STOL DEPARTMENT
Asset Protection |
BY SCOTT “SKY” SMITH
out of the hangar dusted off aired up and ready to go…almost. There are a few more things to consider. While even though there are no changes to or additional restrictions on the use of the aircraft (off airport landings etc) there are a few things to consider. One insurance underwriter said they will still require a medical if you are over 70
years old. Another company said they may consider surcharging the premium on higher performance, complex or six seat aircraft. And one company mentioned they will follow what the market does and make changes as needed. Of course, that is exactly what I would expect all the companies to do. If there are losses and issues related to the BasicMed things will change.
But things have already started to change with a few companies but not related to the BasicMed. Recently there has been an increase in the premium on tail wheel aircraft. Apparently the loss ratio has been increasing so a few of the companies have been increasing their rates in the 10 – 25 percent range. Tailwheel hours are the key. The more hours you can fly the better and the higher performance tailwheel you fly, the more hours the underwriters will want. Some of the aviation underwriters are restricting who they transition into tail wheel aircraft, one requires at least 200 hours total time and 25 hours in a tailwheel before they will quote. That means renting a tailwheel if you can find one to rent. But then again other companies will put a low total time pilot into a tail wheel as a transition aircraft, but it depends on the type of aircraft. Buying a J3 Cub or Cessna 140, not an issue, but buying a new Husky it will be more difficult. And in the end, it all comes down to the money. The more expensive or higher performance the plane is the more dual the underwriter will require and often the higher the premium. And if the premium is pretty reasonable, the dual requirements might make the total insurance “package” more expensive. So whether you are flying as a Sport pilot, or under the BasicMed rules, the insurance requirements for a tailwheel aircraft will probably not change. Scott “Sky” Smith
Sky owns SkySmith Insurance in Ankeny IA. He can help you with insurance for all your toys. Contact him at 515-289-1439
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Q3 2017 |
STOL
AIRCRAFT MAGAZINE