Insurance renewal/age discrimination

Pegasus

Pegasus

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Pegasus
I just got my insurance renewal form. Under Special pilot requirements it said:
"All pilots that are over the age of 69 years are required annual FAA medical certification."
What is up with this? Has anyone else had to deal with this?
 
Pegasus said:
I just got my insurance renewal form. Under Special pilot requirements it said:
"All pilots that are over the age of 69 years are required annual FAA medical certification."
What is up with this? Has anyone else had to deal with this?
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As I see it, the insurance company wants to make sure you are still healthy at that age. So what? You get a flight physical every year instead of every two years.

I suppose it could be worse. They could impose more stringent requirements on you.
 
Here's a thought: How may claims have you had in your flying life? If you haven't had any, then consider what are the risks you need insurance for, and perhaps just canceling.
 
I got a $100k plane that insures for 1.6% of value and you want me to drop the coverage?

skidoo said:
Here's a thought: How may claims have you had in your flying life? If you haven't had any, then consider what are the risks you need insurance for, and perhaps just canceling.
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wabower said:
I got a $100k plane that insures for 1.6% of value and you want me to drop the coverage?
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That's not the point...

You are betting the insurance company you will not have a claim. They are betting you will and your insurance premium is the vehicle that gets you to stay in the card game....

The insurance company's data show pilots over 69 have a higher rate of claims.. They have every right to ask for 1 year medicals so they can weed out the potential risk........

Ps. as humans get older , poor decisions are an obvious issue...
 
skidoo said:
Here's a thought: How may claims have you had in your flying life? If you haven't had any, then consider what are the risks you need insurance for, and perhaps just canceling.
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I 2nd it. Cancel your insurance and use that money for gas.

If you ever have a gear up landing you can part out the plane for what it would sell for anyway....

If you have anything worse than that you are probably happy to just walk away, and if you do not walk away then who cares what happens later?
 
Tony_Scarpelli said:
I 2nd it. Cancel your insurance and use that money for gas.

If you ever have a gear up landing you can part out the plane for what it would sell for anyway....

If you have anything worse than that you are probably happy to just walk away, and if you do not walk away then who cares what happens later?
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:yes::thumbsup:
 
Tony_Scarpelli said:
I 2nd it. Cancel your insurance and use that money for gas.

If you ever have a gear up landing you can part out the plane for what it would sell for anyway....

If you have anything worse than that you are probably happy to just walk away, and if you do not walk away then who cares what happens later?
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Except for the liability when you crash into a school bus full of lawyers' kids. Your estate may end up a little lighter.
 
Matthew said:
Except for the liability when you crash into a school bus full of lawyers' kids. Your estate may end up a little lighter.
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But..................... Lawyers kids usually grow up to be lawyers themselves......

I am not seeing the down side here:dunno::wink2:;)
 
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N801BH said:
That's not the point...

You are betting the insurance company you will not have a claim. They are betting you will and your insurance premium is the vehicle that gets you to stay in the card game....

The insurance company's data show pilots over 69 have a higher rate of claims.. They have every right to ask for 1 year medicals so they can weed out the potential risk........

Ps. as humans get older , poor decisions are an obvious issue...
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Are they using that information to weed out risks or are they attempting to quantify the risks so they can accurately set the rates?
 
Matthew said:
Except for the liability when you crash into a school bus full of lawyers' kids. Your estate may end up a little lighter.
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Why is it when someone wants to make a point they grab for a desperately ridiculous possibility?

That is about as likely as shooting lightning bolts from my ass. Live rich die poor.

Like I said, who cares? Why don't you go buy AIG?

Insurance industry is a bunch of thiefing rat bastards.
 
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Matthew said:
Except for the liability when you crash into a school bus full of lawyers' kids. Your estate may end up a little lighter.
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Keep in mind, he is 69. If he is going to die crashing into a school bus, why not control it elsewhere so only he dies. Either way, his liability would be the least of his cares...
 
Yeah - but pretty much all insurance is 'risk management'. With nothing to risk, why bother? Liability insurance seems like a simple way to protect whatever you have left for your family from either a passenger, someone on the ground, or someone related to either of them.
 
Greg Bockelman said:
As I see it, the insurance company wants to make sure you are still healthy at that age. So what? You get a flight physical every year instead of every two years.

I suppose it could be worse. They could impose more stringent requirements on you.
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Or do what they did to Bob Hoover about 15 years ago, take away his license just because he happened to be 70 years old. Didn't matter that by many famous pilots estimation he was the greatest stick and rudder man on Earth.

You know what they say about the FAA.... "we're not happy until you're not happy."
 
Age discrimination is often legal. It falls under the "Rational Basis Test" which basically means if there is a reason to do so they're allowed to.
 
Hold your cards close to your chest. Call those bastards and tell them you are willing to get an annual physical if they reduce their premiums as if getting an annual physical is going to matter. Get quotes from anywhere else and tell them you just may drop them! Consider minimizing their risk ( and premiums) by dropping the hull. As some have said go naked. Bluff if you have to.
Do what makes sense to you but I agree they are screwing with you, screw them back. Tell them you have the ability to self insure and that you are just limiting your risk by keeping them in the game.

Do you want my premiums?
Chances are they do if you have been a good risk for them so far.
 
Matthew said:
Except for the liability when you crash into a school bus full of lawyers' kids. Your estate may end up a little lighter.
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I wonder what the St-dev from the bell shaped curve of that occurring? I'm no expert in actuarial science but that one's gotta be out there. What's more, you can have the greatest coverage in the world and if you hit a school bus of lawyers' kids, it's just gonna be ink on paper - you're toast anyway.

But - I get your point. Still might go with cancelling.

I think age discrimination in insurance carriage is lawful, but don't quote me.
 
I don't see how this is any different than me getting charged ridiculous rates for car insurance because I'm under 25.
 
DavidWhite said:
I don't see how this is any different than me getting charged ridiculous rates for car insurance because I'm under 25.
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Good point David.......

And.. don't forget you CANNOT even rent a car being under 25...
 
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