Boatguy wrote: ↑Fri Nov 25, 2022 6:45 pm
Have you thought of finding a new lender? I'm mystified why they care about liability as they have none. The lender should only need to know that you're covered to the amount of the loan.
For my 2019 DA40NG, I pay $3,800 USD for $475K of hull coverage, $0 deductible and $1M of liability.
Yeah, I'm puzzled by this myself to be honest. They were very firm on that too. Does liability have a huge impact on the rate? I'm a bit clueless as this is the first time I'm shopping for aircraft insurance
I imagine you have a bit more than 0hrs on type, and and maybe an IFR rating? I've been out of the flying game for 6 years, and only picked it up this year with just ~14 hrs since the hiatus started. I've been told I can expect renewal to be about 1/2 the current rate if I get a few dozen hours in, and not make any claims.
Boatguy wrote: ↑Fri Nov 25, 2022 6:45 pm
Have you thought of finding a new lender? I'm mystified why they care about liability as they have none. The lender should only need to know that you're covered to the amount of the loan.
For my 2019 DA40NG, I pay $3,800 USD for $475K of hull coverage, $0 deductible and $1M of liability.
Yeah, I'm puzzled by this myself to be honest. They were very firm on that too. Does liability have a huge impact on the rate? I'm a bit clueless as this is the first time I'm shopping for aircraft insurance
I imagine you have a bit more than 0hrs on type, and and maybe an IFR rating? I've been out of the flying game for 6 years, and only picked it up this year with just ~14 hrs since the hiatus started. I've been told I can expect renewal to be about 1/2 the current rate if I get a few dozen hours in, and not make any claims.
Liability is a small part of the coverage cost, though I'm not sure why insurers are reluctant to offer more coverage. I do have more hours and an IR, but I didn't four years ago when I had just passed my PPL checkride. That first year my rate was essentially the same as today, about 0.8% of hull value.
I have quite a bit of experience in finance and shopping for lenders is just like shopping for anything else (except Diamond aircraft!); prices and terms vary significantly.
I'm paying about $1100 for $165k hull value on my 2003 da40. About 1000 hours, 350 in type. Instrument, glider, with various endorsements such as complex, tailwheel, etc. I think very reasonable.
Mine is just over 1% of hull value from AVEMCO for my 2001 model. 1475 hours, 1025 in the DA40. I could get it a little cheaper, but I have used AVEMCO for the past 40 years, and am satisfied with their service. I had a not-at-fault claim a couple of years ago, and they handled it well.
Thanks for the info, everyone. It seems the quotes I got so far are not too unreasonable then, as I'm at exactly 2% of the hull value with the quote I'm probably gonna go with. For non-IFR, 0hr on type, and low total hrs, that doesn't seem so terrible.
You're in a fairly similar situation to me. I'm located in Canada, and I got my new DA40NG back in July of 2021, with about 100 hours under my belt, all if it in a C172. Here's what my policy costs were back in 2021:
Conditions were that I needed to complete 20 hours of transition training prior to flying solo.
Then, when I renewed this year the price was virtually unchanged at USD 11,175. I had about 250 hours when I renewed, and had picked up my night rating.
I'm curious to see what my next renewal will look like with an instrument rating added on; hopefully it will drop substantially.
If you wind up finding a provider offering substantially better terms, please let me know!
At that point what even is the benefit of insurance? May as well sock away $10k/year and self insure.
The disparity here in the numbers is really something. We were always told that the instrument rating would reduce our rate. It didn't. Our first quote was around $2000 (with low time in type for my partner and 0 time in type for me) and it has only steadily increased since then.