Jump to content

Mooney Insurance Premiums- M20R


mooneyman

Recommended Posts

I just received my renewal offer for the 2017-2018 policy period from AIG and the premium has more than doubled. I have not had any accidents or incidents. I flew around 120 hours during the current policy period. I completed an instrument proficiency check in the spring during recurrent IFR training with Doug Stewart (awesome). I attended MAPA PPP in October for more recurrent training and received a BFR/ intrument proficiency check. My insurance broker asked AIG why the increase and was told-- "We had a significant increase in all retracts, but especially this one due to unfavorable loss history." 

Has anyone else experienced a big increase in their premium?

 

Link to comment
Share on other sites

There is another thread on this AIG doesn't want our business. Call your broker or AOPA and find another insurer. After years of flat rates and no claims I had to move from AIG.

 

 

Sent from my iPhone using Tapatalk

 

  • Like 1
Link to comment
Share on other sites

I second Gregg, they must not want our business, time for a broker,you had good hours, training and the MAPA program, it should have gone down somewhat, I generally see around a $500 reduction for the MAPA.

  • Like 1
Link to comment
Share on other sites

First of all, let's make sure you're talking about USAIG, which is not the same things as AIG. But assuming you are, I renewed my policy with USAIG in December and that was with a slight policy decrease.  Not much, in the tens of dollars, but still something. I did compare through Falcon and while they found me one policy that was about $150 less, it wasn't enough to make me switch, because I have a good relationship with my broker and he has a good relationship with the USAIG underwriter. I think that's as important as anything these days.  I stuck with USAIG even though they increased my rates slightly the year after a claim, because they were exceptional in how they handled the claim and have always provided good service.

Of course, doubling of rates should be looked at askance. That's where your broker can provide some insight as to what happened, and s/he should at least have a personal conversation with the USAIG underwriter to get more details on why that happened. Perhaps it was just a system error.

Link to comment
Share on other sites

I'm surprised your agent even showed you the quote. My agent will show me the best quote (which may not be the same company as previous) and says "if you want to look at the other quotes I can show you".  I just go with the one he recommends. No way he's bother me with one that doubled.

-Robert

Link to comment
Share on other sites

They show it because it's a renewal not a new quote. More work to bind a new policy and the terms are always a little different...

This is a known issue this year with AIG.

Last year too, AOPA rep said they it was retracts, switch to Global last year, 40% cheaper, drop another 4-5% this year.
  • Like 2
Link to comment
Share on other sites

42 minutes ago, gsengle said:

They show it because it's a renewal not a new quote. More work to bind a new policy and the terms are always a little different...

This is a known issue this year with AIG.


Sent from my iPhone using Tapatalk

More work for whom? I've changed companies every year for the last 3 years based on the recommendation of my agent. Not sure what extra work he has to do but he's never complained. The changes in coverage are mostly trivial between companies Nothing that's ever affected me  

-Robert

Link to comment
Share on other sites

I did not hear back after submitting my renewal form in the usual time this year so I contacted my broker. He disclosed that the renewal quote from AIG Aerospace came back significantly higher than last year. When he asked them why they said said the line about having a significant increase in all retractables "especially this one due to unfavorable loss history". He began shopping other underwriters. So far, Old Republic has come back the lowest. Starr Aviation was second. 

Link to comment
Share on other sites

I just renewed mine this month after one year of ownership.  M20TN.  About 120 hours in it this year.  Now over 500 total time.  My policy was 1m/100k $500 deductible in motion and parked with war and terrorism coverage.  The new offer was 1000.00 less for the same policy or 500.00 less if I switched to 1m smooth.  (I am instrument rated.  Have not attended MAPA yet)

Tom Hauge at Wings insurance is my broker.

 

Brad

Link to comment
Share on other sites

I've used Travers as broker for several years now (after Falcon told me I was too old to obtain competitive insurance rates). I renewed with Star, at acceptable rates, although I had to give up smooth limits. Not a real problem, in that 95 % of my flying is alone. But, I think very hard about flying friends and people who are not relatives. Since I started owning, and insuring aircraft more than 40 years ago, I find the GA insurance marketplace constantly shifting, and often irrationally. I've been insured by many carriers, never had an accident or incident, have multiple ratings, attend (and conduct some) Wings programs every year, fly often, and yet most underwriters balk at writing older pilots, like me at 82. I know I am a far better, more conservative, pilot now than in my younger years, and I am in excellent health, but that doesn't seem to matter. Well I have a hard deck occurring on my 85th birthday, no matter the state of my health, at which point I will stop flying, sell my airplane and move on. So, I have a couple more policy years to deal with. I'm fairly sure I can maintain insurance until hanging up the keys.

 

For what it worth, AVEMCO recently told me that they regularly insure "older" pilots, but not with smooth limits.

 

 

Sent from my iPhone using Tapatalk

 

 

 

  • Like 2
Link to comment
Share on other sites

1 hour ago, gsengle said:

Your price quotes don't mean much though without knowing the details - hull value, in motion and/or parked, liability limits...

 

 

Sent from my iPhone using Tapatalk

 

Full flight hull- in motion/ not in motion

1 million limit per occurrence /100k per passenger/$5000 medical expense/ Terrorism coverage 

No Deductible

Me- 800 hours TT (220 in insured plane/ 550 Mooney) Private/Instrument - SEL/MEL, Tailwheel, Complex/ High performance

New quote from Old Republic is actually a few hundred less than current AIG policy and $1300 dollars less than AIG quote going forward. 

 

 

 

 

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.