Insurance Quote

idahoflier

idahoflier

Pattern Altitude
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idahoflier
My policy is up for renewal in July and I just got my quote. Based on recent feedback I was prepared for the worst. I was pleasantly surprised that even though I increased my hull value by 46% my premium went down by 23%.

Just thought I would pass the data point on. Perhaps a result of the new financial mess?
 
Mine renews in June. I upped my hull value by 25% after an appraisal and Global said no thanks. AIG quoted me a premium 60% higher than I paid with Global.
 
Without posting what kind of plane you have and other data, these data points are useless.
Retract? Twin or single? Experimental? Hangared? Instrument rated? Location?
 
MooneyDriver78 said:
Without posting what kind of plane you have and other data, these data points are useless.
Retract? Twin or single? Experimental? Hangared? Instrument rated? Location?
Click to expand...

Valid point, but in fairness, same data as last year (with the exception of the increase in hull value). C172 valued at $95K, policy is $1MM CSL. Instrument rated commercial pilot.
 
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My PA28R policy went up 64%, no changes in hull nor claims. Had to change providers to stay at a 25% increase. Lost Caribbean coverage (ok by me, in the year of Corona, thing ain't flying anywhere anyways). First time in 8 years the policy has done that. Interesting times. Hobby's getting more and more specious a proposition.
 
idahoflier said:
Valid point, but in fairness, same data as last year (with the exception of the increase in hull value). C172 valued at $95K, policy is $1MM CSL. Instrument rated commercial pilot.
Click to expand...

True.
There is also other things, if you reached a plateau so an increase can be countered by a lowered rate for your circumstances.
There is no doubt that rates have gone up across the board by 25-50%
 
I was told by a friend in the aviation insurance industry. This is the first round of increases and he expects another round next year.
 
Yeah just spoke with the insurance critter, and it's a combo of natural disasters, bunch of misc losses associated with 21st century labor and parts costs inflated out to the bozosphere. And of course, ol' regulatory capture Boeing socializing losses.
 
up only 22%
thrilled it is available at all

edit: SE exp hangared never claims/incidents, 60yrs, IR, passed 200hr threshold tit,

MooneyDriver78 said: ↑
Without posting what kind of plane you have and other data, these data points are useless.
Retract? Twin or single? Experimental? Hangared? Instrument rated? Location?
Also misses if he crossed a magic hour number threshold in type or overall or added a rating.
 
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My quote is the same as last year.

EXP, PPL, doesn't fly often enough.
 
Mine went up 60% with global. Same plane for 12 yrs, fly 150 hrs a year for last 12 yrs, no medical issues, no claims ever, used Gobal last 4 yrs. They stated it was because of age(72) and age of plane 58 bonanza with 700 hrs SMOH. Was not happy but broker said it was the only company to reply?? I renewed, but seriously thinking it might be time move on to another mode of seeing this great country.
 
MooneyDriver78 said:
Without posting what kind of plane you have and other data, these data points are useless.
Retract? Twin or single? Experimental? Hangared? Instrument rated? Location?
Click to expand...

Also misses if he crossed a magic hour number threshold in type or overall or added a rating.

Most are seeing increases however the virus silliness could drive things the other direction with few losses.

Most home and auto have already issued discounts or refunds.
 
Mine was basically flat, went up due to market, I got my IFR, so it offset the increase. Tried to get increased per/passenger $$ - thanks but no thanks said insurance Co.
 
Added the last rating 14 years ago. Did cross 350 hrs in type, but that doesn't seem particularly noteworthy to me. Flew 65 hours last year, maybe enough to be considered proficient but not enough to add risk? IDK, I'll just count myself as lucky and maybe buy a lottery ticket tomorrow...
 
I'm in claims, so I pay out on all the losses. The rates are going up because it was unsustainable over the last 15 years. Lots of competition in aviation insurance forced premium down. Well, the losses have been building up and now insurers are realizing they are losing money due to low premiums. Some are getting out of aviation all together. A new Cessna is $400k. Imagine $1k a year in premium for that aircraft and it gets in a total loss accident the 1st year. Well the insurance company will need another 400,000 years to make their money back on that policy. And if there is a lawsuit for an injured party, there's a million more bucks, for $1k a year in premium.

Hell one propstrike is 30k for engine inspection and new prop. So even with the policies that never have a loss, the ones that have even a minor claim negates a hugehhuge swath of clean ones.
 
We are talking $1600/ yr for a 40,000 hull, 100,000 per injured person, it would take 10 people to be injured to reach a million settlement. I do not see a 30,000 tear down for a gear up, I see a plane that is salvaged where the loss to insurance company is 20-25,000. I do understand decrease competition means increased rates, I don’t see insurance companies staying in business for 10 yrs losing money. I do see less pilots flying so insurance companies get out due to not enough pilots to insure and the companies that stay then increase the rates due to less competition. I think if the pilot population had tripled over the last 10 yrs, more companies would be wiring policies and the rate would be less. It’s not the bottom line, it’s the competition. Just one person opinion who has never filed a claim but have seen a lot of excuses for why policies fluctuate over the past 50 yrs.
 
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