Kit Insurance

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ridekorn
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Location: CA

Kit Insurance

Post by ridekorn »

I'm in California and recently with all of the fires that are going on I started thinking about getting insurance on my kit as I build it. I was wondering if anyone has already gone down this road and what they found out? While I don't wish this on ANYONE it would also be great to hear from anyone that has actually filed a claim with one of these companies and what your experience was like.

Thanks
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PhilipRueker
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Re: Kit Insurance

Post by PhilipRueker »

I got Kit builders insurance (or Airplane Not-In-Motion insurance as the insurance titles it) through Gallagher when I got my kit two years ago.

It is fairly cheap and covers the plane while I'm building at home, since home owner insurances explicitly exclude airplanes at home and considering the value of your airplane kit is quite a bit, it was definitely worth it in my eyes (in fact it was my other half who suggested getting it).

You just specify the value you want it insured and they will write up the policy to that effect, I pay $300 per year for it.
Building a Sling TSi in my Garage.
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Cluemeister
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Re: Kit Insurance

Post by Cluemeister »

I also got insurance during the build, but paid significantly more than $300 a year. I would definitely get it unless you are comfortable self insuring.
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PhilipRueker
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Re: Kit Insurance

Post by PhilipRueker »

Cluemeister wrote: Tue Sep 29, 2020 6:29 pm I also got insurance during the build, but paid significantly more than $300 a year. I would definitely get it unless you are comfortable self insuring.
I don't have the engine and avionics yet, so my insured value isn't as high (basically just the kit), but I'll increase it once I get those, so that's probably why your policy is more since I think you are further along with those high value items.
Building a Sling TSi in my Garage.
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MTJ
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Re: Kit Insurance

Post by MTJ »

Decided to insure as if my engine/prop would suddenly show up (a guy can hope) $900/yr
ridekorn
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Joined: Tue Nov 26, 2019 9:34 am
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Re: Kit Insurance

Post by ridekorn »

PhilipRueker wrote: Tue Sep 29, 2020 5:49 pm I got Kit builders insurance (or Airplane Not-In-Motion insurance as the insurance titles it) through Gallagher when I got my kit two years ago.

It is fairly cheap and covers the plane while I'm building at home, since home owner insurances explicitly exclude airplanes at home and considering the value of your airplane kit is quite a bit, it was definitely worth it in my eyes (in fact it was my other half who suggested getting it).

You just specify the value you want it insured and they will write up the policy to that effect, I pay $300 per year for it.
Philip, who did you talk to over at Gallagher I'd like to give them a call to see if I can get a quote?
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PhilipRueker
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Re: Kit Insurance

Post by PhilipRueker »

ridekorn wrote: Thu Oct 08, 2020 1:58 pm ...
Philip, who did you talk to over at Gallagher I'd like to give them a call to see if I can get a quote?
I'll send you a PM with the contact details.
Building a Sling TSi in my Garage.
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Skepilot
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Re: Kit Insurance

Post by Skepilot »

PhilipRueker wrote: Fri Oct 09, 2020 10:52 am
ridekorn wrote: Thu Oct 08, 2020 1:58 pm ...
Philip, who did you talk to over at Gallagher I'd like to give them a call to see if I can get a quote?
I'll send you a PM with the contact details.
Philip, I would love the contact details, too. The quote I got for builder’s insurance was $200 + .75% X value. Since it’s an annual premium and my build should be done in less than a year, I figured I should insure it for the full value. So, if I said $200k value, that’s a $1700 premium. That seems ridiculous for a plane not in motion in a hangar.
Cluemeister
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Re: Kit Insurance

Post by Cluemeister »

That's in the range of what I paid. Not that it's a good number, but not that uncommon.
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