Insurance up 20%

[alextstone]

Here's my Quote from Brown and Associates:

Liability:  1 Mil Smooth

Medical:  $5,000 per seat

Hull Value:  $220,000

Premium:  $3054.00

Requirement for IPC every 12 months (this is new and I was told that it is becoming the norm when liability limits are "smooth")

 

Anyone see any changes to this I should request?

 

 

[xcrmckenna]

$1200 for $90K hull, Falcon, me and another pilot (he has low Mooney hours). 

What is low Mooney hours? And does he have his IR? I might need the name of your broker.


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[M20F]

1 hour ago, xcrmckenna said:

What is low Mooney hours? And does he have his IR? I might need the name of your broker.

Cliff Bertholf

Falcon Insurance Agency

P.O. Box 291388

Kerrville, TX 78029

800-880-6272

830-792-1144 - fax

www.falconinsurance.com

[Jerry 5TJ]

2 hours ago, alextstone said:

Here's my Quote from Brown and Associates:

Liability:  1 Mil Smooth

Medical:  $5,000 per seat

Hull Value:  $220,000

Premium:  $3054.00

Requirement for IPC every 12 months (this is new and I was told that it is becoming the norm when liability limits are "smooth")

Anyone see any changes to this I should request?

Request $2M smooth.  

[jetdriven]

Falcon and Clif refused to even attempt to quote 1M smooth on behalf of one of our non -IR partners. . Said it was impossible. Well, turns out, shop around.  And, it was cheaper than the 100K a seat sublimits, AIR insurance.

[N9453V]

Renewal this year as about an 11% increase due to market factors. I'm currently paying about $1100 for $100K hull value M20G with $1MM liability. I have about 1400 Mooney hours and an ATP. I've used Cliff with Falcon for the past 9 years as my broker and I insure with Global.

[xavierde]

On 1/17/2019 at 11:08 PM, skydvrboy said:

You're going to hate me but mine dropped 20% this year.  Falcon, switched to Global from Starr.  Caveat, last year I had 100 total hrs, 0 time in type, 0 complex.  This year, 200 total hrs, 100 time in type, 100 complex.

Would you mind sharing what your premium was? I’ve been quoted $4.5k for a $100k hull value. I’m c. 200h total, 0 time in type, virtually 0 time complex. 

Thank you!

[smccray]

5 minutes ago, xavierde said:

Would you mind sharing what your premium was? I’ve been quoted $4.5k for a $100k hull value. I’m c. 200h total, 0 time in type, virtually 0 time complex. 

Thank you!

Looks pricy. Paging @Parker_Woodruff

[Parker_Woodruff]

6 hours ago, xavierde said:

Would you mind sharing what your premium was? I’ve been quoted $4.5k for a $100k hull value. I’m c. 200h total, 0 time in type, virtually 0 time complex. 

Thank you!

 

Depending on your age, airport, and if any loss history, I'd expect to pay about 2-3% on the hull plus $600-$1000 for $1MM/$100K liability.  All those figures somewhat lower if instrument rated.

[skydvrboy]

7 hours ago, xavierde said:

Would you mind sharing what your premium was? I’ve been quoted $4.5k for a $100k hull value. I’m c. 200h total, 0 time in type, virtually 0 time complex. 

Thank you!

Just renewed: $1,208 Premium, $42k hull, $1MM/$100K liability.  Still Falcon and still Global, though I've added another 80 hrs over the last year, all in my Mooney.

[daytonabch04]

Last year I had around 250 hrs, IR, 0 tt, 0 Mooney time, but had HP and RG endorsements. 

For a 1MM/100k policy insuring 240k hull value I was quoted $3500 through AOPA.

In about 11 months, I've done 85 hrs TT, but don't have any new renewal quotes yet.  Kind of scared with the market increases going on...

[NotarPilot]

My insurance premium jumped 31% this year! No claims, and I obtained my commercial, CFI and CFII ratings in fixed wing last year.  I have nearly 7,000 hours (about 650 FW) and my limits are $1m liability bodily injury and property damage with sublimits $100,000 per pax, and $100,000 hull coverage. This is through Global.

[ArtVandelay]

My insurance premium jumped 31% this year! This is through Global.

Ditto, I did make a hurricane relocation claim last year, 1000 hours, 850 in type.

[bradp]

7 hours ago, ArtVandelay said:

Ditto, I did make a hurricane relocation claim last year, 1000 hours, 850 in type.

Does a relocation claim count towards such for increased premiums.  Seems Like that would defeat the purpose

[ArtVandelay]

Does a relocation claim count towards such for increased premiums.  Seems Like that would defeat the purpose

Good ? Maybe Parker knows?

