Airplane Owners...Insurance Question
- Thread starter HeyEng
- Start date
BajtheJino
I'm looking at you.
How much do you fly, what kind of flying do you do, what are you flying...
When we had our planes at a flight school we had 1million/100k.
If I was you, not really knowing your situation, I'd go with the smaller amount.
escapepilot
Well-Known Member
You own a plane. To the general, non-flying public, that makes you a millionair. If something happens, then they are going to sue and sue big. Is the savings worth it? Have you shopped around?
jrh
Well-Known Member
I'm covered for $1 million/$100k in my C-140 and it only costs me $180/year.
$180 is *nothing* in the whole scheme of things. We're talking about 2.5% of my total operating budget for the year ($7k).
Don't scrimp on insurance. It's easy to blow through a million without even thinking about it. Crash in to a Citation on the ramp....*pooof*...there goes a million bucks. Do a forced landing in a school playground and hit a kid...*pooof*...there goes a million. You get the idea.
Another way to look at it is the cost of self-insuring. Do you think you could go 5,556 years without having a million dollar claim? That's what it would take at $180/year to save $1 million.
To me, this is a no-brainer. Buy as much insurance as you can reasonably afford.
$180 is *nothing* in the whole scheme of things. We're talking about 2.5% of my total operating budget for the year ($7k).
Don't scrimp on insurance. It's easy to blow through a million without even thinking about it. Crash in to a Citation on the ramp....*pooof*...there goes a million bucks. Do a forced landing in a school playground and hit a kid...*pooof*...there goes a million. You get the idea.
Another way to look at it is the cost of self-insuring. Do you think you could go 5,556 years without having a million dollar claim? That's what it would take at $180/year to save $1 million.
To me, this is a no-brainer. Buy as much insurance as you can reasonably afford.
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