Insurance bump

[Guest]

On July 16, 2016 at 10:34 AM, drapo said:

Clarence, my fellow canadian, just got my estimate from Marsh. Raised insured value $15k to cover last year's improvements, kept $2 millions liability and premium stayed the same for my Super 21 at $1850 plus tax. 

The RV4 has always been higher than a certified plane because it's an amateur built.  The 400 carries a fairly high hull value and a higher premium.

Clarence

[Raptor05121]

On 6/28/2016 at 0:58 PM, rbridges said:

I left Starr a few years ago because of a crazy premium leap.  I figured they were trying to get out of the less expensive aircraft segment.

I'm with Starr right now. They gave me the lowest price out of all. Although I'm expecting it to increase this year since I've logged 0 Mooney time....
 

On 6/28/2016 at 8:44 PM, M20F said:

Falcon insurance.  MAPA reccomended and zero issues in terms of communication, price, etc.  A lot of happy M'Spacers with them so not sure why more aren't given all these posts lately about insurance issues. 

I will be giving them a call here shortly to see how they compete with Starr

[carusoam]

Expect your insurance to ask how many flight hours you had this year.  They are not too specific about what you flew in this year.

they are really specific when you have no Mooney time and you just bought one.

Best regards,

-a-

[CaptRJM]

Ditto on Falcon.  I have been with them since purchasing my 231 in 2008.  Very easy to work with.  They have shopped my thru all the carriers every year.  I have had only minor increases. Overall cost has maybe varied $50.00 over all that time.

[TTaylor]

Well I was wondering what the increasing from AIG was going to look like.  We had received an odd e-mail back in June about changes even though our policy was not due until December. The hull is insured for $55K and I have multiple partners (why it is higher than single pilot).

AIG was exactly a 40% increase from $2096 to $2852.

We have three quotes:

USSIC $1350

AIG $2852

AIM $2930

 

Any Pireps on USSIC (US Specialty Insurance Co)?  At half the cost with a slightly higher deductible I can't see any reason not to go with them.

 

 

 

[Hank]

Call Falcon. I'm insured at 65K, sole owner, for ~$850-880.

When I first bought half of the plane, each of us had our own policy. Now I own the whole thing.

Edited December 7, 2016 by Hank

[RobertGary1]

Why is the insurance underwriter contacting you directly? They should go through your broker. My broker just told me he was changing my underwriter because he got a better deal. So my rates went down. I didn't bother to ask the broker (or care) why the rates changed with the previous underwriter. 

 

-Robert

[RobertGary1]

On 7/18/2016 at 4:22 PM, Raptor05121 said:

I'm with Starr right now. They gave me the lowest price out of all. Although I'm expecting it to increase this year since I've logged 0 Mooney time....
 

I will be giving them a call here shortly to see how they compete with Starr

All brokers quote the same rate as long as they are properly shopping all the right underwriters. If you try to price compare brokers some underwriters get upset with the hassle and will require you to write a letter than you are firing the previous broker. They don't like generating the exact same quote for the same N number for different brokers.

 

-Robert

 

[TTaylor]

1 minute ago, RobertGary1 said:

Why is the insurance underwriter contacting you directly? They should go through your broker. My broker just told me he was changing my underwriter because he got a better deal. So my rates went down. I didn't bother to ask the broker (or care) why the rates changed with the previous underwriter. 

 

-Robert

The quotes are from my broker, he presents all the options and lets us decide which underwriter we wish to use.

 

 

[RobertGary1]

12 minutes ago, TTaylor said:

Any Pireps on USSIC (US Specialty Insurance Co)?  At half the cost with a slightly higher deductible I can't see any reason not to go with them.

 

 

 

This might be who i'm with this year, I honestly don't remember but it sounds familiar. Usually the underwriters only vary with regard to the "add ons", such as proximity insurance, etc (i.e. pedestrian falls on your prop).  In general 95% of the terms of your policy are actually written by your state's insurance commissioner so the underwriters have very little ability to differentiate themselves. 

 

-Robert

[kpaul]

Mine is through AOPA as the broker and Star as the underwriter.  Mine dropped from $1180 to $830.  When they asked for this years hours update I had only logged 36 hours in my plane, up from zero.  I now have 77 as my policy is set to take affect, but that difference in hours was not enough to make a difference.

[Raptor05121]

9 hours ago, TTaylor said:

Any Pireps on USSIC (US Specialty Insurance Co)?  At half the cost with a slightly higher deductible I can't see any reason not to go with them.

 

1

I just switched to them from Starr. They were half of what others want. I say go for it!