Insurance up 20%

[Parker_Woodruff]

Just now, Hank said:

So pushing 900 hours and 800 MM / RG, there's nothing but another increase, huh? I'll try to get it to you soon.

Probably, but you never know if there might be someone with a more competitive number that we can use...

[59Moonster]

2 hours ago, Parker_Woodruff said:

Unfortunately with an M20A, your insurance options are pretty limited to begin with.  I'd need to know where you currently stand in hours and ratings to provide advice.

Thanks!

PM sent

[toto]

On 6/17/2020 at 9:21 AM, Parker_Woodruff said:

If you're not crossing any major milestones, I'd get the updates in now.  If you expect to get an instrument rating or cross 300, 400, 500, 750, or 1000 total time then I would wait.

Same to be said with RG time and MM time.  Crossing 50 RG, 100 RG, 50 MM, 100 MM could make a difference depending on the carrier.

One carrier has 25 different classifications of pilots...in other words, your results will vary between underwriting companies...

Global (current carrier) came back with a 51% increase.

Old Republic (the other carrier that supplied a quote) was a 7% increase over current. 

I've had both of these companies in the past, but tbh I've never actually spoken with anyone at either company, so I have no idea whether one is better than the other. 

I do know that Global doesn't seem to be rewarding loyalty much.. Since it's only a few minutes of extra paperwork to save a lot of money by leaving them.

[Missile=Awesome]

A 51% increase is F.U. Territory.  Bye.  C Ya.Why?  Because they can.  Thankfully there are other markets that don’t gouge like a M.F.  Glad you landed with Republic at 7%.  THAT is a reasonable increase that can be justified by market conditions.

Hey everybody.  Don’t forget what Global did this year.  Reward the loyalty down the road by other carriers like USAIG and Republic.

The Pox to Global...

Shame.  SHAME.  SHAME!

[Davidv]

It’s like that quote I got for 280 hours of labor to install a G3X and GFC500.  They are basically saying we really don’t want to do this, unless you REALLY make it worth our while.

I suspect the people at Global made a strategic decision that they didn’t want to focus on our category of aircraft anymore...

[PT20J]

On 6/17/2020 at 7:21 AM, Parker_Woodruff said:

If you're not crossing any major milestones, I'd get the updates in now.  If you expect to get an instrument rating or cross 300, 400, 500, 750, or 1000 total time then I would wait.

Same to be said with RG time and MM time.  Crossing 50 RG, 100 RG, 50 MM, 100 MM could make a difference depending on the carrier.

One carrier has 25 different classifications of pilots...in other words, your results will vary between underwriting companies...

Parker, 

I’m curious what the upper limit is where additional hours don’t matter for TT, MM, RG.

Skip

[Guest]

I just renewed the insurance on my Comanche 400. $195K hull, $2M liability. The premium was $4400 plus $350 tax, this is up about 15%

The RV4 is up about 15% as well.

Clarence

 

[yvesg]

25 minutes ago, M20Doc said:

I just renewed the insurance on my Comanche 400. $195K hull, $2M liability. The premium was $4400 plus $350 tax, this is up about 15%

The RV4 is up about 15% as well.

Clarence

 

Did you go through Marsh?

Yves

[Parker_Woodruff]

2 hours ago, PT20J said:

Parker, 

I’m curious what the upper limit is where additional hours don’t matter for TT, MM, RG.

Skip

Generally 750 or 1000 total time for piston singles.  RG is 100-250.  MM is 50-100.

[Parker_Woodruff]

2 hours ago, Davidv said:

It’s like that quote I got for 280 hours of labor to install a G3X and GFC500.  They are basically saying we really don’t want to do this, unless you REALLY make it worth our while.

I suspect the people at Global made a strategic decision that they didn’t want to focus on our category of aircraft anymore...

Their metrics have clearly changed recently for Mooneys.  But pilots with lots of make/model and RG time still seem to get the best rate with them about 40-50% of the time for pre-J Mooneys.

