Microlighters

When taking out a life insurance for my bussines, a levy of between 25 to 30% was added to my premium for flying microlights. If flying with PPL no levy wil be charged. What levy do you pay on your insurance for flying microlights?

Nothing,

Based on my flying hours, and the expected annual hours flying they accepted my insurance without loading. However, if I suddenly up my insurance by a few million they might reconsider. What they did say is you need to fly a minimum of 50 and a max of 150 hours PA. This is a policy through Old Mutual.

Liberty Life for example are more accepting of fixed wing aircraft, and I have heard of policies where they have taken a microlight fixed wing as a blik, and not loaded the policy

My suggestion is if possible, get your policies in place before you start flying. The tricky bit is getting your hours up to a reasonable level before you go to them and endorse the policy with your flying.

I am currently at +- 350hr and fly approximate 100 hr pa. I am flying the Savannah with MPL but you can also fly it with a PPL. I am still flying trike but is possibly worth to stop flying the trike which will be sad because I love my trike. According the insurance they will withdraw the levy
it I fly with PPL with doesn't make sence to me!!

Agree with Morph. Even on trikes, as long as over 500 hours TT and doing between 75 and 150 hours p.a there is litterally no loading. It will of course differ from insurer to insurer and if your encumbent cant help - perhaps look elsewhere.

I had a decent chat to Bobman last night. He works for one of the big insurers and has helped some of our guys reduce their premiums drastically

As far as the 3-axis goes, if it has solid wings, supported by struts then they see it as a normal GA aircraft on there will be less, or no loading. What is important is the 50 hours minimum a year. You will be loaded but once you exceed the 50 hours, you can go to your broker, copy your logbook and he can have the loading reduced.
If you policy is in place before you start flying they cannot suddenly decide to load it.

He is on the forum and happy to give advise. PM him or me for his contact number

Morph wrote:If you policy is in place before you start flying they cannot suddenly decide to load it.

I currently have policies in place and will be starting training shortly ... do I advise them of the fact and wait for their loading, or are you saying they can't load it ?

Sox my boy, being in the life insurance game I know that most life companies would not hesitate to repudiate a claim based on non-disclosure. So PLEASE notify your insurance company accordingly. Unfortunately you will most probably get a loading but that is better than nothing being paid out at all.

Don't feel obliged to support your old policies, insurance companies or broker. Have him re-evaluate your whole family's cover, clear out the non peforming crap of the 80's and present to you a new package with your flying cover.

You might even save some.

Tumbleweed wrote:Don't feel obliged to support your old policies, insurance companies or broker. Have him re-evaluate your whole family's cover, clear out the non peforming crap of the 80's and present to you a new package with your flying cover.

You might even save some.

Damn right Tumbleweed.....life insurance has become an extremly competitive market. You must shop around, irrespective of what your broker may say. In fact I would advise that you take out pure life cover, and by this I mean it has not investment component attached and consequently no surrender value. This is the cheapest and purest form of life insurance and no investment component means no fees for the life companies to further reduce benefits.

Did I mention that I work for a new player in the industry.....good premiums.....pure life cover only.....DON'T WORRY WON'T MENTION NAME (before the mods castrate me)!

So I must come to you for cover then!

Sox wrote:So I must come to you for cover then!

You betcha!

I gave my broker instruction to get quotes from all insurer companies to compare. I will place out come on forum.

Rudolph wrote:I gave my broker instruction to get quotes from all insurer companies to compare. I will place out come on forum.

Good luck - I also got screwed by them. At least they honoured my existing policies with no loadings - BUT, they were about 4-5 years old and not competitive premiums any more - but still cheaper than new ones with loadings.

Dis sommer stront dat ons "beboet " word op ons premies. Dis gevaarliker om motorfiets te ry, en die motorbikers betaal nie belading nie. Net n geldmakery. (Spel dit: Di boggers besteel ons)

Watch this space, I am going to put some pressure on our reinsurance company to drop loadings. I see a gap in the market here!