Insurance up 20%

[Chris from PA]

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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[Bob_Belville]

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. 

[jonhop]

Mine stayed the same and I had a switch to Global. 

[Yetti]

Mine went down a bit.  I told them how many hours I had and they took a little more off.

[MikeOH]

I renewed last November and my rate went down a small amount.  Global through Falcon.

[plumberpilot]

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?

[MikeOH]

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 January 18, 2019 by MikeOH

[amillet]

Falcon - USAIG. Premium went down about $25. Age 67.  110 hrs last year. PPP.

[Marauder]

I’ll know here shortly. Just submitted my renewal form with Falcon. Been insured with USAIG for at least the past 20 years. I saw a slight increase last year.


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[rbridges]

I use global, and I remember my agent mentioning the increase.  

[DXB]

I also us Global, and my rate went down about ten bucks, which is tantamount to an increase given that I finished IR and flew a ton in the last year.

 

[skydvrboy]

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.

[Bob_Belville]

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... 

[jetdriven]

We switch from falcon to AIR and got 1 million bucks smooth for roughly about the same premium

[carusoam]

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-

[FastTex]

Am I the only one using STARR via AOPA? I still have a few months on mine but if you guys have done the homework and got a better deal maybe I should shop more around before my next renewal. I just got a card from BWI(?) and I was ready to toss it when I read this thread...

[ArtVandelay]

Same


Tom

[Yetti]

Ya I was wondering if it was an age thing.  I am planted firmly in the mid 50s

[Chris from PA]

I just turned 55 last year, maybe that's a magic number? The previous year I switched to Global and my insurance went down about 20%. Seems like wild swings to me.

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[Parker_Woodruff]

The aviation insurance market is hardening after about 15 years of decreasing rates.

Underwriting is becoming less flexible and rates are gradually increasing. Several aviation carriers have experienced underwriting losses in recent years.

[Browncbr1]

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. 

[kpaul]

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. 

[pwnel]

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 January 20, 2019 by pwnel

[KLRDMD]

2 minutes ago, pwnel said:

Got my commercial last month - would be interested to see if that changes anything. 

Generally, no.

[thinwing]

Mine went up in Oct...about 5%