Buying an aircraft

[Guest OZiPilot]

Hello,

 

I apologize if this is not in the right section.

 

I have searched these forums and have not found anything.

 

I am interested in the costs and consideration of buying and aircraft.

 

Loan? what type?

 

Insurance? what company?

 

Hanger? rent / build?

 

Running cost? Fuel, oil, 50/100Hrly

 

Can someone point me in the direction a post or a guide that i could have a look at!

 

Cheers,

 

OziPilot!!

 

 

[Guest Andys@coffs]

I wont cover everything but can talk about insurance. basic hull insurance is between 2 and 3% of aircraft value. By the time you add some public liability (and yes in RAA our membership provides some, but not enough in my opinion) that can rise to 3 to 4% insurance so if its a 100k aircraft then the annual insurance cost will be from say 2700 up to 4500 depending on your flying experience and years of insurance, and no, no other insurance history other than aircraft hull insurance counts towards the discount. All that assumes its for your personal use only. If you buy it and put it online then work to the upper limit...always I think, others can chime in if I've got it wrong. The thing to remember with the public liability is to ensure when you add it, its added as top up insurance where the RAA policy pays first. In doing that the likelihood of the 2nd policy having to pay is reduced and therfore so is your premium.

 

As to who, I suspect you should ring around and I would use the previous phone call costings to get a better price and tell them thats what your doing, at the values we are talking it makes a difference. At the end of the day there are only 3 companies available, represented by many brokers. Ive used QBE direct for the last 4 years, was pretty P'd off with the first company which was assetinsure, their policies are sold through brokers and between the broker and the company I quickly felt the need to move on. With the value we are talking you must every year ensure there is competitive pressure, an over payment of 0.1% hurts lots. Also make sure its very clear which state the aircraft is hangar'd in as there are different stamp and fire duties per state so dont compare a friend in SA against one in NSW for example as those underlying duties are different (ouch for SA in this case). Of course coverage is Australia wide......

 

Obviously if you move states for work or something worth checking out to see what it does to your budgeting for the next year.

 

So others can answer more accurately where are you considering owning and hangaring? The answer for a western NSW country town will be very different to say Brisbane etc, as its all supply and demand, around capital cities generally demand exceeds supply with all the usual price hikes that causes.

 

Andy

 

 

[rdarby]

Search for threads on cost of ownership, that will give you an idea.

 

Try this:

 

http://www.recreationalflying.com/threads/misc-aircraft-ownership-questions.9238/#post-89801

 

I got the best quote from QBE on insurance.

 

Hangars can start at $45 a week, depends on where you are.