with and they told me for the price plane I'm looking for(40-50k) my rate would be $1900 with 10% reduction when I renew with them, and another 6% when I have 80hrs in model to which I currently have none. I plan to have the plan tied dwn, but the other pilot had a his plane in a hangar. Also, can you share your experience with finding and going through the process of acquiring the 177 when you decided that she was the one. I found 2 M20s, the 1st one needs some TLC, over 1000hrs on the engine and no adsb. The 2nd plane seems to be well cared for with adsb and ifr gps, but the engine has almost 1500 hrs. I was tempted to make an offer on the 1st model but got nurvous. Any assistance will do. Thank you. Salaboy45@yahoo.com
Does insurance cover the plane all over the globe? What if the plane it totalled or sinks to the bottom of the ocean? Does it cover bad maintenance by mechanix? What if you have to make an e landing in the middle of nowhere and your stranded?
Renewals this year are going to surprise many with the departure of multiple underwriters. You made no mention to this fact. Ted....your video is more common sense stuff.
think you need to stipulate between experimental and GA aircraft on who must have. As far as I know if you own experimental insurance is not a requirement
No federal law requires insurance. A total of 11 states impose either liability insurance requirements or aircraft financial responsibility requirements that apply to general aviation owners and operators. Minnesota is the only state that requires nearly all general aviation owners to have liability insurance. All aircraft owners in the state must have proof of insurance, with the minimum coverage requirements, when registering the aircraft with the state. Hawaii, Maryland, Oregon, and Rhode Island require general aviation aircraft owners and operators to have liability insurance if they either hangar their aircraft at a state-owned airport or operate their aircraft for commercial purposes (leasing or renting out aircraft, for example). California, Connecticut, Indiana, Massachusetts, and Virginia general aviation aircraft owners and operators are required to demonstrate aircraft financial responsibility by showing differing combinations of liability insurance, a bond, deposits of money or securities, or a letter of credit. North Dakota has an aircraft financial responsibility requirement, but does not specify how civilian aviation pilots, owners and operators should demonstrate financial responsibility to the state.
In most states if you do not have a lien (paying a bank) for your plane, there are no mandates to carry aircraft insurance. It would be foolish not to at least carry some liability insurance. That's fairly cheap. You can self-insure the hull yourself, if you can afford the loss and walk away from it. Rates in last 2-3 years have been increasing substantially after a decade of crazy low premiums. There were just too many insurance companies competing for an overall shrinking market of insurable planes. Standard ASEL non complex aircraft are still reasonable to afford the full coverage insurance.
I cannot find any regulation or rule with my FBO requiring me to have insurance, if I go down with the plane it's all game over anyway, I don't think I must have insurance as your video opens with, can you comment on why you said the word must?
No, technically you don’t need insurance it’s not like a car where you must have liability coverage however, it just makes sense to do so as the airplane and you may be taken out, but it may cause damage to surrounding areas😇
Can you recommend a good resource for a listing of popular insurers? I think a lot of people are like me where we know that insurance is required, but we don’t know how to navigate the jungle of information that’s out there.
The best place to start is AOPA and get on their website or just call them and talk to their insurance people it is a maze that of information and the insurance rates are very very high also you could talk to your homeowners insurance and see if they cover anything to do with aircraft but it does require some research. I wish I had some easier answers for you but it’s gonna take a few hours of online and some phone calls. Thanks for watching!
@@Over50andLearningToFly Excellent. Thanks for the tips. I will get in touch with AOPA. As for the home insurance, even if my policy does happen to have aircraft coverage, I’d probably try to get a purpose-built policy. My home insurance provider seems very good at finding exclusions when I actually need them . . . .
Shoot I was hoping to get insurance company names to start calling. 📞 Anyone have suggestions on new pilots with a tail dragger Maule. I dont even know any companies names to search!
Can you give a little more detail about having to have insurance if you rent a plane. As I take my private pilot courses are you saying I need to get extra insurance since I am basically renting the plane for my lessons?
Joel Charbonnet go to AOPA’s website and look at renters insurance they are and they have all the information and then give them a call and they will set you straight for a really reasonable price! Thanks for watching!
Wow! How extremely generous of you to afford your friend the privilege of using your plane. The world should have more people like you in it, no matter the arrangement. Kudos to you..
