rotorman Posted June 30, 2020 Report Posted June 30, 2020 Got the bad news today. Global, who has been insuring my airplane for a long time just bumped my rate by 83%. What gets me is the arrogance of insurance companies. No explanation. Take it or leave it. What's interesting is that if I look back at my rates to 1997, it has yo yoed up and down twice gradually. Never a saw a single jump like this. No claims. Just higher rates. 2 Quote
toto Posted June 30, 2020 Report Posted June 30, 2020 Just now, rotorman said: Got the bad news today. Global, who has been insuring my airplane for a long time just bumped my rate by 83%. What gets me is the arrogance of insurance companies. No explanation. Take it or leave it. What's interesting is that if I look back at my rates to 1997, it has yo yoed up and down twice gradually. Never a saw a single jump like this. No claims. Just higher rates. Eek. That's a lot. I have two policies with Global, and they've dropped the Savvy benefit that I thought was probably worth its $99 retail price. So I kinda hoped for a small premium drop this year. Did your hours fall off significantly from last year? Quote
MATTS875 Posted July 1, 2020 Report Posted July 1, 2020 Mine has gone up to $3700 from $3100 last year. Hate the increase but it is what it is. Not much choice right now. Seems to be a market thing Quote
ArtVandelay Posted July 1, 2020 Report Posted July 1, 2020 Got the bad news today. Global, who has been insuring my airplane for a long time just bumped my rate by 83%. What gets me is the arrogance of insurance companies. No explanation. Take it or leave it. What's interesting is that if I look back at my rates to 1997, it has yo yoed up and down twice gradually. Never a saw a single jump like this. No claims. Just higher rates. Did you cross an age threshold (like 65, 70, 75...)? Quote
ArtVandelay Posted July 1, 2020 Report Posted July 1, 2020 Mine has gone up to $3700 from $3100 last year. Hate the increase but it is what it is. Not much choice right now. Seems to be a market thing At some point, you have to ask if it’s worth it, maybe if people start dropping them they will do something. Quote
RLCarter Posted July 1, 2020 Report Posted July 1, 2020 2 hours ago, ArtVandelay said: At some point, you have to ask if it’s worth it, maybe if people start dropping them they will do something. I did my part...... lol Quote
1001001 Posted July 1, 2020 Report Posted July 1, 2020 Why is there such a disparity in rates people are reporting? Mine actually went down this year compared to last year, but so many other people are reporting (large) increases! Is it just an effect of people with bad news more likely to report it than those who haven't seen a change? Are these issues primarily with particular underwriters? Particular agents? Quote
MIm20c Posted July 1, 2020 Report Posted July 1, 2020 5 minutes ago, 1001001 said: Why is there such a disparity in rates people are reporting? Mine actually went down this year compared to last year, but so many other people are reporting (large) increases! Is it just an effect of people with bad news more likely to report it than those who haven't seen a change? Are these issues primarily with particular underwriters? Particular agents? The main difference from what I’ve seen is Global massively increased the rates this year. Especially for older pilots or those with fewer total hours (or a light previous year). Quote
rotorman Posted July 1, 2020 Report Posted July 1, 2020 11 hours ago, ArtVandelay said: Did you cross an age threshold (like 65, 70, 75...)? If the criteria goes in 5 year increments the answer is no. However, I do fall into the that group. But I did last year as well. Also flew about the same hours as the last 3 years. Total time is somewhere around 11,000. I have had this same airplane since 1997. However, I did read an article that said they decided to hit the seniors harder. I wish I knew what the claim stats are for seniors vs everyone else. And if that's the criteria they are using then why did it change so drastically form one year to the next? 8 hours ago, RLCarter said: I did my part...... lol What did you do? Drop Global. Who did you go with? Quote
RLCarter Posted July 1, 2020 Report Posted July 1, 2020 Insurance is a necessary evil at times, auto insurance uses your credit score in the equation, health insurance picks and chooses what illness they will cover, retail business is based on total sales... When I was shopping a common question was hangared or tied down, mine was in a hangar and that earned me a premium discount of 5.00 (6 different quotes) WOW, 5 bucks, I could push it outside and rent my Hagar out pay their high ass insurance rate and come out ahead Quote
RLCarter Posted July 1, 2020 Report Posted July 1, 2020 Just now, rotorman said: What did you do? Drop Global. Who did you go with? I dropped the insurance on the Mooney completely, makes you check the gear on final a few more times Quote
