Aircraft Insurance

[Estate23]

Hello all,
I was wondering if anyone could give me some advice on who to contact for aircraft insurance? Im a new pilot and the aircraft is a Diamond D-40 valued at 220k. Any advice would greatly be appreciated and the quote is below.

Aircraft Make & Model/Registration Undercarriage Type Hull Value Deductible
Diamond D-40 / C-CTBA Fixed Wing:
On Wheels



$220,000


$N/A
$2,000

Coverage “B” Combined Single Limit Bodily Injury (Including Passenger Seats) and Property Damage Legal Liability:
Aircraft Make & Model/Registration Limit – each Occurrence Passenger Seats
Diamond D-40 / C-CTBA $1,000,000 3

Coverage “C” Bodily Injury (Excluding Passengers) and Property Damage Legal Liability:
Aircraft Make & Model/Registration Limit – each Occurrence
Diamond D-40 / C-CTBA $Not Insured

U.S. TERRORISM RISK INSURANCE ACT OF 2002 as amended (TRIA) Endorsement:
Aircraft Make & Model/Registration Accept/Decline
Diamond D-40 / C-CTBA Decline

APPROVED PILOTS:
Name Conditions
See Schedule Attached See Schedule Attached

PREMISES LEGAL LIABILITY INCLUSION ENDORSEMENT (IN RESPECT OF HANGARS LOCATED IN CANADA ONLY)
Premium: $NOT COVERED
Provincial Sales Tax: $N/A
Total: $N/A
¬

TOTAL POLICY PREMIUM: $9,545.00
Provincial Sales Tax: $N/A
Total: $9,545.00

[Estate23]

sorry this was a quote that I recently received and it seems high.

[Colibri]

That seems pretty high for a fixed gear single Diamond. By "new", how low time? A instrument rating may bring down your premium. COPA lists some good brokers and insurance companies.

[_dwj_]

Who is it from? If it's from Marsh/Copa, you should try Park Aviation - they are usually cheaper.

Also, the price will depend on your flying experience and the number of hours you have on that type of plane - you say you are a "new pilot", so that might be the problem. Talk to the insurance company and they might have some suggestions as to reducing the price, e.g. getting more hours on the plane with an instructor, getting an instrument rating, etc.

[fl80]

If it's from Marsh/Copa, you should try Park Aviation - they are usually cheaper.

That wasn't my experience. I used Park for several years before going to COPA/Marsh. Park was about 25% more expensive.

[_dwj_]

That wasn't my experience. I used Park for several years before going to COPA/Marsh. Park was about 25% more expensive.

Oh well, I think the lesson is shop around!

[Big Pistons Forever]

Park is an Insurance broker. That is they shop the companies that that provide insurance. Marsh provides the same service for COPA. The difference is Marsh gets the best deal for COPA on average not necessarily your particular situation. They seem to do very well for "standard" situations, like the 150 hr PPL with a $ 60,000 C 172. For more difficult circumstances like very low time pilots getting into expensive higher performing aircraft you might do a bit better going through a broker like Park. The bottom line is if you are a brand new PPL I would be surprised if you can get hull insurnace (the airplane equivalent of automobile collision insurance) for a DA 40 for less than 3.5 % of the value per year. That would be $7700 plus at least another $1000 for liability.

[fl80]

Oh well, I think the lesson is shop around!

Absolutely!

Park is an Insurance broker. That is they shop the companies that that provide insurance.

Correct. I just believe that in my case they didn't try very hard to get me the best deal. I won't go into details but I will say that I gave them lots of opportunity to keep my business and they didn't seem very interested.

[BGH]

For my cessna 185 with 1400 on type & commercial & ifr rated March & Copa couldn't come close & asked me if I knew that the 185 was a taildragger to boot.Save almost $1500 on floats & almost $2000 on wheels going with Park.I'm upgrading to amphibs this fall & didn't even bother with anyone else.I do agree though that one should shop around,but be careful because once the bid is locked to your registration - they won't bid any lower with any other broker.

Daryl

[bald seagull]

Try http://www.willis.com/client_solutions/ ... aerospace/