Insurance Cost?

[Jchappe7]

I am purchasing a 1965 M20C Ranger (65K hull value), and was curious on what you guys were paying for Insurance, and who you were using?  I am 850TT with INST/COMM/MULTI, but the quote I just received at $4200 from assured partners seems high?  Maybe not, just curious what you guys are seeing?  I am waiting for quotes from BWI and AVEMCO.  Any help is appreciated as always!

 

Thanks,

 

J

[aviatoreb]

Just now, Jchappe7 said:

I am purchasing a 1965 M20C Ranger (65K hull value), and was curious on what you guys were paying for Insurance, and who you were using?  I am 850TT with INST/COMM/MULTI, but the quote I just received at $4200 from assured partners seems high?  Maybe not, just curious what you guys are seeing?  I am waiting for quotes from BWI and AVEMCO.  Any help is appreciated as always!

 

Thanks,

 

J

There is a thread on increasing insurance rates this year - the market seems bad because of the 737max.  But that said, your quote seems very high.  I am paying just over half that on my rocket, for almost triple the hull value and 1M smooth.    I have 1350TT also inst/comm (not multi - but I am not sure if that matters) but then about 1000 MM.  I bet your rate will go down substantially after year one.

[toto]

4200 seems insanely high to me. 

For what it’s worth, I got this email from AP today, so I’m sure it’s all better now.

“We are starting to see some signs of improving insurance market conditions for aviation consumers. For many operators, premium increases have not been as dramatic thus far in 2021 compared to 2020. The airline industry has now rebounded with the summer travel season so more aircraft are returning to the skies. These additional premium-generating exposure units help stabilize the overall marketplace, along with a modest underwriting appetite to grow top-line premium with desirable risks.”

[David Lloyd]

Mine is about half that, but went up a lot in the last 2 years.  Might be partly due to my age.  Seems high, the insurance market is all over the place last couple years.

[59Moonster]

Try Avemco

[hypertech]

paging @Parker_Woodruff

Generally agents all quote the same sources but there might be some companies that are available with certain agents and not others.  

[aviNate]

I received lower than that from Travers and associates for a 231 at double the value as a somewhat new pilot with 0 previous complex time. traversaviation.com/


Sent from my iPad using Tapatalk

[Hank]

@Jchappe7, my C is also insured for 65. My rates are up 60% the last 4 years. I'm PP-ASEL, Instruments and 850+ in type. That makes ~$1600 on my current renewal. 

Check with @Parker_Woodruff, been with him the last 3-4 years since my previous ins. co. left the aviation market..

Good luck! And welcome!

[MikeOH]

YOWZER!  That's insane.

Not sure how much time in type you have, but it still shouldn't be that crazy high.

I'm $70K hull and am paying around $1600.

You need to talk with @Parker_Woodruff

[sleeper-319]

I was low time (150TT PPL, Complex, HP, TW, but no IR), 100k hull value, and was getting quotes ranging 3300 to 7500. If memory serves, Assured Partners wouldn’t even quote a policy for me. Parker W (here), Avemco, and Aviation Insurance Managers of Ohio were all great, and all about the 3300 end of the spectrum. I ended up going with AIM because they were able to help me with some other issues unrelated to price that others couldn’t.

I do remember all of brokers saying if you’re in NY or CA, expect the premiums to be double what you’re hearing in the rest of the USA. Don’t know how accurate that is, but I’m in CA. 

 

 

 

[cferr59]

That doesn't sound right.  I am at $1605 with Old Republic.  I had ~100 time in type and 700 hours total, PP IFR when the policy was bound.  70k hull, 100k pp /1m total

[MikeOH]

Hmm, I'm in California and don't think I'm paying more because of it.  Curious why there would even be a difference?  Is the accident rate higher for planes in/from California?  I kind of doubt it.

