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Thread: Reasonable Plane Insurance Costs

  1. #1
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    Default Reasonable Plane Insurance Costs

    Hi All,

    I need a few opinions from some more experienced plane owners...is a little over $4k a year a reasonable plane insurance premium for a C172 if it is being financed through a local bank? This just seems high, but I am new to plane ownership and so I thought I would ask. If you have any references to who is a good aircraft insurance outfit for Alaska, I am all ears. Thanks!

  2. #2
    Member Float Pilot's Avatar
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    Sounds high to me as well. But maybe it is bacuse of your hours or some sort of high dollar equipment. Or it is just BS.

    Call Dean Eichholtz at Falcon Insurance in Soldotna 1-888-543-5548 or 1-907-262-5548
    Tell him Alex said to call.
    Floatplane,Tailwheel and Firearms Instructor- Dragonfly Aero
    Experimental Hand-Loader, NRA Life Member
    http://site.dragonflyaero.com

  3. #3
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    No way would I finace a Plane through a bank. High to me too. Unless your rich!
    Tim

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    Call, Avemco, they were allot cheaper than Falcon for me. What is the Value for your 172, $4K sounds right for about a $70K airplane with very few hours.

    Terry

  5. #5

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    There are likely a few exceptions but in general avemco is going to be cheaper for a low time pilot. Later after a few hundred hours in type Dean at Falcon will find someone to beat them.

    And until you tell us hull value it's hard to judge. For a tricycle gear cessna four seater that seems stratospheric unless it is worth much more than typical.

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    2 years ago when i was looking at a cub dean quoted me something like 6500 for ins for it. couple days later avemco came back at 4k. last year when i bought my c-170 i didnt even call falcon. i pay 3771 from avemco. this is on 70k plane with 100hr pp and about 10hr tail wheel. dean was very good to talk to though. just couldnt bring down the price.

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    I have a C172, hull value $24K, ~250 hrs, instrument rated..my partners also have between ~250-300 hours and are not instrument rated. We pay ~$2,300/yr for full coverage.

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    Default Thank You

    Thanks guys for the response. I appreciate the info. I may have to do some more research...and call Avemco. I am an entry level low hours pilot, looking to buy rather than rent to start with. But the insurance cost almost kills the deal unless I can own the plane outright. thereby reducing the coverage. The C172 I am looking at was listed at around $55k which may not be a great deal. It had, what I think, is fairly low hours SMOH. And low hours TTAF.

    Thanks again for your input and I will do some checking around.

    FH

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    I had to do some creative financing to get my Cub. Insurance would have made it impossible. No time pilot flying a taildragger. They would have wanted a kidney and a lung.

    Dean quoted me about 10%. I am going to get some hours built up before I talk insurance again.

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    I've switched insurance carriers a couple of times for one season and when the new company raised rates my old insurer wouldn't write me a new policy. I would have been better off to have stayed put. Switching to save money has cost me more money in the long run. These days I prefer Avemco. They make airplane insurance pretty easy. I don't know what other company's policies are but Avemco will allow you to convert the policy to not-in-motion if you park it for the winter. Much cheaper than in-motion coverage and the plane is still insured when parked out in the wind. My old insurer wouldn't do that.

    A 180 is twice as expensive as a Cub for me to insure when insured for comparable values. I'm guessing the seat count is the biggest factor. Maybe repair costs factor in as well. Can't say. Just know what the difference has been.

  11. #11
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    One of my former students had insurance via avemco for about a year and then let it lapse. His bank has never figured that out. Now he sends double payments to the bank instead.

    London Aviation Underwriters quoted me around $3,875 a year for a C-180 on floats or wheels, doing flight instruction (dual only) float ratings or tail-wheel endorsements. Plus occasional flight seeing. But they do not back off during the winter and they want all the money at one time.

    I don't think avemco does commercial use anymore... They used to a decade or so ago...
    Floatplane,Tailwheel and Firearms Instructor- Dragonfly Aero
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  12. #12

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    I would also be curious about this, I am looking to buy a pitts S2B next summer and will have about 3/5 of the money saved but will need to finance about the equivalent to a new truck for the remaining 2/5. All I need is hull since I am only flying myself and an instructor some of the time (but he will need to have his own insurance).

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    All I need is hull? Hull insurance is the equivalent of comprehensive or full coverage. It's the most expensive airplane insurance choice. If you use the airplane as collateral the lender will require it, too.

    I'd be curious what a low-time pilot's insurance in a Pitts would cost. Especially with the Alaska factor.

  14. #14

    Default Alaska Insurance??

    I recently purchased a C-185. I paid cash so I dont need to buy insurance but believe it is a great idea. I contacted Avemco, Falcon, Alaska USA, Denali Alaska FCU, and Conrad Houston in Anchorage. Of the five I contacted 4 of them use the same underwriter and Dean at Falcon even told me that he could not give me a quote because one of the other three brokers reserved my N# with the underwriter.

    So my question. Who else provides insurance in Alaska? I checked London Aviation Underwriters just a second ago and they use the same NAS forms as the other four.

    AK

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    Avemco is the only underwriter that sells direct. Insurance agencies that offer aviation insurance keep in tune with which underwriters will write policies in this market. I've had quotes for John Deere, Lloyd's of London, AIG, USAIG, and others. That was a few years ago and underwriters come and go in the Alaska market. Most just go. Ask the agent who locked in which provider is quoting you and ask to see the policy, or have them review it with you. Are off-airport ops covered? Tied down outdoors? Ski ops? Damaged aircraft recovery? Non-damaged aircraft recovery? Any exclusions of interest? When I looked last time I found Avemco fit me best. I didn't need to add any additional coverages for additional premiums. That was not the case with the other guys.

    Float Pilot was correct that Avemco will not insure commercial operators in Alaska.

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