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Insurance requirments

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Posted

Hi all,  I'm trying to figure out what Alabama and Florida  require for insurance on an airplane.  Mn requires liability, and I don't think Wisconsin requires any.  What about your state?  JImChuk

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Posted

dont know for sure but liability is probably a good thing to have and is cheap enough. My liability on an 18,000 avid was going to be in the neighborhood of 350 a yr. full coverage is costing me 7 times that. If you have an engine out and crash into someones property, being an airplane owner people will automatically think you are wealthy and they will see $$$$$$$$. Cant see how any state could require full coverage. Only the bank can require that,,,,,, or in my case the wife

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Posted

I am pretty sure Texas does not have that requirement but I am also not sure how often you would get ramp checked for insurance. I am not sure how much liability is but I do have full coverage on my Avid taildragger with hull value set at $20k. I pay just under $1100 for that with a $0 deductible. It pays to shop as rates seem to vary wildly. My agent just found a company that saved me $90 on my Grumman Yankee from $540/yr to $450/yr for same $20k hull value and even higher medical limits.

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Posted

Florida has no requirements I'm aware of.  I have it anyway, so I've never checked.

No registration requirement in Florida either, so I don't know how they'd enforce it if there was one.

 

Mark

 

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Posted

The real issue is that your house becomes his house, and your wife gets to drive off if they let her keep the car. For a few hundred it all goes away.

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Posted

I don't think Iowa Has any rules either

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Posted

The real issue is that your house becomes his house, and your wife gets to drive off if they let her keep the car. For a few hundred it all goes away.

No doubt you're right, I think if you are operating off a remote grass strip, the worry of issues is reduced, and especially in a single seat aircraft.  I know back when we were flying ultralights, none of us had insurance.  I was just curious though, and so I asked.  Now if you're hand propping your plane at a busy airport, and it gets away from you and runs into that nice new Lear jet, it's going to be a different story even if no one got hurt.  :-)  JImChuk

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Posted

Liability is low cost compared to losing everything you have worked for over the years.  Full Coverage or Hull insurance will probably cost you as much in 15 or 20 years as your plane is worth, so you have to decide whether you want to lose your bird in an accident or lose the money over time.  I don't know if MO requires plane Liability, but I have it on the house, car and truck, and will have it again on the plane.  EDMO

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Posted

I know of no requirement in Indiana. However, the airport authority where I have my craft hangared requires $1M liability coverage.     Lou

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Posted (edited)

When my wife and I were working we had a $1M blanket liability policy - That was a lot cheaper than my house insurance. 

It still wont pay for a totaled Lear Jet....EDMO

Edited by EDMO

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Posted

True story on the value of liability insurance:

A friend had a Federal Judge as a father-in-law. This judge drove off the road to avoid one of those pile-ups that occur, he went left and passed thru the opposing lane and off into a flat spot, no harm no foul. But he passed in front of a horse carrier that jack-knifed when the driver slammed on the brakes. Dead horse was a race horse, worth 1 million, or so his lawyers said. The judge's car insurance paid $100K and walked away, his house insurance paid 250k more and also walked (they both simply paid the max the policies had). The Judge lost the liability case, owed the balance of $650K so he lost his house and all his retirement savings. If a Federal Judge could lose his house, imagine one of us fighting in court!

If we plunk down in a field for one of a thousand reasons, no sweat, but if that highway looks better, and two SUVs crash as a result, it could easily be 250K in liability. No Insurance? Never.

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Posted

One more reason to look at roads as last resorts unless you're out in the country and there is zero traffic. That's sure sad about the judge though. 

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