[Jchappe7]

They emailed me back about an hour ago with a new quote at $2721.00 requiring 5 hrs dual, and 10 TT in a M20C.  That seemed much more reasonable, but I felt on the high side of reasonable, but maybe not.  Still waiting on AVEMCO and BWI to send their quotations.  I will check into Travers and associates as well.  The one I received was brokered through IAT aviation insurance from Assured Partners.  Thanks for all the input, you all are great!

 

Thanks,

 

J

[sleeper-319]

33 minutes ago, MikeOH said:

Hmm, I'm in California and don't think I'm paying more because of it.  Curious why there would even be a difference? 

I don’t remember the answer. 

[0TreeLemur]

5 hours ago, Jchappe7 said:

I am purchasing a 1965 M20C Ranger (65K hull value), and was curious on what you guys were paying for Insurance, and who you were using?  I am 850TT with INST/COMM/MULTI, but the quote I just received at $4200 from assured partners seems high?  Maybe not, just curious what you guys are seeing?  I am waiting for quotes from BWI and AVEMCO.  Any help is appreciated as always!

 

Thanks,

 

J

A MSC that performed my annual a couple of years ago inquired how much hull insurance I carried.   At that time, I had about 60 amu's on our C.  They advised that I increase it because of the way insurance companies operate.  They'll only pay up to about some percentage (~60% others may know better) of the insured hull value for a prop strike or g.u. repair before they total it, write you a check, and sell the hull to recoup some losses, leaving you with a gaping hole in your soul where your airplane used to be.   Based on what they told me they charged insurance companies for a repair after a g.u. on a C, I raised our hull coverage to 75 amu's.  

I've heard that hull insurance represents the smaller share of the hull+liability budget.  I suggest you think about raising your hull value, unless you don't mind losing your airplane in the unlikely event of a big claim.

Best,

Fred

[Parker_Woodruff]

Very happy to help and received a message from the OP. Thanks!

[carusoam]

A few things to consider…

1) Parker has been great at knowing MSers and their needs, and the insurance companies….

2) The first year with little or no  Mooney experience costs about an extra AMU….

3) IR lowers your price…

 

Things that get expensive…

1) Running out of gas before landing…

2) VFR flying in IMC…

3) IFR flying in thunderstorms…

4) IFR flying in icing conditions…

5) Not knowing the affects of DA while using a short runway…

6) Not doing the GUMPs check correctly…

 

PP thoughts only, not a CFI…

Best regards,

-a-

[larrynimmo]

On 7/14/2021 at 4:31 PM, 59Moonster said:

Try Avemco

I have owned my Mooney for 4 years of insurance quote….first year Avemco wouldn’t even quote me…since then they have been $500-$700 more per year. 
 

I renewed in June with old republic for $1972….135k hull…hanger kept,5,000 runway.  Over 700 hours ifr, new biannual, new physical 66 year old…

Avemco was over $2,600 for me

previous year was old republic for $1,926

[RobertGary1]

6 hours ago, larrynimmo said:

I have owned my Mooney for 4 years of insurance quote….first year Avemco wouldn’t even quote me…since then they have been $500-$700 more per year. 
 

I renewed in June with old republic for $1972….135k hull…hanger kept,5,000 runway.  Over 700 hours ifr, new biannual, new physical 66 year old…

Avemco was over $2,600 for me

previous year was old republic for $1,926

I’ve also never found Avemco to be competitive. They also always have some odd exclusion. When I first had them quote my plane they had a family member liability limit that was hidden in the contract. 
when I had them quote my cfi liability and renters policy they had a glider limitation. No one else had that. You have to read their policies carefully because they are not boilerplate. 

[DCarlton]

On 7/14/2021 at 11:35 AM, Jchappe7 said:

I am purchasing a 1965 M20C Ranger (65K hull value), and was curious on what you guys were paying for Insurance, and who you were using?  I am 850TT with INST/COMM/MULTI, but the quote I just received at $4200 from assured partners seems high?  Maybe not, just curious what you guys are seeing?  I am waiting for quotes from BWI and AVEMCO.  Any help is appreciated as always!

 

Thanks,

 

J

I would expect less than half that from Avemco and I'm basing that on my experience based in CA.