Mooney insurance increases?

[BorealOne]

I got my quote this am for my insurance renewals. I'm glad I was sitting down.

I was quoted nearly $4500 this year for COPA VIP Gold coverage (which is by far the most popular aviation insurance package in Canada, sponsored by our affiliate of AOPA) with $250k (CAD - or about $190k USD) hull motion/not-in-motion + $2M smooth coverages for my Ovation. This is up by $600 over last year.

I didn't think was me: I've got over 2000h TT, with over 1800h in high performance retractables, 1300h of that in my Ovation. I'm IR current and proficient. No claims or violations. So I asked, and was advised: " there’s been a rate increase on all retractable gear aircraft.  Mooney’s specifically have consistently poor loss experience. We've taken your experience into account to minimize the impacts on your rates. "

Anyone else getting similar quotes or rationales for rate increases?

 

 

Edited November 3, 2016 by BorealOne

[Bob_Belville]

You might want to do a search for a thread a couple of months ago on this exact topic. 

[Robert C.]

Several other recent threads on this topic, although mostly from a US perspective. South of the border several of us got the same argument, but others (myself included with only 200hrs M20R time) got nice reductions through Falcon (Texas based agency).

[thinwing]

Mines been the same for last 4 years

[Hank]

Mine renewed in July; Falcon lowered my premium by 12% from last year.

[kris_adams]

I renewed mine in August for ~same amount.

[yvesg]

I am with EAA C-Plan and upon renewal in June was quoted with about 5% drop compared to the previous year. Perhaps that general raise statement was effective after? or they are trying to pull a fast one!

Yves

[jonhop]

Just got a nice letter from Falcon today... 30% reduction in this year's insurance premium. I am still under 200 hours total time, although the last 80 of them are time in type. 

[Raptor05121]

I got a quote from US Specialty that was respectable. I let the quote expire and 2 months later asked to activate my insurance. My new, up-to-date quote, same everything, was $100 higher after only 60 days. 

[DXB]

Just renewed my policy with Global via Falcon as the broker- 8pct decrease this year.

[kpaul]

I am going through AOPA, granted this is my first renewal, however I saw a 23% decrease, down $250.  I'll take it.

[Raptor05121]

kpaul, what warranted you to go through AOPA? I got a quote from them that was well north of 4x what I am paying now.

[neilpilot]

28 minutes ago, Raptor05121 said:

kpaul, what warranted you to go through AOPA? I got a quote from them that was well north of 4x what I am paying now.

Can't speak for kpaul, but I've been using AOPAIA since well before it was bought by AOPA (going back to 1989 as Rollins Burdick Hunter).  About every 3 years, I do get a competitive quote but AOPA has NEVER been even 1.4x the competition, let alone the 4x that Raptor... claims.  Maybe I'm the exception.

Before I renewed a few weeks ago, a different agency did quote lower, but only by 3% ($35).  Not enough savings for me to switch after 26 years with the same broker.

[thinwing]

Just renewed this month..no change

[kpaul]

6 hours ago, Raptor05121 said:

kpaul, what warranted you to go through AOPA? I got a quote from them that was well north of 4x what I am paying now.

I originally got quotes from AOPA and AVEMCO.  AVEMCO was 2X the price of AOPA approx., $2500.  AOPA came back at $1100 last year and $850 this year.

[AndyFromCB]

I do not understand how Avemco stays in business? They have never been competitive for me, usually by at a factor of at least 1.5X vs next lowest quote. And they don't even pay broker commission. WTF?

[jonhop]

AOPA put me on to Falcon as the broker. They had four quotes with the lowest being a 30% reduction and the highest being a 2% increase. Guess which one I took?

[Ftlausa]

Avemco quoted me nearly double what I get through AOPA.  I don't think they like insuring Mooneys.  Different insurance companies prefer different market segments.