Factors for Insurance Premiums

[texasag93]

What are the factors that decrease insurance premiums?
I was messing around on the AOPA insurance estimator tool and cannot find a pattern.
More time in category and class at 100 hours, 250 hours, 500 hours?
IFR?
Commercial?
Thanks.

 

[douglas393]

What are the factors that decrease insurance premiums?
I was messing around on the AOPA insurance estimator tool and cannot find a pattern.
More time in category and class at 100 hours, 250 hours, 500 hours?
IFR?
Commercial?
Thanks.

I think all those things are involved. I would assume previous accident history and number of hours per year, as well as your age are inviolved as well. Interestingly, I received my IFR a few months ago, and when I called my insurance company about a rate change they would not do anything until renewal.

Doug

 

[ChrisK]

I think all those things are involved. I would assume previous accident history and number of hours per year, as well as your age are inviolved as well. Interestingly, I received my IFR a few months ago, and when I called my insurance company about a rate change they would not do anything until renewal.

Doug

You could always cancel and get a new policy =)

Ok nevermind. I know they front load those policies to prevent people from doing that.

 

[texasag93]

I am looking for the break points.

A good example was in the 90's, the break points for car insurance for me were turning 25 and getting married.

I understand accidents/incidents cause increases.

I did not know hours per year would affect the premium.

I do know that the amount for the cost of the aircraft is a big factor, just like when my wife went from a Jeep Liberty to a Mercedes.

 

[wabower]

Underwriters use different criteria, so you'll never be absolutely sure. To further compound the problem, the companies adjust their standards and requirements based on market conditions, so it's impossible to determine what they will do this year based on what they did last year.

I am looking for the break points.

A good example was in the 90's, the break points for car insurance for me were turning 25 and getting married.

I understand accidents/incidents cause increases.

I did not know hours per year would affect the premium.

I do know that the amount for the cost of the aircraft is a big factor, just like when my wife went from a Jeep Liberty to a Mercedes.

 

[Bob Noel]

What are the factors that decrease insurance premiums?
I was messing around on the AOPA insurance estimator tool and cannot find a pattern.
More time in category and class at 100 hours, 250 hours, 500 hours?
IFR?
Commercial?
Thanks.

With Avemco, total time, time in make/model model, (and total time + time in make/model), IFR rating, and age were major factors.

I'm sorry, I don't recall the specific breakpoints (but vaguely recall 500 hours was one major factor). Also 70 years of age is another (as a negative factor).

 

[douglas393]

You could always cancel and get a new policy =)

Ok nevermind. I know they front load those policies to prevent people from doing that.

Probably would end up with a higher rate.

 

[jnmeade]

I was told that completing a WINGS level would qualify one for a discount. The amount was not stated. The question of this kind of training is not on the application,so the applicant has to ask. The premium is not adjusted until the next renewal period. So, I suppose one approach is simply to call the agent and ask now they can tell you, then one can plan for the next renewal. I finished my WINGS and will be sure to remind them.

 

[wabower]

Age isn't always a factor depending on other criteria. And even when it's part of the mix, you'll never know for sure how it may have been included. For example, I know my rates are consistent with others with similar make/model who are younger, and also know they have decreased almost every year. The differences, if any, are miniscule. Some have said the underwriters have moved the magic age to 75.

With Avemco, total time, time in make/model model, (and total time + time in make/model), IFR rating, and age were major factors.

I'm sorry, I don't recall the specific breakpoints (but vaguely recall 500 hours was one major factor). Also 70 years of age is another (as a negative factor).

 

[Bob Noel]

Age isn't always a factor depending on other criteria. And even when it's part of the mix, you'll never know for sure how it may have been included. For example, I know my rates are consistent with others with similar make/model who are younger, and also know they have decreased almost every year. The differences, if any, are miniscule. Some have said the underwriters have moved the magic age to 75.

All I can say about age as a factor is that when the one other named pilot (Jim) on my policy turned 70 (maybe it was 75 - I really don't remember), my airplane insurance went up. I called and the agent told me. Since Jim had never actually flown my airplane, we both agreed that I'd just drop him from my insurance.