1st Insurance Renewal

[Kmac]

I have been contacted by my insurance company about renewal for the upcoming year.  I have only had the insurance and the Mooney for 9 1/2 months so far but the insurance company is asking for my hours etc. for the renewal.  In the previous 9 1/2 months I've accumulated 46.9 hours in the Mooney and now have 57 hours of retract time.  Should I wait to fill out the form for a few more weeks?  Would having over 50 hours in make and model help my rates instead of 46.9?

[Marauder]

I have been contacted by my insurance company about renewal for the upcoming year.  I have only had the insurance and the Mooney for 9 1/2 months so far but the insurance company is asking for my hours etc. for the renewal.  In the previous 9 1/2 months I've accumulated 46.9 hours in the Mooney and now have 57 hours of retract time.  Should I wait to fill out the form for a few more weeks?  Would having over 50 hours in make and model help my rates instead of 46.9?

I have always completed it with the number of hours flown at the time I completed the form. Sometimes things change and although I may intended on flying my usual 10 hours per month, I end up flying half or twice as much.


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[gsxrpilot]

There's no need to respond to the renewal now. You can wait until the last day before your current insurance expires. I usually send in the numbers and everything for the renewal about three weeks before mine expires.

[hypertech]

Call them and ask.  They don't really need it now.  I had mine re-rated only a few days before expiration because I was so close to the IR we were trying to wait to see if I could get done in time (I didn't).  100 seemed to matter but I'm not sure if 50 does.  I want to say they told me after 100, 170 in type was the next drop but I could be off there. 

Falcon tried their best for me but couldn't get me the best rate.  BWI did and with a carrier that would adjust the premium mid-term.  So, I got a refund check as soon as the IR was finished.  Its not that they got a better price from an agency than Falcon - I don't think they did.  Its that they had a couple underwriters Falcon didn't have.

Save yourself enough time to shop a bit.  Rates are up this year and it made a big difference for me.

[smccray]

Paging @Parker_Woodruff

[Parker_Woodruff]

Thanks for the tag, Scott.  We are up and running at Airspeed Insurance Agency.  We should be licensed in all 50 states and DC by the end of the month (currently fully functional in about 30 as of 1/9/2019).

Kmac - most every company using automated raters has different hour amounts where their rates step down.  46.9 may be no different than 50 at many carriers.  There are a few where that might hit a step in the automated rating systems at 50 make/model.

An agent that properly markets your risk to the carriers it represents would really like to have updates 30 days or more before renewal so that each company can respond.  At the last minute you may not have as many answers, especially for a lower-time pilot where the risks are underwritten manually as opposed to coming from an automated rater.

[Kmac]

Thank you for the replies.  My insurance agent has said they will do a review closer to the renewal date.

[Hank]

Since no one else has, let me suggest Falcon Insurance. Saved me almost 20% over my previous (local) broker.

[smccray]

1 hour ago, Hank said:

Since no one else has, let me suggest Falcon Insurance. Saved me almost 20% over my previous (local) broker.

[cough]

On 1/9/2019 at 10:04 AM, Parker_Woodruff said:

Thanks for the tag, Scott.  We are up and running at Airspeed Insurance Agency.  We should be licensed in all 50 states and DC by the end of the month (currently fully functional in about 30 as of 1/9/2019).

And he's a former Falcon broker... 

[Hank]

46 minutes ago, smccray said:

[cough]

And he's a former Falcon broker... 

Parker gave me contact info for Falcon. I'd certainly be open to quoting with him at Airspeed when renewal comes around this summer.

[DonMuncy]

Parker is a straight shooter, and a nice guy.

[FloridaMan]

Contact Falcon and Parker. If I renewed my insurance last year with the previous carrier, it would've cost me thousands more. 15 minutes saved me a good 70% with those guys. The market is weird, sometimes the best one year will have rates that skyrocket the next. Even stranger, it was a better deal to get a policy from one carrier for the M20F and a different carrier for the Rocket. 

[Parker_Woodruff]

11 hours ago, FloridaMan said:

Contact Falcon and Parker. If I renewed my insurance last year with the previous carrier, it would've cost me thousands more. 15 minutes saved me a good 70% with those guys. The market is weird, sometimes the best one year will have rates that skyrocket the next. Even stranger, it was a better deal to get a policy from one carrier for the M20F and a different carrier for the Rocket. 

Just remember if you fly non-owned aircraft, some carriers only provide hull & liab coverage for non-owned aircraft if they insure *all* aircraft you own.

[FloridaMan]

1 hour ago, Parker_Woodruff said:

Just remember if you fly non-owned aircraft, some carriers only provide hull & liab coverage for non-owned aircraft if they insure *all* aircraft you own.

I'm not quite sure I understand this. Do you mean that carriers insure aircraft that you don't own policies on as a bonus, or does it mean that I somehow get limited coverage on aircraft that are owned by my companies? 

[smccray]

1 hour ago, FloridaMan said:

I'm not quite sure I understand this. Do you mean that carriers insure aircraft that you don't own policies on as a bonus, or does it mean that I somehow get limited coverage on aircraft that are owned by my companies? 

Agree- that comment deserves a lot more explanation.  I don't own more than one airplane, but I'm not following that warning Parker.

[Parker_Woodruff]

1 hour ago, FloridaMan said:

I'm not quite sure I understand this. Do you mean that carriers insure aircraft that you don't own policies on as a bonus, or does it mean that I somehow get limited coverage on aircraft that are owned by my companies? 

Ok so you own an M20F and an M20K.

Here’s an example. You have the M20F insured with Company X and the M20K with Company Y. 

Company Y has an ancillary coverage that says “we will provide physical damage and liability coverage when you are flying an aircraft that you don’t own or lease and is in available for your use for a period less than 30 days.”

The M20F and M20K are both in annual at the same time. You’ve got an important meeting in Fort Lauderdale so you rent a C172 from TPF and fly to FLL.

While landing at FLL a coyote jumps in front of the plane and you swerve and hit a runway light with the main gear causing $1200 in property damage to the airport lighting system and $500 to the brake system on the C172. Company Y has non-owned liability coverage on your policy to defend you  in case FLL wants compensation for their light. They also have non-owned hull coverage to defend you if the insurance company that insures the C172 thinks your actions were unreasonable in swerving from the coyote and comes after you for damages to the plane.

Within that non-owned provision, Company’s Y may afford that non-owned coverage with the prerequisite that they must already insure all airplanes that you own. The non-owned coverage would not apply to you because one plane you own is not insured on their policy.

As a note: Non-owned hull and liability coverage is also commonly referred to as “Renter’s Insurance”. 

[carusoam]

Parker knows his insurance!

Thanks for sharing the details, Parker.

Best regards,

-a-

[Kmac]

I do did go through Falcon last year by the way.  At that time I got the exact same quotation from AOPA but went with Falcon because they were more responsive.