I’ve never been so happy to pay a bill!
My insurance broker recently contacted me in order to get updated flight times for my Cessna 140’s insurance.
When I first purchased insurance, last year, I had 18 hours of tailwheel time with 10 hours in the 140. It cost me $1,100 for $1 million of liability and $22,000 of hull insurance.
At the time, my broker estimated there would only be a slight drop in rates after a year. She thought I could plan on $1,000 the second time around, even after getting some time in my plane, so that’s what I budgeted for this year.
After submitting my flight times to my broker, he passed it on to the various underwriters for bids. I have 120 hours in my 140 now, with 136 hours in tailwheel aircraft. Today my broker informed me of the best bid.
Get this–only $700 for the exact same coverage as last year! I couldn’t believe it. That’s cheaper than my ‘93 Ford Ranger’s auto insurance.
Needless to say, I told him to lock it in and I’ll mail a check tomorrow.
Coupled with my $900/year hangar and 5 gallon/hour fuel burn, this flying stuff can be pretty cheap. Of course, I might be singing a different song next month after paying for my annual inspection, but for now, I can’t complain.
See ya!