Insurance Gulp!

[Speed Merchant]

I just received a renewal notice for insurance on my 201. It went up again. What should a pilot with 6k hours total time with 1k in Mooneys expect to pay? My renewal is $2800. That seems high to me but maybe that is just how it is right now. The quote was with Global.

Thanks!

 

[ArtVandelay]

What’s the hull value?

[Speed Merchant]

40 minutes ago, ArtVandelay said:

What’s the hull value?

180

[PT20J]

That’s what I’m paying for $1MM smooth and $170K  hull on a 1994 J from USAIG. Similar pilot times, ATP.

Skip

[Guest]

The market seems to be tough at the moment, despite my efforts at finding more competitive rates my Comanche will cost me $5K on a $195K hull.  My RV is working out to about half the premium for half the hull.

Clarence

 

[ArtVandelay]

I had Global, they went up, switched to Old Republic, they were a little lower.

[PilotX]

Mine is $2411, 1750TT, 20 M20 when I got the policy. I just bumped it up to $200K hull. Makes me wonder why my renewal will be. 

[Speed Merchant]

47 minutes ago, PT20J said:

That’s what I’m paying for $1MM smooth and $170K  hull on a 1994 J from USAIG. Similar pilot times, ATP.

Skip

Wow I guess my quote is in line. What is $1 MM smooth? Liability?

thanks

[Speed Merchant]

47 minutes ago, M20Doc said:

The market seems to be tough at the moment, despite my efforts at finding more competitive rates my Comanche will cost me $5K on a $195K hull.  My RV is working out to about half the premium for half the hull.

Clarence

 

5k really is a gulp!

[Speed Merchant]

45 minutes ago, PilotX said:

Mine is $2411, 1750TT, 20 M20 when I got the policy. I just bumped it up to $200K hull. Makes me wonder why my renewal will be. 

Good luck!

[Speed Merchant]

46 minutes ago, ArtVandelay said:

I had Global, they went up, switched to Old Republic, they were a little lower.

Who was the agent?

[jetdriven]

2 hours ago, Speed Merchant said:

I just received a renewal notice for insurance on my 201. It went up again. What should a pilot with 6k hours total time with 1k in Mooneys expect to pay? My renewal is $2800. That seems high to me but maybe that is just how it is right now. The quote was with Global.

Thanks!

 

We’re paying that for 140k hull and 100k sublimits. Your getting a deal in this current market. 

[Hank]

Just now, Speed Merchant said:

Who was the agent?

I use @Parker_Woodruff, just renewed this week with Old Republic. Raising my hull vahue 10K cost an extra sixteen dollars, a good move even without the current crazy prices.

Overall, my premium is almost back at where it was on my first renewal, with 160 hours, 100 in the Mooney; right now I'm ~950 total, IFR, 850+ in Mooneys. 

[jetdriven]

4 minutes ago, Speed Merchant said:

Wow I guess my quote is in line. What is $1 MM smooth? Liability?

thanks

For Us, 1m smooth would have been 4231. Last year was 2k. We took the 100k sublimits at 2700. 

[Speed Merchant]

3 minutes ago, Hank said:

I use @Parker_Woodruff, just renewed this week with Old Republic. Raising my hull vahue 10K cost an extra sixteen dollars, a good move even without the current crazy prices.

Overall, my premium is almost back at where it was on my first renewal, with 160 hours, 100 in the Mooney; right now I'm ~950 total, IFR, 850+ in Mooneys. 

Thanks I will contact him.

[Speed Merchant]

7 minutes ago, jetdriven said:

We’re paying that for 140k hull and 100k sublimits. Your getting a deal in this current market. 

Thanks!

[PT20J]

24 minutes ago, Speed Merchant said:

Wow I guess my quote is in line. What is $1 MM smooth? Liability?

thanks

Smooth is insurance shorthand for no per seat sub limits. The actual term is Combined Single Limit. So if I have one passenger or three, the policy will still pay out up to the limit of $1 million for any liability claims. With a seat sub limit of $100K (common), each passenger could get a maximum payout of $100K after which I’d be on the hook if they sued me. 

Skip

[Parker_Woodruff]

3 hours ago, Speed Merchant said:

I just received a renewal notice for insurance on my 201. It went up again. What should a pilot with 6k hours total time with 1k in Mooneys expect to pay? My renewal is $2800. That seems high to me but maybe that is just how it is right now. The quote was with Global.

Thanks!

 

Depends on some factors but in about 2-3 minutes on the phone I can tell you if $2800 is a good deal or not. 

Parker@airspeedinsurance.com

214-295-5055

[Niko182]

$3000. 550ish hours in type, 700 total. Instrument and CPL. Hull value at 240k.

[Speed Merchant]

17 hours ago, PT20J said:

Smooth is insurance shorthand for no per seat sub limits. The actual term is Combined Single Limit. So if I have one passenger or three, the policy will still pay out up to the limit of $1 million for any liability claims. With a seat sub limit of $100K (common), each passenger could get a maximum payout of $100K after which I’d be on the hook if they sued me. 

Skip

Skip

Thanks -looks like to have a few more questions to ask the agent. I appreciate your help.

Curt

[amillet]

21 hours ago, PT20J said:

That’s what I’m paying for $1MM smooth and $170K  hull on a 1994 J from USAIG. Similar pilot times, ATP.

Skip

$200K hull, $1M smooth, USAIG $2,875 3250TT 3100 M20

You seem to be getting the going rates 

[Speed Merchant]

2 hours ago, amillet said:

$200K hull, $1M smooth, USAIG $2,875 3250TT 3100 M20

You seem to be getting the going rates 

Thanks-kind of crazy my Swift was like 1300 a year. I thought that was high then.

[Jay Bird]

$130k hull, $1M smooth, old Republic $2036, 81 M20J 2,600 TT. Renewal 8/21

[Shadrach]

1 hour ago, Jay Bird said:

$130k hull, $1M smooth, old Republic $2036, 81 M20J 2,600 TT. Renewal 8/21

That is dirt cheap for 1mm smooth and that hull value.

[Jay Bird]

Just checked my policy. My single limit liability is $1M. I do have passenger sub limit of $100k. Not smooth