Insurance

[htfd1295]

Hey guys,

I am brand new to this game. My buddy and I are buying '77 M201J. It's in pre-buy currently. Hull value of 75k.  I am a pretty new pilot, 62 hrs and he has around 250, IFR and twin ratings. Any idea as to what we could expect to pay per year? 

 

Thanks in advance for the help

[MooneyMitch]

Suggest contacting MSer Parker Woodruff, Airspeed Insurance Agency.

See PIREP on Parker, under this category 

[Hank]

@Parker_Woodruff

 

[Parker_Woodruff]

Probably $2000 to $3000 per year depending on some underwriting specifics and assuming all pilots less than 70 years old.

Call anytime 

Parker

214-295-5055

Parker@airspeedinsurance.com

[carusoam]

Welcome aboard htfd.

First year of everything has added costs...

Stick around for year #2.... things get much better...

+1 for Parker... an MSer for years...

So... you bought the plane first, then asked for the insurance quote? 

Best regards,

-a-

[htfd1295]

Thanks for the welcome. Yeah...exactly...we are just getting things rolling and put together. Kinda figured it would be a bit higher than expected for the first year or two. Well, I guess we just knew what aircraft we wanted and went after it, and we will figure the rest out on the way and make it work. 

The 2k-3k seems pretty real so far. 

[carusoam]

Read up on transition training...

Training and time in type help reduce the costs of insurance... an IR helps as well...

The second year can be a savings of 1k dollars...

Numbers get reported around here sometimes...

Best regards,

-a-

[Ricky_231]

55 minutes ago, carusoam said:

Read up on transition training...

Training and time in type help reduce the costs of insurance... an IR helps as well...

The second year can be a savings of 1k dollars...

Numbers get reported around here sometimes...

Best regards,

-a-

$2k-$3k is in line with what I'm paying for my '79 K (hull value a tad higher - but was told by a broker that premium goes up ~$250 for every $10k increase in hull value).

Time in type makes a difference - got a little discount (can't remember how much, maybe 5%?) with Avemco just for having 5 hours in make/model, then another little discount for complex time, then another for IR...

Avemco also told me once I have 50 hours on my plane, to call them and reassess - they said I could get another 8-10% discount for that.

By the way - I also spoke to AOPA about it, and the agent told me straight up "If you bought a 182 instead, you'd be paying $900 for the same policy. RG insurance premiums shot up in the past couple of years". I told him "yeah, but then I'd be flying a 182...". He laughed.

[Hank]

When I bought my C as a freshly minted PPL, insurance ran ~3AMU. Flew almost exactly 100 hours, rates fell by half the second year. Another 100 hours, no change; then got Instruments and saved another 30%.

[MooneyMitch]

So, does reaching the tender age of 70 affect rates?  I saw something from Parker mentioning something to that effect ! 

[RobertGary1]

1 hour ago, MooneyMitch said:

So, does reaching the tender age of 70 affect rates?  I saw something from Parker mentioning something to that effect ! 

Ive heard not a lot of underwriters will write those at that age. Usually the strategy is to try to stick with one so you have a history with them when you get there.  

[MooneyMitch]

4 minutes ago, RobertGary1 said:

Ive heard not a lot of underwriters will write those at that age. Usually the strategy is to try to stick with one so you have a history with them when you get there.  

I’ve been sticking and I’m THERE!!.

How did that happen so fast ?

[Parker_Woodruff]

2 hours ago, MooneyMitch said:

So, does reaching the tender age of 70 affect rates?  I saw something from Parker mentioning something to that effect ! 

Yes, there is less competition for your business in the SERG world at age 70.

[MooneyMitch]

7 minutes ago, Parker_Woodruff said:

Yes, there is less competition for your business in the SERG world at age 70.

Ha! ....... that’s true in so many ways !!   

[MikeOH]

1 hour ago, Parker_Woodruff said:

Yes, there is less competition for your business in the SERG world at age 70.

Is it correct to infer that over 70 pilots would not have this issue with a non-RG aircraft?

And, if so, it would imply the gear-up accident rate increases for those pilots over 70....are there data to actually back that up, or is this just 'caution/paranoia' on the part of carriers?

[Parker_Woodruff]

We can get almost any carrier to quote any slower 4 seat FG aircraft (C182 etc) for age 75 and below. There would be a moderate age surcharge. Cirrus would be a different story - far fewer options.

It’s not just gear ups. It’s the speed and less forgiving landing gear. 

[MikeOH]

2 hours ago, Parker_Woodruff said:

We can get almost any carrier to quote any slower 4 seat FG aircraft (C182 etc) for age 75 and below. There would be a moderate age surcharge. Cirrus would be a different story - far fewer options.

It’s not just gear ups. It’s the speed and less forgiving landing gear. 

I guess that makes sense.

Still curious If the data shows over age 70 pilots actually having a higher accident rate.

Edited October 26, 2019 by MikeOH

[Marauder]

I guess that makes sense.
Still curious If the data shows over age 70 pilots actually having a higher accident rate.

Wonder if the Depends purchasing history of 70+ year olds can be cross correlated to the accident rate?


Sent from my iPhone using Tapatalk Pro

[carusoam]

The important aspect...

Support your flying octogenarians...

If you are fortunate... you get to join them...

 

Getting old can be fun... a little physical exercise combined with a little cognitive exercise... go the distance... the earlier you start the better...

If not familiar, ask your family members about driving after 80... 

Best regards,

-a-