Parker_Woodruff Posted July 1, 2020 Report Posted July 1, 2020 2 hours ago, MIm20c said: The main difference from what I’ve seen is Global massively increased the rates this year. Especially for older pilots or those with fewer total hours (or a light previous year). they were so far below market they've been able to increase like this and still be the first or second least expensive game in town. Hopefully your agent can give you a good explanation. It's self preservation rather than arrogance. I think they wouldn't make so many people mad if they just kept rates at a sustainable level the whole time. Quote
bradp Posted July 1, 2020 Report Posted July 1, 2020 3 hours ago, 1001001 said: Why is there such a disparity in rates people are reporting? Mine actually went down this year compared to last year, but so many other people are reporting (large) increases! Is it just an effect of people with bad news more likely to report it than those who haven't seen a change? Are these issues primarily with particular underwriters? Particular agents? People are posting their rates without putting the variables such as insured value, smooth limits etc that drive the majority of the premium. We have 35k C models up to 750k late models all represented. Quote
RLCarter Posted July 1, 2020 Report Posted July 1, 2020 12 minutes ago, bradp said: People are posting their rates without putting the variables such as insured value, smooth limits etc that drive the majority of the premium. We have 35k C models up to 750k late models all represented. True, most are posting a percentage increase along with it.... I think most are pissed that a 40%+ increase for no reason is BS 2 Quote
bradp Posted July 1, 2020 Report Posted July 1, 2020 Just now, RLCarter said: True, most are posting a percentage increase along with it.... I think most are pissed that a 40%+ increase for no reason is BS True. I guess I should be thankful that my plane insurance was less than my auto insurance for several years. Quote
MIm20c Posted July 1, 2020 Report Posted July 1, 2020 As RL said above two policies renewed this year. No changes except more hours flown. Both increased 40% via global. Quote
PJClark Posted July 1, 2020 Report Posted July 1, 2020 Looks like my renewal is less than $100 more than last year. Same company. Quote
Parker_Woodruff Posted July 1, 2020 Report Posted July 1, 2020 My agency's errors and omissions insurance went up 45% this past renewal. We'll see what happens, but I'm expecting what I pay to double here in December when it renews (and that's not due to a corresponding 2x increase in business, though revenue has fortunately increased as well). Quote
MATTS875 Posted July 2, 2020 Report Posted July 2, 2020 9 hours ago, bradp said: People are posting their rates without putting the variables such as insured value, smooth limits etc that drive the majority of the premium. We have 35k C models up to 750k late models all represented. I am a private pilot with about 300 hours. 75 in my current 98 201 with an insurance of 170k. No accidents or any claims. I thought the original $3100 a year was on the high side until this year. Unfortunately I don’t see them coming down anytime soon. They will have people acclimated to paying the going rates and slowly increase them. Quote
Bravoman Posted July 2, 2020 Report Posted July 2, 2020 22 hours ago, RLCarter said: I dropped the insurance on the Mooney completely, makes you check the gear on final a few more times Did you check what the cost of only the liability coverage was without the hull coverage? Might be a good idea to keep some liability protection. Quote
RLCarter Posted July 2, 2020 Report Posted July 2, 2020 54 minutes ago, Bravoman said: Did you check what the cost of only the liability coverage was without the hull coverage? Might be a good idea to keep some liability protection. It was in the quotes, seems like it was $930ish Quote
MIm20c Posted July 2, 2020 Report Posted July 2, 2020 Just now, RLCarter said: It was in the quotes, seems like it was $930ish Interesting. The liability portion on my insurance is less than 20 percent of the total premium. I wonder if it increases a lot to do liability only. Quote
RLCarter Posted July 2, 2020 Report Posted July 2, 2020 Just now, MIm20c said: Interesting. The liability portion on my insurance is less than 20 percent of the total premium. I wonder if it increases a lot to do liability only. Not sure what, but it would make sense that it plays into the equation somehow Quote
59Moonster Posted July 2, 2020 Report Posted July 2, 2020 On 7/1/2020 at 10:49 AM, rotorman said: ... However, I did read an article that said they decided to hit the seniors harder. ... Wonder if this is because the Baby Boomers are supposed to have more money. Quote
Hank Posted July 2, 2020 Report Posted July 2, 2020 3 hours ago, 59Moonster said: Wonder if this is because the Baby Boomers are supposed to have more money. The oldest Boomers were parents before the last ones were born . . . . It's kind of a mega-generation. Quote
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