Insurance increase? Anybody else?

Discussion in 'Flight Following' started by k9medic, Aug 26, 2020.

  1. Ken Whitson

    Ken Whitson Pre-Flight

    Joined:
    Apr 3, 2017
    Messages:
    56
    Location:
    College Station, TX
    Display Name:

    Display name:
    TigerTracker
    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?
     
  2. Paul_Havelka

    Paul_Havelka Pre-Flight

    Joined:
    Mar 15, 2019
    Messages:
    79
    Display Name:

    Display name:
    Paul_Havelka
  3. Ken Whitson

    Ken Whitson Pre-Flight

    Joined:
    Apr 3, 2017
    Messages:
    56
    Location:
    College Station, TX
    Display Name:

    Display name:
    TigerTracker
    s s- sev -en---ty siiiiiiiiixxxxx....... :(
     
  4. Paul_Havelka

    Paul_Havelka Pre-Flight

    Joined:
    Mar 15, 2019
    Messages:
    79
    Display Name:

    Display name:
    Paul_Havelka
    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
     
  5. hindsight2020

    hindsight2020 En-Route

    Joined:
    Apr 3, 2010
    Messages:
    4,835
    Display Name:

    Display name:
    hindsight2020
    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.
     
  6. MacFly

    MacFly Pre-takeoff checklist

    Joined:
    May 11, 2020
    Messages:
    246
    Display Name:

    Display name:
    MacFly
    Second quote, different broker, quoted same price from AIG with an Open Pilot Warranty (500/25) but no subrogation waiver.
     
  7. Ken Whitson

    Ken Whitson Pre-Flight

    Joined:
    Apr 3, 2017
    Messages:
    56
    Location:
    College Station, TX
    Display Name:

    Display name:
    TigerTracker
    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.
     
  8. Luigi

    Luigi Line Up and Wait

    Joined:
    Jan 13, 2013
    Messages:
    500
    Display Name:

    Display name:
    Luigi
    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?
     
  9. JustinD

    JustinD Line Up and Wait

    Joined:
    Aug 19, 2015
    Messages:
    709
    Location:
    Port Orange, FL
    Display Name:

    Display name:
    JustinD
    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.
     
  10. ktup-flyer

    ktup-flyer En-Route

    Joined:
    Jun 28, 2012
    Messages:
    3,638
    Location:
    Tupelo, MS
    Display Name:

    Display name:
    ktup-flyer
    Mine stayed the same, but I went from a student pilot to a 250hr PPL and raised the hull value $30k
     
  11. Pilawt

    Pilawt Final Approach

    Joined:
    Sep 19, 2005
    Messages:
    7,960
    Display Name:

    Display name:
    Pilawt
    Data point:
    C-172N (180 hp), 69-y/o pilot, comml/inst 4600 hrs. Old Republic Insurance, $1mm smooth, premium increased 5.4% to $1069. Not too bad.
     
  12. iamtheari

    iamtheari Pattern Altitude

    Joined:
    Mar 15, 2016
    Messages:
    1,993
    Display Name:

    Display name:
    Ari
  13. idahoflier

    idahoflier Line Up and Wait PoA Supporter

    Joined:
    Jul 21, 2017
    Messages:
    919
    Display Name:

    Display name:
    idahoflier
    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...
     
  14. Ken Whitson

    Ken Whitson Pre-Flight

    Joined:
    Apr 3, 2017
    Messages:
    56
    Location:
    College Station, TX
    Display Name:

    Display name:
    TigerTracker
    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