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Insurance up 20%


Chris from PA

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Anybody in the U.S. renew their insurance lately and get a spike in the cost? I just renewed through Falcon and insured with Global which was same company I had last year. This year's policy jumped 20%. It was my best quote. Nothing changed. Just curious if others are experiencing the same.

 

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Yeah, mine is up 17.2% for the coming year, also Global. As with you, no changes and my broker shopped the market reporting that Global was the lowest offer. 

There was a similar thread here a few months ago with some MSs reporting increases and others no change.

FWIW, at the higher cost for '19-'20 mine is essentially the same as it was 7 years ago adjusted for doubling the hull value due to improvements. 

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29 minutes ago, plumberpilot said:

Falcon with a couple members and we saw a 20% increase. We are 60 65 and 83 yr old kids. Maybe that played a factor?

Could be...I’m 58.  Maybe the 83 guy is the issue...or multiple pilots...I’m the only pilot on my policy.

I also listed two IPCs on the renewal info form...no idea if that helped.

Edited by MikeOH
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Age could be a factor. I will be turn 76 two weeks into the next insurance year. A friend of mine who's 86 was not able to find coverage this year. All he wanted was liability. Never had a claim, he's owned many planes, currently a twin Comanche and a couple of war birds. He's been flying over 60 years. 

I can't complain. I paid $885 for 50k hull in 2012, $901 last year for $95k hull and now $1056 for $95k hull. I'm the only pilot on the policy, I've had IR since the '70s and over 2500 time in type so other than my age and the overall market... 

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Plumber,

Our Other Octogenarian Just sold his Mooney.  Bennett, an engineer, wrote a few times about the decision to keep flying and when he was going to stop... Bennet gave great insight...

Hope you guys fly as far into the future as possible...

I used falcon this year, didn’t notice any changes...

Best regards,

-a-

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Mine went up quite a bit inspite if more hours and ratings.   But I was talking to a friend today who just renewed with the same carrier as me (global), he has all the same ratings and about the same hours.  Same hull value, similar equipment, but a Cherokee 6, his premium went down 10%.    I guess mooney’s Took a hit on risk pool this year. 

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11 hours ago, Browncbr1 said:

but a Cherokee 6, his premium went down 10%.    I guess mooney’s Took a hit on risk pool this year. 

Yep, according to my agent it was retractable singles that took the hit.  Too many gear ups.  The advantage of the Cherokee 6 is the gear is down and welded. ;)

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What would truly useful is everyone listing: 

- annual premium

- hull value

- hours (on type + total)

- age

- certificates:  ppl/ir/com/multi 

Sounds like there is large variability and the brokers and insurers have all the informational advantage on us, possibly even using it against us. Got my commercial last month - would be interested to see if that changes anything. 

Edited by pwnel
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