Insurance for seniors

Discussion in 'Flight Following' started by jeffs chips, Mar 22, 2021.

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  1. jeffs chips

    jeffs chips Pre-Flight

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    Searched forum for 'insurance' and specifically for keyword 'seniors' - no results other than a warning to seniors about high rates. Can't say I didn't try.

    So here's the question: anyone have some ballpark figures for Piper Cherokee 180 or Piper Arrow 180 hp or similar, low time VFR senior getting back into game. Want to train for my IFR with it. Trying to get a grip on possible insurance rates. Under age 70 over age 60. No health issues. Doctor says I'm biologically a 45 year old (not that insurance companies would consider that).

    Thanks in advance.
     
  2. Daleandee

    Daleandee Cleared for Takeoff

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    Make a call and get a quote:

    Victoria Neuville
    Agent, Commercial Pilot, CFI

    Aviation Insurance Resources (AIR)
    P.O. BOX 32 | Frederick, MD 21705
    Ph 301-682-6200 | Fax 301-682-9793
     
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  3. RussR

    RussR Pattern Altitude

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    Victoria is great! I've used her many times (as a CFI I'm on multiple policies). She has come through for me when other agents haven't.
     
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  4. Greg Ellis

    Greg Ellis Filing Flight Plan

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    I have worked with Aviation Insurance Resources for 15 years now. They have been excellent at finding me good, affordable policies.
     
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  5. Clip4

    Clip4 Final Approach

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    Call AARP.
     
  6. steingar

    steingar Taxi to Parking

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    Should be OK. Just don't try and get a quote for an aircraft with retractable gear. I know more than one Mooney driver hanging it up because they can no longer be insured now that they belong to the UFOs.
     
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  7. Pilawt

    Pilawt Final Approach

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    ^^ This, unfortunately.

    I'm thinking about moving up from my 172 to a PA-32 or PA-32R. I'll be 70 this year, almost 5000 hours, all the ratings, no accidents or claims. I've called my broker, plus Avemco and AOPA's outfit. Most all the companies' premiums are pretty much in the same reasonable ballpark for the fixed-gear PA-32. But for a retractable PA-32, premiums are double or more, and many companies won't even quote it for a geezer like me.

    I was told that if I did get coverage for a retractable, I would have to be sure to keep up the renewals, because if it lapsed I may not be able to get the coverage back or get coverage elsewhere.
     
  8. Daleandee

    Daleandee Cleared for Takeoff

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    Yep ... they have beat everyone else hands down on pricing & service!
     
  9. WDD

    WDD Pattern Altitude

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    :D

    Yeah, no...........
     
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  10. Pilawt

    Pilawt Final Approach

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    I guess they figure if us geezers can't remember to turn the left-turn blinker off in the car, we'll probably forget to lower the gear, too. :rolleyes:
     
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  11. WDD

    WDD Pattern Altitude

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    I called ahead to do some long term planning, and I think for just about anyone retracts will be double what the fixed gear would be - it isn't age related. I would hope an Arrow is going to be more manageable / somewhat more insurable than a Mooney or Bonanza for "old people" who are 60 or more (which I join that proud group this year).

    I chalk this extra cost into just the price of owning an airplane. For me, the cost of an Arrow vs a straight legged version of something that is similar in speed and payload is so great that I'm money ahead even with the higher insurance.
     
    Last edited: Mar 23, 2021
  12. Stan Cooper

    Stan Cooper Pattern Altitude PoA Supporter

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    Another Aviation Insurance Resources recommendation. I work with Gregg Ellsworth there, and he's been really good about finding the best policy and best rates for me. I'll be eighty next year and expect a premium bump.
     
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  13. WDD

    WDD Pattern Altitude

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    Should be a premium decline with someone with that kind of experience........

    Assume you don’t have a retract ?
     
  14. Stan Cooper

    Stan Cooper Pattern Altitude PoA Supporter

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    Right; it's a fixed gear experimental LSA. I agree it should be a reduced premium for a pilot with 57 years in the left seat and never any accidents, incidents, pilot deviations or insurance claims, but I believe the insurance carriers base the increased premiums for older pilots on increased accident rates and statistics showing an increase in cognitive deficit among older people in the general population. I could easily afford to drop the hull insurance and absorb the $50k value of my plane if I managed to total it and survive, so if the full coverage premium becomes too onerous that's what I'll do.
     
