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Loss of flying pay insurance

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Loss of flying pay insurance

Old 29th Sep 2008, 15:05
  #1 (permalink)  
Thread Starter
 
Join Date: Jan 2005
Location: South England
Posts: 106
Loss of flying pay insurance

Hello All, In the light of the current credit squeeze etc, and trying to save a few pennies on needless or excessive insurance I was looking at my current loss of flying pay insurance policy. I think the premiums are far too excessive.

I was going to cancel it, but thought I would post here just in case you chaps know of a cheaper way of doing things.
My policy is with harrrison beaumont=AFFAS and for 30k loss of flying pay insurance, the premium is 33 a month or 391 per annum, for a 37 yr old.
This seems excessive, much more than the old payguard scheme which closed in 2003, anyone else have similar premiums/experience etc

Many thanks
abbotyobs is offline  
Old 29th Sep 2008, 16:26
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Join Date: Oct 2006
Location: bored
Posts: 531
That seems expensive. My loss of (civvy) licence insurance costs 10 per month for 120k payout. Not a direct comparison, I know, but nevertheless makes yours seem expensive.
CirrusF is offline  
Old 29th Sep 2008, 19:14
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Join Date: Mar 2006
Location: Scotland
Posts: 116
Bin your flying pay insurance mate, I refused to pay for it and have flown jets for over 2000 hrs now with no snags. If I did lose my flying cat I'd just go do something else, you can do whatever you want mate, you're obviously a talented guy to be flying in the first place. If you're in the services they'll just re-role you into admin where you'll shine, so you'll still get paid, ok - no flying pay but then just leave and travel a bit. Insurance just ties you down.

Saying that, it's only 30 and we tend to drink more than that on a Friday happy hour
Op_Twenty is offline  
Old 30th Sep 2008, 07:30
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Join Date: Jan 2007
Location: GONE BY 2012
Age: 47
Posts: 151
Are you leaving at 38 or have you been assimilated?

PAS = no flying pay to insure

If you've only one year to do then keep the insurance - if you're staying in on an PAS or promotion I wouldn't bother.

Regards
Truckkie is offline  
Old 30th Sep 2008, 08:37
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Thread Starter
 
Join Date: Jan 2005
Location: South England
Posts: 106
"Are you leaving at 38 or have you been assimilated?"

Thanks, I am staying in for the moment, career stream, my gut feeling is that I should cancel the flying pay insurance, the premium seems excessively large for the small payout, compared to the civilian loss of licence insurance premiums, for example.
Cheers

Last edited by abbotyobs; 30th Sep 2008 at 09:25.
abbotyobs is offline  
Old 1st Oct 2008, 19:43
  #6 (permalink)  
Thread Starter
 
Join Date: Jan 2005
Location: South England
Posts: 106
Does anyone bother with 'loss of flying pay insurance' or is it just me wasting my money?

Thanks
abbotyobs is offline  
Old 1st Oct 2008, 19:52
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Join Date: Mar 2006
Location: Scotland
Posts: 116
I've had kit insurance for 10 years and never claimed once! Might stop it...
Op_Twenty is offline  
Old 1st Oct 2008, 19:54
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I don't own this space under my name. I should have leased it while I still could
 
Join Date: Dec 2002
Location: Lincolnshire
Age: 76
Posts: 16,646
I sucked about it and in the end didn't.

I was downgraded to A2 at age 38 but the paperwork was 'lost' until I was 45 and well assimilated. By then I was blind as well as deaf. All I needed next was daft.

In short I remained A2 until I retired. There are plenty of jobs that they can shove you into that do not need A1 cat.

You might not like the idea but all the insurance does is save your flying pay whereas without insurance you retain the FP and may fly too.
Pontius Navigator is online now  
Old 1st Oct 2008, 20:10
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Join Date: Apr 2007
Location: Lincs
Posts: 11
I thought about getting flying pay insurance, filled in all the forms and then thought "What are the chances of claiming, it can be a lot of money, nah I won't bother".

8 months later I was downgraded and, for a while, was staring down the barrel of permanently losing my med cat . At that point I REALLY wished I had spent the money and got the insurance.

Having been down-graded and gone through all the rigmarole of getting back in the air I have seen how easy it would be to lose out due to highly paid medics covering their arses and not making the tough decisions they are well paid to make. Your Med Cat is a precious thing.....thing long and hard about what you would do if you lost it, particularly in the current economic climate, and how much money you would need to do it. Can you really afford NOT to have the insurance?
Can't Hover is offline  
Old 1st Oct 2008, 20:19
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Join Date: Aug 2008
Location: Between a rock and a hard place
Posts: 51
40/month for a 80k payout if you lose your med cat (with PAFS). I've had it 5yrs now I'm afraid to get rid. Sod's law as soon as you do, something may happen. I guess that's why its 'insurance'. Having said that, it'll be the first thing to go if and when I PVR

There are other ways to save cash
Co-Captain is offline  

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