Latest Insurance Quote

Lawreston

Lawreston

En-Route
Gone West
Joined
Feb 23, 2005
Messages
4,573
Location
Georgetown, ME
Display Name
Harley Reich
Home Airfield
KIWI
The quote for the renewal on my 1971 C-172L, standard coverage with Open-Pilot clause, came in at $300 less than the last year.
I was shocked. The agent indicated that more underwriters have decided to provide aviation coverage. As a result of competition the rates are down, universally. Have others seen similar reductions?

HR
 
My premium dropped about 300 last fall. I didn't question it, just paid up and grinned.
 
Ours also went down last year.

Renewal is next month, paperwork is already in.

We'll see...
 
I wonder if the fleet insurance on 4 gliders and the tow plane will go down in May?
 
Are flight hours down?

While that can negatively impact proficiency, not flying definitely reduces the exposure to in-motion damage.
 
Related to my welcome quote of premium reduction is that I'll be adding a Named Pilot to my policy; a former military flyer with thousands of hours - single and multi-engine, and Instructor. Other pilot wants to become CFI in the GA category. Additional cost for his coverage won't be quoted until he has submitted his Added Pilot application w/data. However, the agency has said that there will, likely, be minimal increase in the policy cost.

HR
 
BillTIZ said:
I wonder if the fleet insurance on 4 gliders and the tow plane will go down in May?
Click to expand...

according to the insurance committee report for the SSA Board meeting at the convention, rates will go up 6%. From reading that it sounds like we all are lucky just to have insurance at this point.
 
My insurance has gone down every year since I bought; a modest portion of this is attributable to slight reduction in stated hull value, but most, I am told, relates to (1) increased time in type (a little), and (2) increased competition in the aviation insurance marketplace (after an extednded period of contraction of same).;

Helps to have a good and aggressive insurance agent. I am very pleased with mine, Alejandro Galioto of True Course Aviation Insurance.
 
We just got our update from our insurance agent...

Looks like our insurance if we leave it alone will go up next year from $1077 to $1290. Current carrier is USAIG.

Agent also quoted a company I've never heard of before... Global Aerospace? They would be $948 for the year, which is interesting.

Looks like the changes to switch would be:

- Liability remains the same, non-smooth $1M/100,000.

- Open Pilot clause TT would DROP from 500TT to 300TT, but would go UP from 10 in type to 25 in type.

- Current deductible is $0, would rise to $250 in-motion, $50 not-in-motion

- We would no longer have coverage across the entire West Indies or Central America, only the Bahamas. (Don't care...)

- Personal Effects would no longer be covered but could be added.

- Non-owned aircraft coverage would no longer be in effect.

- Non-owned hangar coverage would drop from $50K to $25K.

I've forgotten what we have listed for hull coverage, but it's high.

Anyway... anyone else gotten their quotes recently? Heard of this Global Aerospace place? Other thoughts?
 
My source is Travers & Associates(Mike Travers). I'm not an employee of, representative of, nor do I have any financial interest in the firm other than being an insured.

HR
 
tonycondon said:
according to the insurance committee report for the SSA Board meeting at the convention, rates will go up 6%. From reading that it sounds like we all are lucky just to have insurance at this point.
Click to expand...

It will be interesting to read the report, you must have an advance copy?
See you in Reno.

I expect ours will go up, we had a not in motion $7K canopy claim last month. :(
 
no advance copy, its on the SSA's website. Look under Governance and Board Meeting Agendas or something like that.
 
My insurance has steadily gone down. However, I mostly attribute this to increased time in type, and increased time with the company (I have stayed with the same company). Whether competition is causing them to drive down their prices, I don't know.

My hours have continuously been high. As it was explained to me by my broker, I'm in the "lowest risk" category by the insurance due to time in type, total time, and hours per year.
 
Another interesting tidbit from our agent...

If all three co-owners are Instrument rated, rates drop only 3-5% in a 182.

Cirrus or Mooney is a much higher drop.
 
Just had a club board meeting over the weekend, ours went down a couple hundred bucks too.
 
My time in type increased 500% last year, and I got my private and IR. I'm very curious as to how much my rate will drop.
 
denverpilot said:
Another interesting tidbit from our agent...

If all three co-owners are Instrument rated, rates drop only 3-5% in a 182.

Cirrus or Mooney is a much higher drop.
Click to expand...

Interesting, I wasnt aware you could get insurance anymore in a Cirrus w/o your IR. Years ago I had a friend who had to sell his Cirrus SR-22 as the insurance companies decided they were no longer going to quote a policy for anyone who did not have an instrument ticket. He had a new family and knew his schedule wouldnt permit getting his instrument rating so the surrendered and sold the plane. I brought it up to Cirrus in Oshkosh later that year and they said that was happening to many people and they were trying to work with the insurance industry to rectify the problem. The scuttlebut was the insurance companies were fearful of the non IR pilot who flys into IMC and elects to use the BPS to get out, essentially destroying the hull in the process.
 
Last edited:
DavidWhite said:
My time in type increased 500% last year, and I got my private and IR. I'm very curious as to how much my rate will drop.
Click to expand...

I would think it should drop substantially. One of my planes isnt all that different from yours from an insurance aspect I would think, its a 1960 C-182C with the hull insured for $60K. The policy is like $6XX.XX (I forget exact amount) and did not increase or decrease from the previous year. I have another friend with a 1958 C-182 and his insurance is in the same ballpark.

In fact, one aspect I found unusual about the Cessna's policy was that for the open pilot it had absolutely no minimum hours whatsoever, the only condition was the pilot was certified and given my permission to use the aircraft. I questioned them on this and they confirmed that was the case. In my Extra its a whole different world, the policy can be different year to year by thousands which is not affected by my time in type or my ratings, and over the years some of the policies have had no such thing as an open pilot and the named pilots requirements are significant ie 500 hours in make and model. The insurance companies willing to cover are also more limited as I need coverage for IAC competitions as well.
 
DavidWhite said:
My time in type increased 500% last year, and I got my private and IR. I'm very curious as to how much my rate will drop.
Click to expand...

Are airplane insurance rates influenced by the age and gender of the pilot? I remember, painfully, when being a young male driver had a dramatic impact on automobile insurance rates.
 
You must log in or register to reply here.
Back
Top