Insurance skyrocketing

[hammdo]

What are you folks doing if you can’t get hull coverage? I’m in that boat after my off field landing/total. Starr has me covered for rentals but said they won’t cover me for a new plane/hull now — ouch ;o(

-Don

[MIm20c]

28 minutes ago, hammdo said:

What are you folks doing if you can’t get hull coverage? I’m in that boat after my off field landing/total. Starr has me covered for rentals but said they won’t cover me for a new plane/hull now — ouch ;o(

-Don

This is one of the reasons I thought long and hard about putting hull coverage on my C. If anything happens the payout vs parting it out would be minimal.  It could also ruin my chance of getting reasonable (if at all) coverage on a more expensive plane to replace it. 

[hammdo]

Yeah, that is what I’m thinking - no hull - just liability and not in motion...

 

-Don

[mike_elliott]

Far be it from me to expertly opine in an insurance recommendation, yet I see so many people have under insured their particular situation. Parker can give professional advice, and I strongly recommend liability coverage that would protect your ass(ets). For Most pilots a 1M/100,000 sub limit policy with a 5K medical is simply a drop in the bucket if things go pear shaped. The hull probably should be valued at whatever you would sell the plane for today. As pilots we are dutifully charged to mitigate risks, and as Mooney pilots, we are dutifully obligated to be ...errr...thrifty. Just dont bet your ass(ets) to achieve this.

[hammdo]

I already have 1 million smooth policy outside of aviation coverage. I agree - max liability — FYI, I already started discussing this with Parker ;o)

-Don

[Parker_Woodruff]

9 hours ago, hammdo said:

What are you folks doing if you can’t get hull coverage? I’m in that boat after my off field landing/total. Starr has me covered for rentals but said they won’t cover me for a new plane/hull now — ouch ;o(

-Don

Any other year this wouldn't be a problem.  It's difficult now as things start contracting.  If your current agent who has probably started canvassing the market can't find a solution with anyone, let me know.

[Parker_Woodruff]

7 hours ago, hammdo said:

I already have 1 million smooth policy outside of aviation coverage. I agree - max liability — FYI, I already started discussing this with Parker ;o)

-Don

And you're probably aware; but just for clarity, that umbrella policy probably excludes aviation.

[hammdo]

Yes, that is excluded which is why I wanted to also get that with my policy... you’re right, it’s tough...

-Don

[Guest]

On 6/11/2020 at 3:34 PM, yvesg said:

I decided to contact the broker I was with 4 years ago. The quote came back the same day at about $300 less than my current one. No higher deductible for hail and storm. I will switch back.

Lesson learned: shop around.

Yves

Yves,

Who did you switch to?

Clarence

[MATTS875]

16 minutes ago, M20Doc said:

Yves,

Who did you switch to?

Clarence

I’m going with Parker. I told him what my renewal quote was and he was able to save me 30% off from what I was being quoted.

[Guest]

1 hour ago, MATTS875 said:

I’m going with Parker. I told him what my renewal quote was and he was able to save me 30% off from what I was being quoted.

The Canada US border will eliminate that option!

Clarence

[yvesg]

1 hour ago, M20Doc said:

Yves,

Who did you switch to?

Clarence

Clarence, I went back to Marsh Canada. I was with them 4-5 years ago and had to switch to c-plan for sometime.

I am saving near $300.

The underwriter is  XL Specialty Insurance Company.

I think they are based in Toronto.

Yves

[Parker_Woodruff]

11 hours ago, M20Doc said:

The Canada US border will eliminate that option!

Clarence

Sadly, yes.  We are not set up to insure C-Registered aircraft unless it was based in the US under certain circumstances.  However, after I saw how much Puerto Rico wants for insurance licensing, I'm wondering if Canada might be cheaper for us!

[Missile=Awesome]

12% Increase with USAIG through Falcon.  $120k Hull No deduct.  1M/100k.  Based on market I am going to go quietly forward and hope for better days ahead.