Insurance?
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Join Date: May 2001
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Insurance?
I am hoping (along with a few others who populate this board!) to start training for an ATPL in October as a self-sponsor.
I don't need to tell anyone here that this is obviously a major financial undertaking! Therefore it would seem prudent to obtain some sort of insurance to cover either delays or full cancellation due to serious illness/whatever, right?
So: has anyone else investigated insurance? Recommendations? Are there companies that specialise in pilot wannabes?
Cheers,
--FG
I don't need to tell anyone here that this is obviously a major financial undertaking! Therefore it would seem prudent to obtain some sort of insurance to cover either delays or full cancellation due to serious illness/whatever, right?
So: has anyone else investigated insurance? Recommendations? Are there companies that specialise in pilot wannabes?
Cheers,
--FG
Dancing with the devil, going with the flow... it's all a game to me.
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Hi FG,
Ideally what is needed is insurance against loss of the class one medical but no aviation insurance companies will do it for trainees (maybe they will for airline sponsored ones -I dunno!). You may be able to strike a unique package with Lloyds but I doubt it.
I have taken two policies out with HSBC. One is Critical Illness Cover and the other is an Essential Ability Cover. Basically, if I am unable to train for more than 4 weeks due to illness I get a payout of around a grand a month, this will more than pay the loan I have taken out to train. If I get any serious illness (list available from HSBC)then they payout £71k or there abouts.
I would recommend HSBC to anyone but for trainee pilots I would say nobody could beat them for service and assistance in getting the dosh to train.
The next thing on my list of priorities is to look into medical insurance for my time in Jerez. Are we covered under the EU or is it wise to get extra cover?
See ya soon,
VFE.
[ 14 August 2001: Message edited by: VFE ]
Ideally what is needed is insurance against loss of the class one medical but no aviation insurance companies will do it for trainees (maybe they will for airline sponsored ones -I dunno!). You may be able to strike a unique package with Lloyds but I doubt it.
I have taken two policies out with HSBC. One is Critical Illness Cover and the other is an Essential Ability Cover. Basically, if I am unable to train for more than 4 weeks due to illness I get a payout of around a grand a month, this will more than pay the loan I have taken out to train. If I get any serious illness (list available from HSBC)then they payout £71k or there abouts.
I would recommend HSBC to anyone but for trainee pilots I would say nobody could beat them for service and assistance in getting the dosh to train.
The next thing on my list of priorities is to look into medical insurance for my time in Jerez. Are we covered under the EU or is it wise to get extra cover?
See ya soon,
VFE.
[ 14 August 2001: Message edited by: VFE ]
Dancing with the devil, going with the flow... it's all a game to me.
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Many thanks indeed for the info there Mr.Benn. I gave them a ring today and it looks like I can get cover against losing the class 1 whilst training for around the £114 for 12 months region! Fantastic! This insures me for the course cost which is circa £50k.
Their telephone number has changed and is now: 08709 000331.
Wish I could remember the name of the company who told me insurance for trainees was impossible.......
Thanks again,
VFE.
Their telephone number has changed and is now: 08709 000331.
Wish I could remember the name of the company who told me insurance for trainees was impossible.......
Thanks again,
VFE.
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Glad to be of assistance. I'm also glad you posted the result so that others can see what's available. I forgot they changed their number - doh!
Just for info, they also do travel insurance that includes fixed wing flying so anyone going to, for example, USA, for flying training/ hours building, its worth getting a quote from Traffords so that you are covered. Alot of people don't bother, just take regular insurance, but bear in mind that if you have your PPL and are flying somewhere and have an accident, you will be fully responsible for all your medical bills. And that can be a huge amount in the USA.
They are a top bunch there, always helpful and always have a good deal. They also do life insurance for pilots at a very good rate.
Just for info, they also do travel insurance that includes fixed wing flying so anyone going to, for example, USA, for flying training/ hours building, its worth getting a quote from Traffords so that you are covered. Alot of people don't bother, just take regular insurance, but bear in mind that if you have your PPL and are flying somewhere and have an accident, you will be fully responsible for all your medical bills. And that can be a huge amount in the USA.
They are a top bunch there, always helpful and always have a good deal. They also do life insurance for pilots at a very good rate.
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Flyingiraffe,
You may want to contact BALPA about this as well, first you'll need to become a member but don't worry : it's free as long as you're a wanabee and have at least a PPL . I know they work with an insurance company specialized for Seamen and Aviators and they do indeed have a Loss of Licence sort of scheme. At the time their prices seemed quite decent, around 40-50 quids a year to cover 20 grands if I do remember well.
Hope this help. SF
You may want to contact BALPA about this as well, first you'll need to become a member but don't worry : it's free as long as you're a wanabee and have at least a PPL . I know they work with an insurance company specialized for Seamen and Aviators and they do indeed have a Loss of Licence sort of scheme. At the time their prices seemed quite decent, around 40-50 quids a year to cover 20 grands if I do remember well.
Hope this help. SF