[Hank]

2 hours ago, M20Doc said:

I just renewed the insurance on my Comanche 400. $195K hull, $2M liability. The premium was $4400 plus $350 tax, this is up about 15%

The RV4 is up about 15% as well.

Clarence

 

Mine just increased ~15% this year, in top of ~25% last year. IFR, pushing 1000 hours and 800+ in Mooneys . . . .   

[Guest]

9 hours ago, yvesg said:

Did you go through Marsh?

Yves

No, I refuse to use them.  I went with Magnus in Toronto.  I priced it with Air One in BC with no better luck.

Clarence 

[Guest]

7 hours ago, Hank said:

Mine just increased ~15% this year, in top of ~25% last year. IFR, pushing 1000 hours and 800+ in Mooneys . . . .   

That’s a pretty stiff increase in 2 years.

Clarence

[Danb]

No rhyme or reason it’s understandable high increases to all general aviation it’s appears the increases are all over the place.

[Hank]

44 minutes ago, M20Doc said:

That’s a pretty stiff increase in 2 years.

Clarence

No claims, no accidents, no incidents, no enforcements, no contact with / from / by the FAA at all . . . . . I'm overjoyed to have the privilege of supporting the aviation insjrance industry, whuch has taken a beating from the airlines the last couple of years.

[mike_elliott]

59 minutes ago, Hank said:

No claims, no accidents, no incidents, no enforcements, no contact with / from / by the FAA at all . . . . . I'm overjoyed to have the privilege of supporting the aviation insjrance industry, whuch has taken a beating from the airlines the last couple of years.

Just remember, you got a discount because of your wings participation in events like the Summit, It could have been worse. This is wealth redistribution

 

[Hank]

6 minutes ago, mike_elliott said:

Just remember, you got a discount because of your wings participation in events like the Summit, It could have been worse. This is wealth redistribution

 

"Redistribution" of personal income to corporations isn't quite what many liberals have in mind . . . .  

[mike_elliott]

Just now, Hank said:

"Redistribution" of personal income to corporations isn't quite what many liberals have in mind . . . .  

Well there is that. I guess one should be careful what one wishes for, heh?

[Guest]

5 hours ago, Hank said:

No claims, no accidents, no incidents, no enforcements, no contact with / from / by the FAA at all . . . . . I'm overjoyed to have the privilege of supporting the aviation insjrance industry, whuch has taken a beating from the airlines the last couple of years.

Some auto insurance companies are refunding their customers because claims are down due to COVID, meanwhile airplane insurance companies are handing out increases.  Go figure.

Clarence

[irishpilot]

I just renewed and it is the same for a Mooney Bravo. added 250 hrs, over 3,000 total. I guess that's a win if ya'll are seeing big increases?

[toto]

Just now, irishpilot said:

I just renewed and it is the same for a Mooney Bravo. added 250 hrs, over 3,000 total. I guess that's a win if ya'll are seeing big increases?

Out of curiosity, which company came back with a flat quote?

[Andy95W]

20 hours ago, M20Doc said:

Some auto insurance companies are refunding their customers because claims are down due to COVID, meanwhile airplane insurance companies are handing out increases.  Go figure.

Clarence

This leads to a good question for @Parker_Woodruff- at what point, if any, do yearly hours start to penalize an owner?  More hours per year is generally good for competence and experience, but it also means increased exposure to an accident (or forgetting the gear.)

[MIm20c]

It would be interesting to see if many of the larger Mooney claims over the past couple of years had global as a underwriter. Might explain the jump. 

[ArtVandelay]

It would be interesting to see if many of the larger Mooney claims over the past couple of years had global as a underwriter. Might explain the jump. 

It would take around 500 owners to make up for the 1 Ultra Acclaim accident.

[Mooneymite]

Data point:

2 aircraft, typical limits:

Last year:  $1990.

New quote, everything the same:  $2300.

Lotsa hours, no claims, blah, blah, blah...