Insurance up 20%

[aviatoreb]

Mine went up but not as badly as I see it has for some.  1300hrs, IFR, Comm, about 1000 in MM and no claims.  180k hull value and 1M smooth I was up 18% this year, $2773.

[Lionudakis]

Just got my renewal, Wow !!  Mine Jumped 28% , before I added another 10k to the hull value. 

[Skates97]

I guess I've been lucky. 2016 I had no hours in type, no retract time, brand spanking new PPL. My renewal is in December of each year.

2017 - Flew 145 hours and the renewal rate was a decrease of 34%

2018 - Flew 106 hours and the renewal rate was an increase of 6.5%

2019 - Flew 90 hours and the renewal rate was an increase of 11.3%

Still no additional ratings, just a PPL. I've been with Falcon the whole time. A much lower hull value than a lot of you folks so maybe that plays into the equation as to how much it jumps up.

[MikeOH]

4 hours ago, Ragsf15e said:

This is real!

4500 hour ATP, 1968 F, $1038 last year, $1500 this year.  No claims, no changes. I’m no mathologist, but that like 45% higher, no?!

WOW!

That's nuts.  Mine went from $1056 to $1197 and I can assure you I don't have close to your experience, and only have PPL/instrument.  1970 M20F with  hull coverage of $70K and liability $1MM/$100K, NOT smooth.

[Ragsf15e]

2 hours ago, MikeOH said:

WOW!

That's nuts.  Mine went from $1056 to $1197 and I can assure you I don't have close to your experience, and only have PPL/instrument.  1970 M20F with  hull coverage of $70K and liability $1MM/$100K, NOT smooth.

Seems like a roll of the dice.  My coverage is the same except $85k hull.  Interesting.  Parker got me the best deal possible.  The industry is changing!

[Parker_Woodruff]

On 4/29/2020 at 6:45 PM, MikeOH said:

WOW!

That's nuts.  Mine went from $1056 to $1197 and I can assure you I don't have close to your experience, and only have PPL/instrument.  1970 M20F with  hull coverage of $70K and liability $1MM/$100K, NOT smooth.

You’re fortunate when your expiration date was. A lot of rate increases have been added since then. We’ll see what this year brings. 

[MikeOH]

2 hours ago, Parker_Woodruff said:

You’re fortunate when your expiration date was. A lot of rate increases have been added since then. We’ll see what this year brings. 

Yes, hearing all of these horror stories makes me count myself as fortunate!

As you say, we will see, but I would think claims will be WAY down this year because of the huge reduction in flying.  We are always told it's all the claims, especially gear-ups, that are driving up premiums.  If the rates go up significantly again, I'm going to feel pretty lied to, unless the renewal rate drops significantly.

@Parker_WoodruffAre you seeing a major increase in owners simply not renewing?

[Parker_Woodruff]

4 hours ago, MikeOH said:

 

@Parker_WoodruffAre you seeing a major increase in owners simply not renewing?

None of my clients have non-renewed.

[David Lloyd]

Commercial, Instrument, age 69,  5800 retract, 475 make and model.  Last year $983, renewed a few minutes ago for $1562 with Global.  Agent said other quotes were $2500+.  Sigh.

[MIm20c]

Mine went up 40 percent as well.  Things are changing...

[PTK]

Wow! I thought mine was bad!  @David Lloyd I had to read that twice! So you had a 60% increase? I just renewed my 1 million smooth for 2210$. That’s up about 20% from last year for 130K hull and no claims. The aviation insurance industry has taken a hit and they’re adjusting our premiums accordingly but 60% is the largest increase I’ve heard!

[RobertGary1]

One factor I heard was that with busy flight schools there was a corresponding increase in claims. Insurance companies aren't good at differentiating the risk of private ownership vs flights schools so all our rates go up. I'm sure flight school accidents are way down here (even though flight schools are federally listed as essential and examiners seem to be working all the time now).

 

-Robert

[Parker_Woodruff]

16 minutes ago, RobertGary1 said:

 Insurance companies aren't good at differentiating the risk of private ownership vs flights schools so all our rates go up.

 

-Robert

The risks are definitely split out on their books.  Light aircraft for personal use haven't been a money maker for most carriers for several years.  Many times, in fact, it's a "loss leader" for some carriers.

[Danb]

I assume this is the new normal after years of stagnation in the insurance industry we will see regular increases, hopefully in line with inflation. My 13.5 % increase is minimal considering it’s my first increase in ten years or so maybe more.

The big hope is we will be able to get affordable insurance with companies dropping like flies I feel lucky to be insured.

[Parker_Woodruff]

2 hours ago, Danb said:

 

The big hope is we will be able to get affordable insurance with companies dropping like flies I feel lucky to be insured.

One of the companies that seemed to draw a line in the sand as rates dropped over the past 10 years is now competitive again.  If others had done the same (and stopped offering high limits on bad risks) when rates stopped making sense, a lot of them would still be around.

M20J rates seem to be around what people were paying in 2010

pre-J still appears lower than that but slowly creeping up.

[PT20J]

Every so often I see a study where something like 70% of drivers think their driving is above average. I wonder if it’s the same with pilots and flying?

Skip

[MikeOH]

2 minutes ago, PT20J said:

Every so often I see a study where something like 70% of drivers think their driving is above average. I wonder if it’s the same with pilots and flying?

Skip

I think it's closer to 100% when talking about pilots

[aviatoreb]

1 hour ago, PT20J said:

Every so often I see a study where something like 70% of drivers think their driving is above average. I wonder if it’s the same with pilots and flying?

Skip

It’s like lake wobegone where all the children are above average.

[RobertGary1]

I guess be happy you can get it. A friend of mine owns a flight school. He just bought a new plane but was told no one is writing new policies for commercial during the virus. 
 

-Robert

[RLCarter]

21 minutes ago, RobertGary1 said:

I guess be happy you can get it. A friend of mine owns a flight school. He just bought a new plane but was told no one is writing new policies for commercial during the virus. 
 

-Robert

WTH does a virus have to do with insurance on a plane? 

[RobertGary1]

3 minutes ago, RLCarter said:

WTH does a virus have to do with insurance on a plane? 

Idk. Maybe the people required aren’t around to write it??

 

-Robert

[EricJ]

2 hours ago, PT20J said:

Every so often I see a study where something like 70% of drivers think their driving is above average. I wonder if it’s the same with pilots and flying?

Skip

The first rule of the Dunning-Kruger club is you don't know you're a member of the Dunning-Kruger club. 

[Hank]

14 hours ago, EricJ said:

The first rule of the Dunning-Kruger club is you don't know you're a member of the Dunning-Kruger club. 

Don't laugh--I recently interviewed someone for a job, and asked individually about their familiarity and skill with Microsoft word, excel and PowerPoint on a scale of 1 to 10. They rated themselves "7 or 8" on the first two, then said maybe a 5 on PowerPoint, because they had never used it . . . . .

[Hank]

15 hours ago, aviatoreb said:

It’s like lake wobegone where all the children are above average.

I once heard a politician promise if he was elected to help everyone achieve an above-average income.    Sadly, there were neither laughter nor questions about this . . . . 

[RobertGary1]

2 hours ago, Hank said:

I once heard a politician promise if he was elected to help everyone achieve an above-average income.    Sadly, there were neither laughter nor questions about this . . . . 

If they had to pass a standardized written test like private pilots do; I wonder how many could pass.

-Robert