Insurance skyrocketing

[M016576]

Anyone else get a quote for insurance that’s 40% than last year?

sad.... I have a perfect safety record, thousands of hours in retracts, turbine, pistons, twins... owned my mooney for 7 years with a perfect safety record.  Have not had a single mishap or issue in any of the aircraft I fly.  No claims against me or anything... CFI, CFII, ATP... and still my insurance is up 40%!  
 

how long can GA go on like this?  I can’t imagine that safety rates in GA are going to get better by pricing out the people that fly for a living.  It’s sad.

[toto]

There's a recent active thread on insurance increases. I don't have quotes yet so I'm holding my breath

 

[RLCarter]

Yep, mine went from 1600.00 to 3300.00......... with no claims or violations, there might be an E for sale in the near future 

[David Lloyd]

May 10, mine went up by about 40%.  See the other thread mentioned.  I think some of us enjoyed very low rates for years and now that is catching up with us.

[201er]

@Parker_Woodruff got me essentially the same rate as last year with my hull value reduced about 13%. Outstanding in this market environment.

“Parker helped me lose just 15% on my plane insurance.“

Edited June 4, 2020 by 201er

[1964-M20E]

my rate was the same as last year.

 

 

[KLRDMD]

My rate went down 11% but I renewed in January.

[kortopates]

no change this year for me and I renewed in Feb. I hope its not an age based increase!

[RLCarter]

23 minutes ago, kortopates said:

no change this year for me and I renewed in Feb. I hope its not an age based increase!

A friend had trouble getting Ins when he turned 70, mine went up because of low time in type

[M016576]

1 hour ago, kortopates said:

no change this year for me and I renewed in Feb. I hope its not an age based increase!

I appreciate that... maybe it is age based... I just turned 41!  ;-)

[kortopates]

1 hour ago, M016576 said:

I appreciate that... maybe it is age based... I just turned 41!  ;-)

Makes no sense!! sounds like whom ever the underwriter is that they really don't want GA clients.

[Ibra]

4 hours ago, M016576 said:

I appreciate that... maybe it is age based... I just turned 41!  ;-)

Happy birthday !! just curious if that relates to any FAA medical rules (in UK: no 60months validity for class 2 medical after 41yo and goes to 12months)

[Hank]

3 hours ago, kortopates said:

Makes no sense!! sounds like whom ever the underwriter is that they really don't want GA clients.

Seems to be about everyone, not just a single carrier. My renewal last summer went up, I'll find out soon if it goes up again. 

[MIm20c]

7 hours ago, kortopates said:

no change this year for me and I renewed in Feb. I hope its not an age based increase!

I think the increase hit in March / April.  Hitting those with lower times in the past 12m/90 days the most. 

6 hours ago, RLCarter said:

A friend had trouble getting Ins when he turned 70, mine went up because of low time in type

Reports on BT, 70/75/80 age milestones will have increased insurance hurdles (price, training , dual required) because of limited underwriters willing to precipitate. 

[Parker_Woodruff]

7 hours ago, kortopates said:

Makes no sense!! sounds like whom ever the underwriter is that they really don't want GA clients.

There is one particular carrier who has been able to raise rates like that and still be the least expensive carrier.

[philiplane]

Last year saw a lot of Mooney hull claims, well above normal and that may be a factor. In addition, with fewer companies writing policies, we should expect some increases.

Self insurance is not an option at some airports, who can require you to have liability insurance to rent a hangar or tie down space. 

[MB65E]

Our coverage for our flight department went up 40% and the coverage went to less than half of what it was on a few aircraft we operate. The coverage on the dual crewed aircraft stayed the same but the premium still went up 40%. This is on some serious hardware. It’s a tough market. Cessna and Embraer can’t sell single pilot jets anymore. 
Our M20E is through Falcon/global currently, but I’ll be giving Parker a call in the fall. 

-Matt
 

[M016576]

9 hours ago, kortopates said:

Makes no sense!! sounds like whom ever the underwriter is that they really don't want GA clients.

yeah- it seems crazy to me, too!  I'm calling Parker in the next day or so- maybe he can shed some light on this for me.  

I've been working with Falcon; the underwriter is Old Republic.

[RLCarter]

3 hours ago, pmccand said:

I just dropped all insurance. I'll take care of it myself.

Did the same, going to put ins on my buddies 172. $575 vs $25?? for the same coverage and value. Parker said there were 3 underwriters that bailed on our market and that has caused the jump... 

[Shadrach]

On 6/3/2020 at 7:39 PM, M016576 said:

Anyone else get a quote for insurance that’s 40% than last year?

sad.... I have a perfect safety record, thousands of hours in retracts, turbine, pistons, twins... owned my mooney for 7 years with a perfect safety record.  Have not had a single mishap or issue in any of the aircraft I fly.  No claims against me or anything... CFI, CFII, ATP... and still my insurance is up 40%!  
 

how long can GA go on like this?  I can’t imagine that safety rates in GA are going to get better by pricing out the people that fly for a living.  It’s sad.

Are you shopping carriers? Your current carrier may not want your business... My premium is up 6.5% this year which doesn’t really surprise me given that losing just 5 new single engine GA XC aircraft means a >$4mm hit to the industry...

I’ve always felt like I was under paying for insurance. My Mooney cost less to ensure annually then a single vehicle luxury car policy.

Edited June 4, 2020 by Shadrach

[yvesg]

I got my renewal quote today The premium went up however what I do not like is that they changed the deductible for hail and windstorm damage to be 10% of the hull value $60000 / 10 in my case. Do anyone else got this change? It use to be $500.

Yves

 

[MooneyMitch]

Unfortunately Jim, yes.  Many things we can control in our lives, but not the advancement of time and age.

From all I’ve gathered from age related aircraft insurance rates increasing, it’s quite real .

I’ll continue to participate as long as I’m safe and financially capable.

[Hank]

5 hours ago, Shadrach said:

I’ve always felt like I was under paying for insurance. My Mooney cost less to ensure annually then a single vehicle luxury car policy.

My Mooney, 65K hull value, cost as much to insure last year as my 3 cars, pickup and bass boat combined. That's not what I call "underpaying."

[Parker_Woodruff]

19 hours ago, RLCarter said:

Did the same, going to put ins on my buddies 172. $575 vs $25?? for the same coverage and value. Parker said there were 3 underwriters that bailed on our market and that has caused the jump... 

One of the underwriting companies who is no longer participating in the market is joining forces this fall with another company involved in aviation & bringing their tech along to aid in capacity Vs. manual underwriting. We’ll see if that puts downward pressure on rates.

[RLCarter]

39 minutes ago, Parker_Woodruff said:

One of the underwriting companies who is no longer participating in the market is joining forces this fall with another company involved in aviation & bringing their tech along to aid in capacity Vs. manual underwriting. We’ll see if that puts downward pressure on rates.

That is good news, I sure hope it does, I half way expect a 5~10 % hike per year, the 130% hike was a shocker. You came in the lowest but it was still a 64% increase from last year.