Insurance up 20%

[Vno]

92 J. Increase 10.9%.  Global through Falcon.

1M/100k. $120k Hull.

ATP 12,000+hrs. Only 50 hr in the Mooney.  300hrs total last year.

Brian

[LANCECASPER]

'93 M20M increase 6.5% Global through Falcon

 

[Comet]

On 2/14/2019 at 8:44 AM, LANCECASPER said:

I wouldn't count on that. I was with AOPA for years and years ago it seemed like it was getting the best quote. The last couple years I was with them not so much.

Even if they match a better deal, of what value is that? Shouldn't they have found you the better deal in the first place? 

First four years of ownership, I was with AOPA, they only provided more than one quote once (and didn’t seem to want me to change).  Last year, got a quote from Falcon with 3 underwriters and went with Global.

[kpaul]

6 minutes ago, Dspeterson said:

First four years of ownership, I was with AOPA, they only provided more than one quote once (and didn’t seem to want me to change).  Last year, got a quote from Falcon with 3 underwriters and went with Global.

AOPA gives you the lowest quote they receive.  If you ask they will send you all the quotes they pulled for your plane.  That is what I did and I had two additional quotes within minutes, but the one they originally sent was the best deal and it was with Global.

[LANCECASPER]

12 hours ago, kpaul said:

AOPA gives you the lowest quote they receive.  If you ask they will send you all the quotes they pulled for your plane.  That is what I did and I had two additional quotes within minutes, but the one they originally sent was the best deal and it was with Global.

They used to. They took offense when I asked about the other quotes. So I asked another broker for quotes. He gave me two quotes from other companies that AOPA used to share with me, which were considerably less, one was 12% less and the other 15% less. That's all I needed. I switched to Falcon after many years with AOPA and have never looked back. I've heard similar stories from others. I may not always go with the lowest quote but I'd like to compare.

[Kmac]

I received an automated quotation from Falcon/Global Aerospace that used my same hours from last year.  The quote was 27% higher than I paid last year.  

[tigers2007]

I received an automated quotation from Falcon/Global Aerospace that used my same hours from last year.  The quote was 27% higher than I paid last year.  

That is ridiculous. After ten years of ownership my insurance premiums will be more than what I paid for the aircraft. I can get a 30-year term life with 500 AMU coverage with pilot rider for like $47/month. I’m comparing apples to peanuts but still, why do we have the insurance? My C150 was totalled out but the insurance for that was only like $390/yr with 12.5 amu Hull coverage.

Do they have a gear-up landing coverage waiver option? How much would that save us?






Sent from my iPhone using Tapatalk

[KLRDMD]

1 hour ago, tigers2007 said:

That is ridiculous. After ten years of ownership my insurance premiums will be more than what I paid for the aircraft. I can get a 30-year term life with 500 AMU coverage with pilot rider for like $47/month. I’m comparing apples to peanuts but still, why do we have the insurance? My C150 was totalled out but the insurance for that was only like $390/yr with 12.5 amu Hull coverage. Do they have a gear-up landing coverage waiver option? How much would that save us?

If you have a good relationship with your broker and in turn they have a good relationship with insurance underwriters, often they can make anything work that you want, within reason. I've often been an advocate with my broker for pilots transitioning into Mooneys, with a variety of backgrounds. Through my broker I've been able to get them insured for very reasonable premiums if they make specific concessions. One with no previous complex time chose a $10,000 deductible for a gear-up in order to save thousands on the first year premium. Others, older pilots, have gotten a better insurance rate by agreeing to annual flight reviews and IPCs. Others yet have gotten the rate reduced by many hundreds of dollars by listing me as the only flight instructor. 

Develop a relationship with a good broker and stay with them. They'll take care of you. I'm happy to provide my broker's contact information via PM for anyone wanting it and I'll send her an introductory E-Mail on your behalf if interested.

[m20kmooney]

I just renewed today with Old Republic through AOPA. My 2 million smooth premium came in at 7% less from last year. Same exact policy with same underwriter.

Edited February 21, 2019 by m20kmooney

[bradp]

ORA through flacon.  2% increase form last year for $1MM smooth.  

Edit - just turned 40, 650 MM 100 last 12 months 

[J0nathan225]

On 1/17/2019 at 10:08 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.

Hoping this for me! I'm at 180 hours in type so far with an instrument add on too (220 total FW). Also 650 rotary time... which they don't care about... 

[mark21m20c]

We pay $ 750 a year for 70k hull. This is our first year with our m20c. I have 25 hours mooney time from the 80s . The airplane should be flying next month. The price seems very fair.

