Ovation insurance

[BillC]

 I’m searching for insurance. I was quoted $4127.00 USD for 182k value including $453.00 bodily injury/ liability for my Ovation in Florida by Avemco. The rate would be $2689.00 USD per year while hangared in Maine.  They would prorate the 6 months spent at each location.

 Would any owners be willing to tell me what insurance company you have? Does this quote seem right for an ATP with 16,432 hours mostly in heavy jets with 4000+ in complex propeller airplanes, 1267 hours in Mooney’s and 256 hrs in my Ovation? Finally, are you happy with your insurance company?

Thanks,

Bill

 

 

 

 

 

Edited May 24, 2019 by BillC

[MIm20c]

Sounds like they don’t want to insure the plane stored outside in FL?

[Bob_Belville]

If you have not sought other quotes you probably should. @Parker_Woodruff  s a broker who helps us with insurance questions here on MS. Many Mooney owners use Falcon (TX). I have had great service from Travis in St. Louis. 

https://falconinsurance.com/

https://www.traversaviation.com/

I don't have an Ovation but those rates sound high considering your time in type etc. No claims or accidents?

$100 hull costs me about $1000. (76 years old, PPL, Inst. 3000 hours in make/model.)

[FoxMike]

I am paying around $2500 for a Bravo stated value over 200K.  I have 5600hrs and the plane is hangared in Colo.  Over the 16 years I have owned it the rates have varied up and down from the current amount by 20%.  My total Mooney time is over 3500.  I would suggest another broker that will search the insurance market.

[Niko182]

48 minutes ago, BillC said:

 I’m searching for insurance. I was quoted $4127.00 USD for 182k value including $453.00 bodily injury/ liability for my Ovation in Florida by Avemco. The rate would be $2689.00 USD per year while hangared in Maine.  They would prorate the 6 months spent at each location.

 Would any owners be willing to tell me what insurance company you have? Does this quote seem right for an ATP with 16,432 hours mostly in heavy jets with 4000+ in complex propeller airplanes, 1267 hours in Mooney’s and 256 hrs in my Ovation? Finally, are you happy with your insurance company?

Thanks,

Bill

 

 

 

 

 

First year i got quoted 4400, for a 130 hour pilot, with 0 time in type, 0 high performance, and 0 complex. Second year was 2100 for 330 total time, 200 in type, 200 complex, and 200 high performance. Your numbers seem really high. Give falcon a call imo. Aopa wanted 4000 for the second year. Falcon only wanted 2100.

[231LV]

I have a hull value of $130k....$1 mil not smooth....around $1500/year....2000 hrs time in type...insurance is mostly priced on hull value regardless of individual experience...I use Ace Aviation Insurance out of Georgia(678 491 4800) Austin or Victoria.....happy with them over the years

[Cruiser]

I would suggest all Mooney owners get a quote from Falcon Ins.

[Oldguy]

 

59 minutes ago, Bob_Belville said:

If you have not sought other quotes you probably should. @parkerwoodwardis a broker who helps us with insurance questions here on MS. Many Mooney owners use Falcon (TX). I have had great service from Travis in St. Louis. 

https://falconinsurance.com/

https://www.traversaviation.com/

I don't have an Ovation but those rates sound high considering your time in type etc. No claims or accidents?

$100 hull costs me about $1000. (76 years old, PPL, Inst. 3000 hours in make/model.)

Hopefully you mean @Parker_Woodruff?

[Parker_Woodruff]

1 hour ago, BillC said:

 I’m searching for insurance. I was quoted $4127.00 USD for 182k value including $453.00 bodily injury/ liability for my Ovation in Florida by Avemco. The rate would be $2689.00 USD per year while hangared in Maine.  They would prorate the 6 months spent at each location.

 Would any owners be willing to tell me what insurance company you have? Does this quote seem right for an ATP with 16,432 hours mostly in heavy jets with 4000+ in complex propeller airplanes, 1267 hours in Mooney’s and 256 hrs in my Ovation? Finally, are you happy with your insurance company?

Thanks,

Bill

 

Bill,

I don't know all the specifics of your scenario, but I'm happy to run a quote for you.  If you are in the 70-75+ age range, sometimes things start getting expensive.  Same if you have losses in the last 5 years.

If neither of those are true, what you've been quoted is too high and I can get you something with better coverage and less premium.

On the age front, we still can probably do better if your age is below 75.

Call anytime 214-295-5055

[mooneyflyfast]

I have gotten quotes from Avemco several times over the years.  They have always been sky high.   I don't bother with them anymore.

[Parker_Woodruff]

Hypothetical quote from one market with a very good policy form:

 

John Smith

AOPA member (yes, I can get the AOPA discount, too)

2000 Mooney M20R - $182,000 Hull Value

Age 60, ATP

16,000 Total Time, 12,000 retractable gear, 250 in M20R, 100 hours last 12 months and 100 last 12 months in make/model

No losses, DUI, felonies, etc. in the last 5 years

Hangared in Tampa, Florida

$1952 Total Annual premium with liability limits at $1MM/$100K

$2035 Total Annual premium with liability limits at $1MM/$200K

$2321 Total Annual premium with liability limits at $1MM CSL  ("Smooth")

$2243 Total Annual premium with liability limits at $2MM/$200K

$3933 Total Annual premium with liability limits at $2MM CSL ("Smooth")

[Bob_Belville]

1 hour ago, Oldguy said:

 

Hopefully you mean @Parker_Woodruff?

Fixed, thanks John.

[Bob_Belville]

1 hour ago, Cruiser said:

I would suggest all Mooney owners get a quote from Falcon Ins.

I had to leave Falcon a couple of years ago after several years with them. Mike Travers found me a 50% savings.  

[BillC]

Thanks for all your input. Much appreciated.

Bill

[Mark89114]

About $2000 from AOPA for a 2000 ovation, value about $220k.  Just this year.  TT about 5500 hours, 2000 jet PIC and I fly the plane 120 hours per year.  

[BillC]

Thanks for that Mark. I just signed up with Parker Woodruff. Considerable savings over Avemco’s quote.

[PT20J]

Expect the next few years to be expensive due to all the recent headline aviation accidents: 737MAX + 3 Alaska accidents (one killing a pilot I used to fly with in Ketchikan). Aviation insurance is all one big risk pool.

Got a good quote from my current insurer Allianz; not much more than last year even with the hull increase for the new engine. Then, as it was about to be renewed, Allianz informed my broker (Falcon) that they had decided not to bind or renew any "pleasure and business" aircraft insurance. Fortunately Falcon was able to negotiate a similar premium from Old Republic Aerospace that had previously quoted about 10% higher than Allianz.

This happens every few years: Insurers who suffer too many losses decide to take a breather from the market. Eventually, with fewer competitors, the remaining companies raise rates. I dodged the bullet this year, but next renewal may be interesting. Fasten seat belts.

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