Insurance up 20%

[bradp]

Just got my quote. Increased my hull value 10% for avionics work (120 amu hull).  Premium for 950 TT, 1MM smooth went from $1567 to $2215 (41% increase) for Old republic.  40 yo.  No claims in past 4 yr one NIM hail claim 4 years ago.  

[Danb]

Just sent in hours for renewal, hoping not to have as large an increase as others. Hours down under 100,  87.3, less flying due to wife illness, I’ll make her pay increase, Had recurrent training 3000+ hours but over 70 years young still, I’ll report premium, my agent notified me of increases to others.  Yuck 

[FloridaMan]

I’m surprised I don’t get a multi plane discount. I can only crash one at a time. 

[LANCECASPER]

Just now, 1980Mooney said:

John C Tune Airport in Nashville took a direct hit from the tornadoes. Most of the buildings and surface structures gone or collapsed.  There are reports of over 90 aircraft destroyed including jets. Brace for another bad insurance year. 

https://mooneyspace.com/topic/33425-more-insurance-hikes-on-the-way-im-sure/?tab=comments#comment-567966

[PTK]

I just renewed my1 million smooth, 2210$. 130K hull and no claims. This is up about 20% since last year! The aviation insurance industry has taken a hit and they’re adjusting our premiums accordingly. 

[daytonabch04]

I think I’m the only one that had a rate decrease...new broker new underwriter. $1000 decrease...I’m not complaining! 

[RobertGary1]

On 3/6/2020 at 5:45 PM, daytonabch04 said:

I think I’m the only one that had a rate decrease...new broker new underwriter. $1000 decrease...I’m not complaining! 

You may have had some non systemic cause. You may have personally crossed an hours boundary etc. 

 

-Robert   

[LANCECASPER]

On 3/6/2020 at 7:45 PM, daytonabch04 said:

I think I’m the only one that had a rate decrease...new broker new underwriter. $1000 decrease...I’m not complaining! 

new underwriter, new broker, but same or different insurer? which company?

[daytonabch04]

18 hours ago, LANCECASPER said:

new underwriter, new broker, but same or different insurer? which company?

Different insurer.  My underwriter is IAT. Last year it was London. 

At renewal I had 350 total hours, 90 hrs tt, IFR rating.  My hull is 240k and rate went from $3600 to $2330.

Edited March 9, 2020 by daytonabch04

[Davidv]

44 minutes ago, daytonabch04 said:

Different insurer.  My underwriter is ATI. Last year it was London. 

At renewal I had 350 total hours, 90 hrs tt, IFR rating.  My hull is 240k and rate went from $3600 to $2330.

That’s a crazy good rate, when I got my instrument rating it went down to 2900 from $5k and I have a lower hull value than you.

[larrynimmo]

Just got my renewal quote....same hulk value $137k....same coverage....No claim or violation history...went from 350 hrs to about 560 hours...went from 250 hrs retrack to 480 hrs.

new ifr rating oct 2019

in spite of more hours...over the 500 hr threshold, IFR rating my insurance went up by $50 to $2,000.  In a way I am disappointed, but compared to the “hit” I’ve taken on the stock market...I shouldn’t let this bother me at all....just write the check!

 

[Parker_Woodruff]

8 minutes ago, larrynimmo said:

Just got my renewal quote....same hulk value $137k....same coverage....No claim or violation history...went from 350 hrs to about 560 hours...went from 250 hrs retrack to 480 hrs.

new ifr rating oct 2019

in spite of more hours...over the 500 hr threshold, IFR rating my insurance went up by $50 to $2,000.  In a way I am disappointed, but compared to the “hit” I’ve taken on the stock market...I shouldn’t let this bother me at all....just write the check!

 

Sounds about right.  With similar info I came up two quotes on an M20J at $1951 and $2010.  At this point, if the policy is high quality, you're in good shape!

[aviatoreb]

I joined the my rate went up club.  Mine went up 18% so I guess I beat the 20% avg?  No notable pilot changes - commercial ifr 1300 hrs 125 for the year.

[Ross Taylor]

My renewal rate went up only slightly in actual dollars, but I'm sure the modest increase was offset by more experience in type.  My policy went up about $40 to $1308.  Last year's new policy was based on only 32.5 hours in make/model and 60 retractable, with a bit over 1700 TT.   I added about 150 hours over the past year.  I was certainly hoping for a big drop as I got more retract time this past year, but I can't complain about my rate considering the industry changes.

