Can I roll over my non-owner's insurance to Owners?

Bob Mackey, Vice President of Falcon Insurance Agency (the official insurance agency for the EAA's Aircraft Insurance Plan), has graciously agreed to moderate this forum and answer your aircraft insurance questions. Thanks Bob!

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Doss79
Posts: 113
Joined: Mon Jun 30, 2008 8:12 am
Location: San Antonio, Tx

Can I roll over my non-owner's insurance to Owners?

Postby Doss79 » Fri Aug 28, 2009 2:08 pm

Hi,
I bought a non-owner's insurance policy about half a year ago and I am not ready to buy my own airplane. Thus, I need an owner's insurance policy. Can I roll over what I paid for the non-owner's policy into my owner's policy?

I am using Avemco. I suppose I can call them, but was wondering if anyone knew first hand. Thanks.

Bob Mackey
Posts: 31
Joined: Tue Jan 23, 2007 3:11 pm

Postby Bob Mackey » Fri Sep 04, 2009 4:54 pm

Typically the insurance companies willinclude a stipulation that states 50% of the annual premium is fully earned as soon as the policy starts. If you are more that half way through the policy trem this should not effect you. The other matter that may come into paly is the possibility of a short-rate cancellation. The short-rate cancellation takes a pro-rated cancellation and adds roughly 10% additional charge for cancelling before the policy terms completed. Usuallly insurance companies will waive the short-rate penalty becuase they want you to buy your next insurance policy from them. Check-out the EAA Non-Owners Insurance at www.eaainsurance.org. AOPA also has a program at their website site www.aopaia.com. I believe both policies include broader coverages than Avemco.
Bob Mackey
Senior Vice President
Falcon Insurance Agency
(EAA Aircraft Insurance Plan)


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