[Danb]

My increased 6.5%. Bummer

[jaylw314]

Mine was virtually unchanged, about $20 more

[bill98]

On 3/25/2019 at 9:26 PM, mark21m20c said:

We pay $ 750 a year for 70k hull. This is our first year with our m20c. I have 25 hours mooney time from the 80s . The airplane should be flying next month. The price seems very fair.

What is your TT? Because I want that rate!

[khedrei]

Mine went up 10% in Canada. We get hosed up here. I'm paying 2400. 350 hours 200 of them on this Mooney. CPL and instructor rating. 

[MBDiagMan]

Just yesterday I wrote the check for the Cessna renewal and I paid the exact same premium as last year.  The carrier even changed, but the premium and coverage was exactly the same.  Hope this holds true for the Mooney.  It comes up in early August I think.

[Kmac]

I personally have to apologize to the insurance industry.  I was getting automated quotes using the same hours as the previous year, the quoted number was 27% higher.  I purchased my Mooney last year and paid $1903 for the year with zero Mooney hours but 200 total time mostly in taildraggers.  When the final numbers came in and having 50 hours in my Mooney (250 ttl time) my new premium came to $1163.  I actually had a 39% decrease.  

[tigers2007]

16 minutes ago, Kmac said:

I personally have to apologize to the insurance industry.  I was getting automated quotes using the same hours as the previous year, the quoted number was 27% higher.  I purchased my Mooney last year and paid $1903 for the year with zero Mooney hours but 200 total time mostly in taildraggers.  When the final numbers came in and having 50 hours in my Mooney (250 ttl time) my new premium came to $1163.  I actually had a 39% decrease.  

Kmac do you mind sharing what company you are using? I'm paying 19% more than you and we have similar vintage birds. We are very close in TT too; I have about 300. Maybe you're getting special discounts? I get the AOPA/EAA/MAPA discounts though Falcon and pay $1440 for 1M/$100k. $55k hull value.

[Kmac]

1 hour ago, tigers2007 said:

Kmac do you mind sharing what company you are using? I'm paying 19% more than you and we have similar vintage birds. We are very close in TT too; I have about 300. Maybe you're getting special discounts? I get the AOPA/EAA/MAPA discounts though Falcon and pay $1440 for 1M/$100k. $55k hull value.

Not at all...I am through Falcon and have an AOPA membership.  It is my hull value that is the difference I am sure.  I have it at $30k.

[outermarker]

My agent asked for updated times in early April so he could shop around. My policy is due in two weeks and I haven't heard from him with a quote yet. Is he playing a game here and waiting until the 11th hour so I don't have to shop around? Or, do I shop around on my own? Is this whole insurance thing just rigged against me because once the N number is listed all agents charge the same or declines to provide a quote?

Feeling a bit stressed because I also fly a Luscombe and the cost of insuring two airplanes starts to hurt. I'm using Leading Edge Insurance out of Colorado Springs. It was suggested I use an insurance company called Elevon last year. Anybody know of them?

albert

Edited June 3, 2019 by outermarker

[carusoam]

albert,

Check In with Parker...

Parker has been filling MSers in with all kinds of Mooney related insurance answers for many years...

Best regards,

-a-

[Parker_Woodruff]

18 hours ago, outermarker said:

My agent asked for updated times in early April so he could shop around. My policy is due in two weeks and I haven't heard from him with a quote yet. Is he playing a game here and waiting until the 11th hour so I don't have to shop around? Or, do I shop around on my own? Is this whole insurance thing just rigged against me because once the N number is listed all agents charge the same or declines to provide a quote?

Feeling a bit stressed because I also fly a Luscombe and the cost of insuring two airplanes starts to hurt. I'm using Leading Edge Insurance out of Colorado Springs. It was suggested I use an insurance company called Elevon last year. Anybody know of them?

albert

- In the light piston aircraft world, companies do not block markets with N-numbers like they used to.  There are maybe 1-2 that do.  Plus your current carrier will always block.

- Rates are going up.  I'm happy to give things a second look for you, if you wish.

- If both airplanes share the same ownership, you should consider insuring both aircraft on the same policy since some policies only afford non-owned hull & liability coverage if they insure all aircraft that the policyholder owns.

[RobertGary1]

I've heard that the market for high time pilots had previously been very competitive and that perhaps the market is returning to a more "normal" condition for the lowest risk pilots.

 

-robert

[larrynimmo]

fyi ...my rate stayed the same from last year 1,950...I went from 160 hours to about 330 hours...no instrument rating....135k hull value 

 

insurance is through AOPA...Aerospace...

Edited June 4, 2019 by larrynimmo