You're not nuts. If you can afford the potential loss, certainly enjoy the savings!
Personally, I would always carry at least liability from an institution.
I split the difference with ground-not-in-motion (GNIM) coverage. This offers full liability at all times and covers hull loss if something catastrophic happens to the hangar (we have tornadoes). Cost is not much more than a liability only policy.
Les garanties de la présente police s’exercent dans le Monde Entier à l'exclusion
des pays suivants : ETATS-UNIS D’AMERIQUE ; ALGERIE, BURUNDI, REGION EXTREME NORD DU
CAMEROUN, REPUBLIQUE CENTRAFRICAINE, REPUBLIQUE DEMOCRATIQUE DU CONGO,
ETHIOPIE, KENYA, MALI, MAURITANIE, COTE D’IVOIRE, LIBERIA, NIGERIA, SOMALIE,
REPUBLIQUE DU SOUDAN, SOUDAN DU SUD ; COLOMBIE, PEROU ; AFGHANISTAN, JAMMU &
KASHMIR, COREE DU NORD, PAKISTAN ; REGIONS UKRAINIENNES DE ABKHAZIA, DONETSK &
LUGANSK, NAGARNO-KARABAKH, DISTRICT FEDERAL DU CAUCASE NORD, OSSETIE DU SUD ;
IRAN, IRAK, LIBAN, LIBYE, PROVINCE EGYPTIENNE DU NORD SINAI, SYRIE, YEMEN; TOUT PAYS
OU L’AERONEF ASSURE EST OPERE EN VIOLATION DES SANCTIONS DES NATIONS UNIES ET/OU
DE L’UNION EUROPEENNE.
I've been toying with the idea of self-insuring or maybe carrying liability only.
Am I nuts?
I’ve self insured since the mid 60’s….carry 3 million liability at a cost of around $300.00.
As Bill said, even if you can afford your own plane x 5, carry some sort of liability insurance. With that said, your questions is interesting because we discuss all the time with the folks that we fly with. Outside the money factor, you should consider what type of plane you are flying. Everything from being a nose wheel to a tail dragger, to an all metal vs. tube & fabric, and even what type of engine and prop you have should be considered. Here is why I say that. RV7A for example, loses the engine and has to put it down in muddy field, chances are its going on it's back or the nose wheel completely collapses and destroys the front end... Tail dragger, probably not. Most likely damage wheel pants and some minor damage but it's not going over.
Same field same scenario, take a SuperCub vs. a Cirrus of course different results. Also, with all of them, is there a 3 blade prop vs. a 2 blade.. maybe luck is on your side and the blade stops horizontally on a 2 blade, no chance on a 3 blade.
My point is you have look at what you fly, and what an off airport landing will most likely result in based on what you fly. Of course you skills come in to picture too but that is an entirely different conversation.
For me, I carry insurance mostly to protect other people and my family incase of catastrophic loss.
AB
That is quite a statement......
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RV7A for example, loses the engine and has to put it down in muddy field, chances are its going on it's back or the nose wheel completely collapses and destroys the front end... Tail dragger, probably not.
Funny how everyone decided to prove me wrong rather than actually thinking about what my point was. If you really want to prove me right or wrong, why don’t you look at how many nose wheels stay upright during an off airport landing … compare .
Funny how everyone decided to prove me wrong rather than actually thinking about what my point was. If you really want to prove me right or wrong, why don’t you look at how many nose wheels stay upright during an off airport landing … compare .
I don’t insure my planes or cars, only my house, must have saved myself a fortune over the years!