Insurance increase? Anybody else?

Well...I guess I am in No Man's Land. I just got hit with quotes that were substantially higher (last year, ~$1300, this year initial quotes were $2000+ -$4000) for the same coverage, with a hull value of $60,000. Apparently, I have hit a magic age point of the rate structure. So, what adjustments to coverage would alleviate this stunning increase in coming years?
 
Yeah, unfortunately you're in a pickle. I would say to keep your insurance company as long as possible but your next option will be AVEMCO. I just insured an A36 with liability only and had to specifically exclude the gentleman that has been the primary pilot for the last 20 years. He turned over control of the LLC to his son. He still flies but knows that he is not covered under the insurance policy when flying without his son or someone that meets the OPW
 
Ken Whitson said:
So, what adjustments to coverage would alleviate this stunning increase in coming years?
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Go liability only, maybe ground not-in-motion. If I was 76 I and still medically able to fly, I would consider the capex a sunk cost. Can't take it with me, and I don't morally owe any monetary inheritance to my succession/progeny. That's me though.

Liability otoh could hurt my QOL materially in old/infirm life much more than the loss of 60K worth of capex, which is why I don't have the stomach to go without liability. By my cursory ask with the broker, it saves a good 50% on average by going that route, so it's significant.

Good luck going forward, this decade will be a purge of participants both on the boomer demographic and the insurance adjustment front. I think basicmed has become dead cat bounce on the former, given the latter seems to be the ascendant limfac.
 
MacFly said:
I can't speak historically...never had aircraft insurance before. 350 hours TT, zero time-in-type, I was quoted $1520/year for the plane I'm buying (RV-9a), no OPW . I named three different instructors on the policy with no difference in premium. Other policies included OPW, but all had a significantly higher premium (like...twice as much...) so I took the path of least resistance.
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Second quote, different broker, quoted same price from AIG with an Open Pilot Warranty (500/25) but no subrogation waiver.
 
It's the seeming illogic that torques me. I have close to 2,000 hours, with quite a bit of complex time, CPL, instrument and glider ratings. Someone I know is a student pilot, owns a retractable, and is paying $1800 for a greater hull value (vs. my $1900+). The insurance companies seem to be saying that he is the lesser insurance risk.
 
My Ins. doubled, Turbo arrow, from $1600.00 to $3200.00
Got a quote from Avemco, quite a bit less, how good a company is Avemco?
 
Renewed my policy in march and it went up almost $500.....Originally I was quoted almost 700 higher but I pushed back a bit and got it to get re-shopped and lowered. As someone mentioned apparently it had to do with a lot of the "losses" from groundings etc and other things this year that brought insurance up for all of us. I fly for an airline so I have a lot of continuing training and hours flown every year in high perf/complex airplanes and fairly young. It seems to almostbe that it doesn't matter who or what you are/do your premium is going to go up. I even heard of several stories of some people that used to get insurance before just not even being able to get it at this point.
 
Mine stayed the same, but I went from a student pilot to a 250hr PPL and raised the hull value $30k
 
I'm starting to think there is a sweet spot in the number of hours flown annually. Just enough to foster and maintain proficiency but not enough to increase the risk to the underwriter...
 
Yeah, annual flight time is a crucial stat:
Less than 1 hour annually, too little to maintain proficiency, so you are at risk, insurance-wise. More than 2 hours, you are exposing yourself to unnecessary risk, insurance-wise.
At age 75, you are highly competent and risk-free, insurance-wise. At age 76, you are a menace in the skies, insurance-wise. :stirpot:

signed,
Crotchety Old Man
 
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