Time to shop for new insurance company

[Greg252AY]

Just got a renewal notice on my 1986 m20k. It went from just under 1400 to almost 2000. (nothing changed as far as hanger or pilot) I currently  have USAIG. I sent my info in to aopa to see what kind of quote I get back from them. I was shocked at the increase. Has anyone else seen this kind of increase? 

[Raptor05121]

On the Mooney Pilots page, others have been commenting that theirs has gone up as well. There have been at least 5 Mooney hull losses since Jan 1, I wonder if that has anything to do with it.

[1524J]

Switched to a Falcon. Had been with Leading Edge for years.

[OR75]

Mine went down . I got a quote earlier this week. About 5% lower

[ArtVandelay]

AOPA had me with AIG, they raised their rates so they switched me to Global, 40% lower.

[Hank]

Falcon is great!

[Raptor05121]

My broker is Aviation Insurance Resources (AIR), they have me paired with Starr Insurance, which seems to be a common Mooney carrier. I'll see what Falcon quotes me when its time for me to renew.

[yvesg]

I am with EAA C-Plan and my renewal is approaching: got a quote with same company as last year wich is Allianz Global and it went down 4% this year. This sounds like music for a CB club member.

Got another quote a few hundreads more from the company I was with 2 years ago.

The difference actually pays for my EAA membership and much more.

Shop around.

Yves

[Danb]

Like everyone else my broker changes my insurance carrier every couple years, I went from AIG two yrs ago to Republic effective 5-17, my rates have not increased for over 10 yrs.

[steingar]

I've been with AIG.  My insurance is nuts, but I expected that transitioning into a complex.  What gets me is to get my buddy into the airplane t they're requiring 20 hours dual and 10 solo.  That's twice what I did.  I am also looking for a new insurer.  That, and doing business with AIG gives me a sour stomach for the obvious reasons.

[Mooneymite]

Just a reminder that if you're shopping for insurance, do it without giving your N# (yeah, the brokers scream and cry and say it can't be done....but it can).  Once a broker puts your N# into the system requesting quotes, you're done.  The insurance companies will not come up with new quotes for an N# already quoted.  In my experience, once your N# has been shopped, it takes 3, or 4 months for it to drop out again.

[Brian Scranton]

Grant Parsons at Southwest Aviation Insurance...he's fantastic. (480) 483-7844

I had a little under 200 hours, no complex time, and got into my M20F for $1700ish.

[1524J]

1 hour ago, steingar said:

I've been with AIG.  My insurance is nuts, but I expected that transitioning into a complex.  What gets me is to get my buddy into the airplane t they're requiring 20 hours dual and 10 solo.  That's twice what I did.  I am also looking for a new insurer.  That, and doing business with AIG gives me a sour stomach for the obvious reasons.

My son got his PPL about 18 months ago, had 85 hours, non in a complex and the insurance company Falcon set me up with only required two hours with an instructor and two solo....and the rates were only a couple of hundred more than what my renewal was going to cost. 

[Hank]

Mine were flat for a couple of years.mthen I changed to Falcon and saved 20%, and am back in the "flat" group again since '14. Renewal is July, so we'll see.

[Pritch]

Yes for Falcon, was with them from 90 to 02 when I sold and quit flying.  Fast forward 13 years I started flying again, with only 10 hrs under my belt, they quoted 1100 on my new to me 84 K.  I guess it doesn't hurt to have 650 hrs retract time in the log book.  Only requirement was 5 dual and 5 solo.

Pritch

 

[Raptor05121]

20 hours ago, steingar said:

I've been with AIG.  My insurance is nuts, but I expected that transitioning into a complex.  What gets me is to get my buddy into the airplane t they're requiring 20 hours dual and 10 solo.  That's twice what I did.  I am also looking for a new insurer.  That, and doing business with AIG gives me a sour stomach for the obvious reasons.

 

18 hours ago, 1524J said:

My son got his PPL about 18 months ago, had 85 hours, non in a complex and the insurance company Falcon set me up with only required two hours with an instructor and two solo....and the rates were only a couple of hundred more than what my renewal was going to cost. 

My quote was when I was 60-80 hours, 0 in type, no complex, $1,300 with 35k hull and 500k liability. I am only required 5 dual, 5 solo. I'll knock that out the first week my airplane is airworthy.

[DrBill]

I was with AOPA for years untill I wanted to up value due to add-ons. Then rate sky rocketed so I switched to Falcon. Much happier,  When I told AOPA they offered lower rate

I said "too late, you should think about loosing customers BEFORE you raise their rates"  Obviously they don't care.

[DonMuncy]

Not criticizing anyone, but remember that Falcon (and of course others) are brokers, not insurance companies. Having a good broker is a plus, as they can and do intercede on your behalf when they can. But the rates are set (and quoted) by the insurance companies the brokers submit your info to.

[jwilcoxon78]

QBE is another insurance company you could point your broker to if they've not already reached out to them.  Good idea to shop around on brokers as well.

[Immelman]

Cleaning out old paperwork I found my insurance premiums:

I was pleasantly surprised last year to see a reduction from ~950 to ~670.

1M/100K. 50K hull. 1966E. Through AOPA.

Edited May 6, 2016 by Immelman

[1524J]

52 minutes ago, Immelman said:

Cleaning out old paperwork I found my insurance premiums:

I was pleasantly surprised last year to see a reduction from ~950 to ~670.

1M/100K. 50K hull. 1966E. Through AOPA.

That's almost my exact experience this year changing from Leading Edge to Falcon. The company Leading edge had me with was going to raise my premiums from $975 to over $1300. If I hadn't added my son, Falcon found a company that was going to lower my premium to the mid $600. Of course after adding my new PPL son the premium jumped to $1600. I was disappointed Leading Edge didn't work harder to find better quotes. I had been with them for several years. Guess it pays to shop.