Friday, September 12, 2008

The Insurance – June 2008

Canadian Aviation Regulations require ultra lights to have liability insurance covering risks of public liability in an amount that is not less than $100,000 – there words, not mine. I had already made some general enquiries regarding the cost of the insurance but now is the time to get more specific.

There are two associations in Canada that provide their members with access to group insurance rates; Ultralight Pilots Association of Canada (UPAC) and Canadian Owners and Pilots Association (COPA). The rate for the minimum liability insurance is very reasonable and is less that $200 if you are in either the UPAC or COPA group plan. However, I want more than the minimum insurance. Further scrutiny of both plans is required.

While reading the fine print in the information provided on web regarding one of the plans, I came across a paragraph “ While you are using your own privately owned aircraft, not owned by the instructor, to undergo instruction, we will cover a Flying instructor who is deemed not a passenger while providing you instruction only if they are properly certificated and qualified to provide the Flying instruction and instruction is performed strictly in accordance with all applicable Transport Canada Canadian Aviation Regulations”. This may present a problem for me if my American ferry pilot Pete was helping me fly my bird home. Upon further investigation, I discover that I need a Canadian Certified Flight Instructor or a pilot that is a holder of a Commercial Pilot’s license to help me fly my bird home from Florida. Not someone that I am quickly going to find in the Yellow Pages.

I also learn that I can insure my plane through one of the plans for damage to the aircraft caused in an accident. The amount that I can buy is optional. I decided to investigate further the average cost of the damage to a plane involved in a crash if the pilot survives. Hey, if I don’t survive, I won’t care about the cost to fix my plane.

3 comments:

david said...

As far as I know, the pilot and passengers are unhurt in almost all incidents and accidents -- think ground loops, flipping onto your back on an off-airport landing, wheel-up landing, etc. There are also accidents that happen when you're not flying, like being clipped by another plane or vehicle on the apron, lightning or wind damage, fire in a hangar, etc.

My rule of thumb is not to insure things that I can afford to replace easily (e.g. a bicycle), but always to insure things that would be a big financial hit (e.g. house). You just have to decide where your plane falls for you on that scale, and make sure you look at both in-motion and not-in-motion insurance.

Anonymous said...

as a fellow student pilot, i'm having a great time following your and aviatrix's adventures :)

Aviatrix said...

I like your practicality in that "if I survive" equation. I'm guessing you discovered that the airplane can be completely destroyed (as far as the insurance company is concerned) without significant injury to the occupants.