I have an older friend who spends 8 months in Florida.He encouraged me to fly his Warrior as much as possible which I gladly did.I always appreciated that he put his trust in me.Unfortunately he lost his medical and sold the plane.The insurance company only required a check flight with a CFI.
If you are going to shop rates assign different agents different companies. If numerous agents shop the same companies it is going to make you look bad and waste the agents time. It is called an Open Pilot Warranty. I am a 25 year Certified Aviation Insurance Agent.
This is fantastic info Ted. Thwack you so much for posting this. I can't wait to ser what you do next. Like others said if there was more pilots like you there would be more pilots in the world. Thanks again Ted.
Really great video, which bridges a knowledge gap into the world of insurance. Your encouragement to get out there and learn about this topic is extremely valuable - especially for low-time renters. In the past, I've "trusted and hoped" that someone else was taking care of everything, when I've signed up to rent aircraft.
Looking to get a 68 cardinal also. $790 per yr is great.
It’s a necessary evil, however it can be VERY expensive. I’m a 250 hour instrument and rated tailwheel pilot, very similar in progression with you on commercial rating as well... and was quoted 3k/year for 30k worth of coverage on my newly purchased Sonex. Of course, it’s because I have zero time in that particular make/model.
Jonathan Lindstrom thanks ! It should go down with more hours .... thanks for watching!
Great video
Good tips, thanks!!!
I love the fact that you are approaching this subject. However, you failed to approach the fact that aircraft insurance for those of us over 70 or as you approach that age are 1. paying thousands of dollars a year for insurance and many companies will not even quote insurance for us at all. The pilot pool is growing older on average but it appears that this issue is growing not getting better. I would ask you to follow up with a second you tube that approaches this specific issue.
I just quoted PPL-G. New pilot $7800 a year. I could have bought tour Jetta
Want a baseball bat dose of reality? Get a quote on a plane that has a value over $100K Or higher. $38k planes are not the norm. Aviation Insurance has skyrocketed the last year and is expected to go up substantially. AOPA has already done videos and written articles on this subject. Insurance companies are blaming Boeing for the 737 Max and the rash of lawsuits because of that plane. But wait till you see the rate increases because of the tornado damage in Nashville. An entire airport was wiped out and Insurance Companies will be raising rates to cover their enormous losses. True you should see reductions in your ongoing policy if you acquire more ratings but, they will be reductions in an inflated market. My policy went from $4200 last year to $3600 this year because I added hours and had no claims. Bottom line...Insurance companies are NOT going to lose money. They increase their rates as the payouts get bigger. Ask anyone that doesn't qualify for Obama Care how their health insurance rates have gone nuts.
If you are going to buy a plane make sure you get insurance info prior. If you can afford it, go for it. I believe these costs will go down again after the Ins. Industry recoups its losses. Just like health Insurance will go down once we get rid of Obama Care.
Another Great video. I decided to own an airplane and stop renting especially with my new work schedule and rental scheduling. I narrowed down my search and currently looking for a decent low price M20C. A pilot that owns a M20E with only PPL told me that his coverage was about 2k. I have a CPL with instrument and high performance rating, so I was positive my rate would be lower. I called the same company the Mooney pilot is insured with and they told me for the price plane I'm looking for(40-50k) my rate would be $1900 with 10% reduction when I renew with them, and another 6% when I have 80hrs in model to which I currently have none. I plan to have the plan tied dwn, but the other pilot had a his plane in a hangar. Also, can you share your experience with finding and going through the process of acquiring the 177 when you decided that she was the one. I found 2 M20s, the 1st one needs some TLC, over 1000hrs on the engine and no adsb. The 2nd plane seems to be well cared for with adsb and ifr gps, but the engine has almost 1500 hrs. I was tempted to make an offer on the 1st model but got nurvous. Any assistance will do. Thank you. Salaboy45@yahoo.com
Jerome S will do - gimme a few days ! 😆 thanks for watching !
@@Over50andLearningToFly No problem. Thanks👍.
Does insurance cover the plane all over the globe? What if the plane it totalled or sinks to the bottom of the ocean? Does it cover bad maintenance by mechanix?