PS - a big tip of the hat to Parker for working hard to help me, too.

[KB4]

Only personal experience to support but I think there is a magical 100ish hour mark TT # they use.  I remember my policy dropped by alot. 

For discounts, Falcon gives them for doing a Flight review in last 12 months.  Basically the discount pays for the FR

Discount for IR, Glider time, not sure what else but 5% discounts add up quick.

Bang out the 40 hours, I would guess it would drop by 20-25%

[Danb]

On 3/4/2020 at 8:59 AM, Danb said:

Just sent in hours for renewal, hoping not to have as large an increase as others. Hours down under 100,  87.3, less flying due to wife illness, I’ll make her pay increase, Had recurrent training 3000+ hours but over 70 years young still, I’ll report premium, my agent notified me of increases to others.  Yuck 

Just received my quote my rate increased by 13.5%, if I change to Brown insurance who the heck they are I would have had about a 300 reduction but with a $500 deductible, I didn’t change being a little older I decided to stay with my current company, been with them over 10 yrs I think, oh they required  a current IPC which I have..so 13.5%increase, about what I hoped for.

[donkaye]

3 hours ago, Danb said:

Just received my quote my rate increased by 13.5%, if I change to Brown insurance who the heck they are I would have had about a 300 reduction but with a $500 deductible, I didn’t change being a little older I decided to stay with my current company, been with them over 10 yrs I think, oh they required  a current IPC which I have..so 13.5%increase, about what I hoped for.

You made the right decision.  W Brown would not add me as an additional insured with a waiver of subrogation for the Mark Brandemuehl training due to age.  I wouldn't do the training under those circumstances.  It happened one other time.  They are not nice, and from my perspective, their underwriters don't even have half a brain.

[Mooneymite]

On 3/4/2020 at 9:02 AM, FloridaMan said:

I’m surprised I don’t get a multi plane discount. I can only crash one at a time. 

I do, in fact get a multi plane discount, but I had to agree to no one flying the planes but me.  No named pilots, etc.

So far it hasn't been a problem, but if I ever need to have my plane ferried by another pilot, I'll have to re-negotiate.

[Rjfanjet]

Global or Starr? I just got a quote, about $150 difference between the two.

Thanks

[carusoam]

Great question for @Parker_Woodruff... ^^^^

Best regards,

-a-

[Parker_Woodruff]

40 minutes ago, Rjfanjet said:

Global or Starr? I just got a quote, about $150 difference between the two.

Thanks

Non-owned aircraft coverage:

Both are good companies but need more details to confirm which is better coverage for your scenario.  If your plane is owned by a holding company, definitely Starr for the non-owned hull & liability coverage since Global only covers this if the Named Insured is one individual or one individual & spouse.  Otherwise you have to pay for a separate endorsement to cover an individual.

Emergency landing transportation expense:

Global offers a flat $10K for expenses associated with transporting your aircraft after an emergency landing with no damage to the aircraft.  Starr typically offers 10% of hull value.  Old Republic pays up to the value of the plane.  This matters if your plane goes down in the Rockies and you have to helicopter it out.

 

[Rjfanjet]

Thanks. I went with AOPA last year as a broker and went with Starr. I now have 65 hours in the plane, owned outright. Global was the cheaper option this year with hull at $50k, $0 deductible moving and not. What is it everybody says, one million smooth. 

[Parker_Woodruff]

1 hour ago, Rjfanjet said:

What is it everybody says, one million smooth. 

That means there is no passenger bodily injury sublimit.  Your quote probably has a $100K sublimit each passenger for bodily injury.

Parker

Parker@airspeedinsurance.com

214-295-5055 (office)

[MikeOH]

48 minutes ago, Parker_Woodruff said:

That means there is no passenger bodily injury sublimit.  Your quote probably has a $100K sublimit each passenger for bodily injury.

Parker

Parker@airspeedinsurance.com

214-295-5055 (office)

Yep.  And, sadly, this is why I only fly my wife and kids.  No friends or those interested in learning about GA, unfortunately.  I'm paying around $1300 with $100K sub-limits; going to $1MM smooth would over DOUBLE my premium!!  Not worth it just to give rides, I'm afraid.

[Ragsf15e]

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?!