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  15. jsstevens

    jsstevens Final Approach PoA Supporter

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    If you decide to make such a change I'd be very curious as to how much difference it makes.
     
  16. Stan Cooper

    Stan Cooper Pattern Altitude PoA Supporter

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    My policy is due to be renewed in May and I plan to ask Gregg, my agent, how dropping hull insurance would affect my premium. I'll let you know.
     
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  17. GMascelli

    GMascelli En-Route

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    Just to add to the discussion on insurance.

    Keep in mind I had a catastrophic engine failure on departure in June 2018 and there is no final report out as of this date.

    I am currently insured with Hallmark insurance co, not at all as nice as the hallmark movie channel folks. [​IMG]

    80k hull, not in motion deduct 500, in motion deduct 5000, premium $3250. Up from last years $3001.

    I did request a quote for less hull value, and two seats only, but they wont drop the deductible. That premium quote $2665.

    At this rate flying is becoming more of a PITA with costs then having fun flying.
     
  18. WDD

    WDD Pattern Altitude

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    No final report? You mean the insurance company hasn’t paid the claim yet?
     
  19. GMascelli

    GMascelli En-Route

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    Claim paid in full, plane sold to salvage company. No final report from FAA, only a preliminary.
     
    Last edited: Mar 30, 2021
  20. jim73CQ

    jim73CQ Ejection Handle Pulled

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    60 year old lady goes to the doctor for a checkup exam.

    Husband says, "How did it go?

    Wife says, "The doctor said I have the breasts of an 18 year old."

    Husband says, "What did he say about your fat a$$?

    Wife says, "Oh we didn't discuss you at all, dear."


    jw
     
  21. Stan Cooper

    Stan Cooper Pattern Altitude PoA Supporter

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    Jim, I like your screen name. :)
     
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  22. Stan Cooper

    Stan Cooper Pattern Altitude PoA Supporter

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    I just got a quote for my annual renewal (May 2021 - May-2022). The premium is $1,521. Of that, $258 is for liability, $1,262 is for $0 deductible physical damage with agreed hull value of $50k, and $1 for terrorism coverage. I asked specifically about liability only coverage and was told there would be a surcharge of 25% to 50% (varies depending on the carrier) of the liability premium. So, a budgetary estimate for liability only would be somewhere between $322.50 and $387.

    May 2021 - May 2022 Insurance Quote N601KE.jpg
     
  23. WDD

    WDD Pattern Altitude

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    Stan, that's for a fixed gear LSA I believe. (Sky Arrow?)
     
  24. Stan Cooper

    Stan Cooper Pattern Altitude PoA Supporter

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    It's for the airplane in my signature, a fixed gear AMD CH601XLi-B SLSA that has been recertificated as experimental operating as LSA.
     
  25. jsstevens

    jsstevens Final Approach PoA Supporter

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    Thanks.
     
  26. MBDiagMan

    MBDiagMan En-Route

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    I’m 72 and my Mooney insurance went up 40% last year and they expect a 15% increase this year. My tailwheel plane hasn’t gone up nearly as aggressively.
     
  27. MBDiagMan

    MBDiagMan En-Route

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    Wow! That makes my retract insurance for my 72 year old self look really cheap!
     
  28. Arrow76R

    Arrow76R Pre-takeoff checklist

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    I am a month shy of 78 and my Arrow insurance went up 25% for this year...still only $1375 but I have just over 4000 hours and 1250 in type with 98 hrs in last year. Hull insured for $70k; $250 not in motion and $2500 in motion deductible. Typical liability coverage as in OP posts. But I also am a CFI/AI. After reading the horror stories about premiums skyrocketing I was more than just a little concerned when renewal time came a few weeks ago!!! I think some of the across-the-board premium increases we are seeing may be due to the damage wrought by hurricanes, tornadoes and floods from last year since there just are not that many insurance carriers to shoulder the losses.
     
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