[Parker_Woodruff]

11 hours ago, NotarPilot said:

My insurance premium jumped 31% this year! No claims, and I obtained my commercial, CFI and CFII ratings in fixed wing last year.  I have nearly 7,000 hours (about 650 FW) and my limits are $1m liability bodily injury and property damage with sublimits $100,000 per pax, and $100,000 hull coverage. This is through Global.

A lot of high time, low risk pilots are getting these increases with Global.  I've reviewed a lot of these cases and the rates were exceptionally low and most of the time still much cheaper than every other carrier once the increase had been applied.

[Parker_Woodruff]

1 hour ago, bradp said:

Does a relocation claim count towards such for increased premiums.  Seems Like that would defeat the purpose

Generally no effect to 5%-ish

[Jerry 5TJ]

11 hours ago, NotarPilot said:

My insurance premium jumped 31% this year! No claims, and I obtained my commercial, CFI and CFII ratings in fixed wing last year.  I have nearly 7,000 hours.....

If you’re getting that rate jump after all that training and 3 check rides in one year, well, then we can all expect increases. 

[NotarPilot]

2 hours ago, Parker_Woodruff said:

A lot of high time, low risk pilots are getting these increases with Global.  I've reviewed a lot of these cases and the rates were exceptionally low and most of the time still much cheaper than every other carrier once the increase had been applied.

I should have clarified I had Old Republic and that renewal was going to be $1380 up from $976 last year which is really a 42% increase.  My agent was able to find a lower rate with Global which was still a 31% increase.

[carusoam]

Doing the math...

that’s $404 difference...

when compared to the initial amount of $976..

404/976X100 = 41.39%

Rounded, that’s 41%

Looking it at several different ways probably won’t make it any better...

Unless it helps... I paid more, and got less...  

I had Alexa help with the math... let me know if I missed something...

No matter what the percentage is... $404 buys about 100gals of 100LL...

Best regards,

-a-

[Atalla]

I can see the logic of increasing rates on high time/low risk pilots if they cannot squeeze or find enough low time/higher risk pilots to make up the difference.  Would have never thought that would be the route to take but it also highlights the issues on the front-end of the new pilot/plane pipeline.  

[Ragsf15e]

14 hours ago, carusoam said:

Doing the math...

that’s $404 difference...

when compared to the initial amount of $976..

404/976X100 = 41.39%

Rounded, that’s 41%

Looking it at several different ways probably won’t make it any better...

Unless it helps... I paid more, and got less...  

I had Alexa help with the math... let me know if I missed something...

No matter what the percentage is... $404 buys about 100gals of 100LL...

Best regards,

-a-

Not at my airport.  100LL is $6.00/ gallon!! $5.75 if you self serve it.  Luckily, KSFF is pretty close to a bunch of Idaho airports with reasonable prices and good restaurants.  I almost never buy gas at home.  64 gallon tanks are awesome!

[RobertGary1]

6 hours ago, Atalla said:

I can see the logic of increasing rates on high time/low risk pilots if they cannot squeeze or find enough low time/higher risk pilots to make up the difference.  Would have never thought that would be the route to take but it also highlights the issues on the front-end of the new pilot/plane pipeline.  

No, I think its that our rates had been artificially low for the last 5 years. There was a lot of competition for high time pilots and now with some underwriters leaving the market our premiums are going back to what they otherwise would have been.

 

-Robert

[hoot777]

Retired airline captain here. Just turned 65 my insurer will not offer me my million smooth I have been carrying. I can get it from another carrier for about 50% more. Experience seems to not matter. I have about 5k in GA aircraft about 24k total.  Not happy but oh well.

[donkaye]

16 hours ago, hoot777 said:

Retired airline captain here. Just turned 65 my insurer will not offer me my million smooth I have been carrying. I can get it from another carrier for about 50% more. Experience seems to not matter. I have about 5k in GA aircraft about 24k total.  Not happy but oh well.

That is absolutely unbelievable!  I'm a lot older and as of last August was able to get a smooth insurance policy for a little bit more than the previous year.  Rates took the elevator up a little later, though.  My policy is with USAIG and I've been insured with them since the beginning of my Mooney ownership 27 years ago.  All of my 11,500+ hours have been GA with coming up on 10,000 hours of Mooney time and 6,300+ hours instructing, mostly in Mooneys.  Maybe that helped.  I guess this year will tell the story for me.

Age has crept into the picture this year as far as instructing goes.  One insurance company reversed their refusal to add me as an additional insured with waiver of subrogation after it was discovered that they insured me through my group policy with SAFE.  These companies are crazy in my opinion.  They should look at their underwriting on an individual basis.  A training is a week long.  In my case, family history shows life spans near 100.  That is a long way off.  Trainings taught by the most experienced people in the industry, independent of age, could save the insurance companies a lot or money in potential claims, if a training with an expert could prevent a potential accident.