Buying Insurance

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!

Moderators: drseti, Bob Mackey

Post Reply
TrikerSteve
Posts: 1
Joined: Tue Oct 02, 2007 8:47 pm
Location: Burnsville MN

Buying Insurance

Post by TrikerSteve »

I just purchased a nearly new Amtares Trike. I won't take possession of it until the end of October but the money has been paid. It is located in another location and will be flown to another for airworthyness certification at the end of this month. I need to find out if the original owner still has it covered until then. If not, what do I need to insure it for to make sure it is covered until the certification and there after.

I am brand new to this arena, still in training. It will be flown to location by another pilot. It does have an existing N number but I am not entirely sure it will be carried over, most likely though. Any info would be appreciated.

Steve
Burnsville MN
Burnsville MN
Amtares Trike
Bob Mackey
Posts: 17
Joined: Tue Jan 23, 2007 3:11 pm

Post by Bob Mackey »

Hi Steve!

Congratulations on your new trike. Although I've never had the chance to fly one they sure look like a bunch of fun.

Insurance for trikes is a tough subject. I've been working with EAA for more than 2 years trying to get some of the US baesd aviation insurance companies to offer insurance on trikes. So far we have not been successful. The main reason sighted by the insurance companies is that they don't believe enough people will buy the insurance to justify the expenses the insurance company will incur to set up the forms and file them with each State and cover possible losses. I disagree and believe if a program is set up that is easy to access online people will purchase insurance. Oh well, the process continues.

Steve, because you live in MN you do have a possible option to at least purchase a bare-minimum level of insurance ($50,000/$25,000/$25,000)through a program the State of Minnesota has put in place. The State of Minnesota mandates that all aircraft based in MN must have liability insurance. In making this requirement MN has developed an insurance plan that residence can access if they cannot obtain liability insurance through any other source. To find out more I would suggest you contact the MNDOT (Minnesota Dept. of Aeronautics).

On the subject of State mandated insurance I am not sure this is a great idea because it opens the door for the State to also set the limit of insurance required. As long as the limit of insurance is reasonable and readily available there isn't, however if the limit of insurance is excessive, expenseive, or perhaps not available then aircraft owners are faced with a problem.

While I am sorry I don't have any US based aviation insurance companies available to insure you I hope that I have been a little help.

Happy Flying!

Bob
Bob Mackey
Senior Vice President
Falcon Insurance Agency
(EAA Aircraft Insurance Plan)
Post Reply