What if you have to make an e landing in the middle of nowhere and your stranded?
Call your agent ! 😇
Renewals this year are going to surprise many with the departure of multiple underwriters. You made no mention to this fact. Ted....your video is more common sense stuff.
think you need to stipulate between experimental and GA aircraft on who must have. As far as I know if you own experimental insurance is not a requirement
m kramer I didn’t even think of that - thanks ! I’ll look that up - thanks for watching!
I found this ...
www.google.com/amp/s/www.global-aero.com/what-you-need-to-know-about-experimental-aircraft-insurance/amp/
@@Over50andLearningToFly that article does not state that insurance is mandatory for experimental.
No federal law requires insurance. A total of 11 states impose either liability insurance requirements or aircraft financial responsibility requirements that apply to general aviation owners and operators.
Minnesota is the only state that requires nearly all general aviation owners to have liability insurance. All aircraft owners in the state must have proof of insurance, with the minimum coverage requirements, when registering the aircraft with the state.
Hawaii, Maryland, Oregon, and Rhode Island require general aviation aircraft owners and operators to have liability insurance if they either hangar their aircraft at a state-owned airport or operate their aircraft for commercial purposes (leasing or renting out aircraft, for example).
California, Connecticut, Indiana, Massachusetts, and Virginia general aviation aircraft owners and operators are required to demonstrate aircraft financial responsibility by showing differing combinations of liability insurance, a bond, deposits of money or securities, or a letter of credit.
North Dakota has an aircraft financial responsibility requirement, but does not specify how civilian aviation pilots, owners and operators should demonstrate financial responsibility to the state.
In most states if you do not have a lien (paying a bank) for your plane, there are no mandates to carry aircraft insurance. It would be foolish not to at least carry some liability insurance. That's fairly cheap. You can self-insure the hull yourself, if you can afford the loss and walk away from it. Rates in last 2-3 years have been increasing substantially after a decade of crazy low premiums. There were just too many insurance companies competing for an overall shrinking market of insurable planes. Standard ASEL non complex aircraft are still reasonable to afford the full coverage insurance.
I cannot find any regulation or rule with my FBO requiring me to have insurance, if I go down with the plane it's all game over anyway, I don't think I must have insurance as your video opens with, can you comment on why you said the word must?
No, technically you don’t need insurance it’s not like a car where you must have liability coverage however, it just makes sense to do so as the airplane and you may be taken out, but it may cause damage to surrounding areas😇
Can you recommend a good resource for a listing of popular insurers? I think a lot of people are like me where we know that insurance is required, but we don’t know how to navigate the jungle of information that’s out there.
The best place to start is AOPA and get on their website or just call them and talk to their insurance people it is a maze that of information and the insurance rates are very very high also you could talk to your homeowners insurance and see if they cover anything to do with aircraft but it does require some research. I wish I had some easier answers for you but it’s gonna take a few hours of online and some phone calls. Thanks for watching!
@@Over50andLearningToFly Excellent. Thanks for the tips. I will get in touch with AOPA. As for the home insurance, even if my policy does happen to have aircraft coverage, I’d probably try to get a purpose-built policy. My home insurance provider seems very good at finding exclusions when I actually need them . . . .
Curious. How are policy limits in relative comparison to automobile insurance?
And how does "fault" work? e.g. (crashing into someone's house.)
I don’t know the best thing to do is call AOPA and talk to one of their insurance consultants and they can help you out - thanks for Watching!
Shoot I was hoping to get insurance company names to start calling. 📞 Anyone have suggestions on new pilots with a tail dragger Maule. I dont even know any companies names to search!
Start with AOPA - call them and start from there ….
Can you give a little more detail about having to have insurance if you rent a plane. As I take my private pilot courses are you saying I need to get extra insurance since I am basically renting the plane for my lessons?
Joel Charbonnet go to AOPA’s website and look at renters insurance they are and they have all the information and then give them a call and they will set you straight for a really reasonable price! Thanks for watching!
Call an agent. They can explain non-owned coverage.
any news on well known MH flights insurance payments to the benefeciarious of the insurance processings?
Not really .... thanks for watching!
@@Over50andLearningToFly hm so not yet .... never mind!
ummm... no you dont have to have insurance self insure