What are we paying for Insurance Premiums

[Bravoman]

A lot of people here throw numbers around without providing relevant info on what coverage they actually have, which makes all the difference in the world on what the premium ends up being. For example, a big premium driver on these policies is the amount of liability coverage and whether it is smooth or split limits. It is impossible to compare premiums without this data.

[M20F-1968]

Pictures are on my profile here on Mooneyspace.

I will need to look up coverages but it is insured for $206,000.00 and the premium is about $3,800.00 per year (that is from memory)  The company is Avemco.

John Breda

[Danb]

OK, I have Old Republic- Liability- $1,000,000,  Medical - $ 5,000,  Hull Dropped to $ 350,000, I have 3000 hours my cost is hull $2787 Liability $ 790 for a total of $ 3577, I have not had much of an increase for 5-6 years.

[Danb]

3 hours ago, Godfather said:

Surprised that a thread would be started complaining about no hard numbers given without starting us off with some good data. I'm for one interested what a $200k F looks like and the premium paid. For a data point...m20r $225k $2,200. 

His F looks like a new J or better.

[LANCECASPER]

24 minutes ago, Danb said:

OK, I have Old Republic- Liability- $1,000,000,  Medical - $ 5,000,  Hull Dropped to $ 350,000, I have 3000 hours my cost is hull $2787 Liability $ 790 for a total of $ 3577, I have not had much of an increase for 5-6 years.

Dan I think I would check the current value and drop the hull coverage some. The insurance is only going to pay what the book says its worth. You could probably save about $800 per year without losing any real coverage (what they will pay in a loss)

[neilpilot]

58 minutes ago, LANCECASPER said:

Dan I think I would check the current value and drop the hull coverage some. The insurance is only going to pay what the book says its worth. You could probably save about $800 per year without losing any real coverage (what they will pay in a loss)

I'm under the impression that, assuming it's totaled, insurance pays "agreed value", i.e. your hull coverage, irrespective of "what the book says its worth".  With values dropping in the early-to-mid 2000s, I was a bit slow in lowering my hull value on a 64E.  When it was totaled in 2012, insurance paid the covered value which was several thousand $$ above  "what the book says its worth".

[Bob_Belville]

45 minutes ago, neilpilot said:

I'm under the impression that, assuming it's totaled, insurance pays "agreed value", i.e. your hull coverage, irrespective of "what the book says its worth".  With values dropping in the early-to-mid 2000s, I was a bit slow in lowering my hull value on a 64E.  When it was totaled in 2012, insurance paid the covered value which was several thousand $$ above  "what the book says its worth".

I think you're right. The insurance company gets to decide whether they'll cover you at the hull value you ask for. They might decline and offer to insure for a lower number based on the market but if they bind and insure they pay. When I put a new panel in my old E my broker had to shop to fine a company who would insure a '66E for $100k which was above the ceiling per their guidelines.

[Cruiser]

It would be intersting to compare the $/1000 for hull insurance. 

Divide the the premium by the hull value (in thousands). 350,000 for 2787 (for Danb) would be 2787/350 = $7.96 per thousand. 

My quote for the Ovation is $8.47 per thousand (180,000 for 1524)

[Danb]

Lance I dropped the coverage last yr from 420,000 what I pd in 2006 to 350000, I most likely will drop it to $ 325,000 this year. It VREF at $ 325,000 also my policy say's insured value, which is why they wanted $350000 last yr. so I'm not sure what they will pay, I thought it was 110% of the market value, I'll have to make sure I'v only been with Republic for a couple years

[M016576]

1982 missile w/ TKS.  

Hull value- 150K insured.  1MM smooth

ATP, CFII, ~4200hrs, mostly twin turbine. 500ish mooney in type.

$1201.00 through falcon (old republic)

[DonMuncy]

That is the difference between auto insurance an aircraft. Cars only pay for the actual (ie. book value) loss. Airplanes pay the agreed value.

[jnisley]

$1500 Avemco  1969F,  $50k hull, $1M liability, 780TT, 570 Mooney

[LANCECASPER]

8 hours ago, Danb said:

Lance I dropped the coverage last yr from 420,000 what I pd in 2006 to 350000, I most likely will drop it to $ 325,000 this year. It VREF at $ 325,000 also my policy say's insured value, which is why they wanted $350000 last yr. so I'm not sure what they will pay, I thought it was 110% of the market value, I'll have to make sure I'v only been with Republic for a couple years

Ok thanks for the clarification.

[Guitarmaster]

On 3/17/2017 at 8:36 AM, M20F-1968 said:

Pictures are on my profile here on Mooneyspace.

I will need to look up coverages but it is insured for $206,000.00 and the premium is about $3,800.00 per year (that is from memory)  The company is Avemco.

John Breda

Nice plane John!

My F is insured through Travers at 70K hull.  $780 a year.  I have about 15K Total, probably 500 in type.

[vance.k]

79 M20K, $120k Hull Value; 1M Liability with $100k sublimits via Starr.

New pilot, 80 hours TT, 0 Mooney time.

$1,575

[Shadrach]

On March 16, 2017 at 8:35 PM, SantosDumont said:

I really want to see what a $206k F looks like. You got pictures somewhere?

I'm willing to be that John has more than $206k in that aircraft.

 

[DrBill]

total 947  70k hull  65e was 840 for 60k added 10k for recent major. Falcon 

750 tt 250 in m20e

Bill

Edited March 19, 2017 by DrBill
added exp