Do we all drive like idiots? (airplane insurance cost)
Just got my bill for next year’s airplane insurance. This is a vehicle valued at $200,000 and a typical minor accident, e.g., striking the propeller on an obstacle or the runway when landing badly, costs about $30,000 to repair. You can’t pause or pull over when flying an airplane. A few clouds in the sky and you can find yourself disoriented and plunging toward the water like JFK, Jr. Now that I’ve got 550 hours of experience in this type of plane and 750 hours of total time AVEMCO has cut my rates to… $1737 with a $1000 deductible and $1 million of liability coverage.
If I were to get a new minivan here in Cambridge, despite my lack of claims and tickets I expect that it would cost about the same to insure, with much lower liability limits. The minivan costs just over $30,000 with every conceivable option. A minor accident costs $1000 to fix. Many people are able to operate an automobile safely despite never having had any formal training.
Conclusion: To come to a situation where these vehicles are equally costly to insure, we must really be driving like idiots.
[Update: Okay, I answered my own question by driving to Mt. Wachusett today for some skiing. Rolling along the familiar ground in a quiet comfortable minivan, belted in and protected by airbags as well, it never crossed my mind that we were moving at a potentially lethal velocity and that death could be just around the corner. Whereas in the airplane I’m always scared and therefore cautious.]
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