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!

 

[anthonydesmet]

Mine is pretty close to yours.  1200 Mooney hours, 4800 total.  I’m with AIG and renewed this month.  I bought my Mooney in 2014 and my insurance was ~$1500 for the year. It has consistently gone up ~$200 a year since then with the addition of hours and safety training.

I cringe a little when another pilot lands gear up or mismanages fuel thinking that’s going to effect my next years renewal…..mostly though I think it’s a way for insurance carriers to make money from those that have it…….but yes, I gulped a little also…..then I remember my wife and I have the freedom to fly anywhere without the hassles of TSA and I feel better….

[CWM20f]

I’ve owned my F for over six years.  The last two years premium has increased a thousand dollars. The plane is hanger and I have no claims.  Liability is 630 a year.  I’m thinking of going that route. (My insurance also started in the $1500 range)

[M20R]

My insurance expires in 90 days and I just got a letter from my insurance stating I can expect a 25% increase if they decide to renew. No claims and I've owned my Ovation 10 years.

[dooleypster]

I feel your pain......ATP 18,000+  total time,   1000+ in Mooneys.  Two factors seemed important.  Age..... I'm over 70,  try not to change companies......if you are new to a company they seem to raise your rates immediately.  The days of descending rates are over (at least for now).  Bottom line......find a good company and stay with them.

[EricJ]

Parallel threads in the same section with the same title is not good.   I'd suggest deleting one.

[Peter Rejto]

I'll make you guys feel much better! My '78 J in Australia renewal last year was AU$4,314 or approximately US$3,192 (at .74). No claims, 4,000+TT, ca 3,000 in this J. This is what all of us down under are paying these days with only two insurers in the market and this is a "special" rate for AMPA (Australian Mooney Pilots Association). Then there is the fuel price....

Peter

[dlthig]

Still surfing for planes, but called AVEMCO. It appears 80 is the age you get pushed out of the insurance market. There is another boost at $100K hull value. 

[Hank]

4 hours ago, dlthig said:

Still surfing for planes, but called AVEMCO. It appears 80 is the age you get pushed out of the insurance market.

Well, I guess I'll have to be a self-insured UFO when the time comes . . . .

[carusoam]

UFO, UFN, whatever it takes….  

MS needs more UFOs…

We only have a few…

Best regards,

-a-

[Hank]

9 hours ago, carusoam said:

UFO, UFN, whatever it takes….  

MS needs more UFOs…

We only have a few…

Best regards,

-a-

I'm getting there as fast as I can, Anthony! 

[Will.iam]

What does UFO stand for besides unidentified flying object?

[carusoam]

There is no rush to join the UFOs…

But when you get there…

It is good to have company…. 

https://www.ufopilots.org

Best regards,

-a-

[toto]

On 7/31/2021 at 2:09 PM, dlthig said:

Still surfing for planes, but called AVEMCO. It appears 80 is the age you get pushed out of the insurance market. There is another boost at $100K hull value. 

Did Avemco help?

[dlthig]

They gave me a ballpark. I'm still surfing. I've got long term training this fall, so I'm probably going to keep kicking the can. 

[Mac80]

I have global too.

Been with same broker 11years.

Went up $726 this year. First big jump since I have owned it. 

I called to see my history. Started with them after couple years of flying at $1,700 Went up few hundred, then down.

Broker said increases where industry wide probably due to increase losses.

Folks may not be moving planes when floods occur or hurricanes?

We have been out of hangars for 4 last 24 months due flooding forecasts.

 

[chriscalandro]

Just throwing it out there, but I'm with Parker and my rate went down.

[toto]

2 minutes ago, chriscalandro said:

Just throwing it out there, but I'm with Parker and my rate went down.

Sheesh.  What's your secret?  Feels like it's up up up for most of us

(ETA: I'm also with Parker.)

[buddy]

I just renewed mine, 2005 M20R, 5800 TT, 3600 Mooney time and only 225K hull value 3.7K up 7% from last year. Old Republic.

[toto]

On 7/31/2021 at 2:09 PM, dlthig said:

Still surfing for planes, but called AVEMCO. It appears 80 is the age you get pushed out of the insurance market. There is another boost at $100K hull value. 

Just got a quote from Avemco with an 81yo named insured. No problem at all. No restrictions, and a pretty reasonable price (higher than others, but still in the ballpark). This was for a fixed-gear single. 

[dlthig]

Excellent! Glad they are able to keep flying. 

[Jetrn]

I have owned my plane now for 3 years, Parker has found me the lowest rate even with zero time in a m20K.  My insurance has also decrease this year. Hopefully, the rate has finally settled down.

[toto]

7 hours ago, dlthig said:

Excellent! Glad they are able to keep flying. 

Indeed. I mentioned that only because it sounded like Avemco had told you that they would refuse coverage at age 80 -

 

On 7/31/2021 at 2:09 PM, dlthig said:

called AVEMCO. It appears 80 is the age you get pushed out of the insurance market

 

[dlthig]

I wasn't clear. While I didn't ask specific questions, the general takeaway was that at 80 and/or 100K hull value the rate would be high enough to discourage flying. I didn't ask about fixed gear. I suspect it helps. I received my CFI 25 years ago from a WWII vet. He had forgotten more than most can ever learn. Not all pilots are equal, but the insurance companies price risk as though we will all land gear up tomorrow. 

[donkaye]

Sometimes a picture is worth a thousand words.  Here is the chart of the past 22 years (including this year) of aviation insurance costs for my airplane.  Currently ATP, CFII Master Instructor, 12,000 hours TT, 10,100 Mooney Time, and 6,500 Instructing.