Insurance went down

[RobertGary1]

Just spoke with Grant at SouthWest aviation insurance and my premium went down a bit this year!

I thought we may be over the hurdle but he said it’s a bit uncommon. 

[Oscar Avalle]

I actually renewed my insurance and ir went up by 7%.


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[toto]

12 minutes ago, Oscar Avalle said:

I actually renewed my insurance and ir went up by 7%.


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Yeah, two policy renewals up again for me this year. Single-digit percentage increase, which almost seems like a win these days.  

[hammdo]

Mine's up 25%

liability only right now (due to the off airport landing in 20)...

edit, this also included the MAPA exclusion of $250. 
Gotta wonder about taking the class each year if insurance doesn't see the benefit..

-Don

[RobertGary1]

Instead of taking the lower premium I’m going to raise my hull. I have 100hrs on a Lycomjng reman and just put $30k in the panel. Was at $65k will go to $75k

[201er]

@Parker_Woodruff are you seeing any relief or reduction rates lately?

[Will.iam]

Mine went down by $900 and i increased my hull by 50k to $175k but i had 0 time in type and put 108 hrs my first year of ownership. I have 8800 total time. 

[RobertGary1]

17 minutes ago, Will.iam said:

Mine went down by $900 and i increased my hull by 50k to $175k but i had 0 time in type and put 108 hrs my first year of ownership. I have 8800 total time. 

I’ve been flying the same Mooney for 20 years but I also fly a variety of Cessnas, gliders, helicopters and PPCs when I’m cheating on her. 

[Parker_Woodruff]

22 hours ago, 201er said:

@Parker_Woodruff are you seeing any relief or reduction rates lately?

Occasional...seems like some of the J and later Mooneys are getting a few dollars less expensive in some cases.

[JWJR]

75 C model-Mine is due Nov 1st -went up 8%. If it’s up again next year I’ll go liability only. I only flew just over 40 hours last year. Agent hinted that’s not enough.


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[MikeOH]

@Parker_Woodruff

What's the sweet spot for hours per year that insurance companies like to see?  I suspect too few makes them nervous, and too many is too much exposure.

[Parker_Woodruff]

17 hours ago, MikeOH said:

@Parker_Woodruff

What's the sweet spot for hours per year that insurance companies like to see?  I suspect too few makes them nervous, and too many is too much exposure.

This is more limit-dependent than anything.  I've never seen a company surcharge for flying too much in the personal piston GA world.  But if you carry higher than the baseline $1MM/$100K, you might get looked at for inactivity below maybe 50 hours per year...

[crxcte]

 I have Falcon and rates have been going up about 10% last 2 years even after dropped my hull value.  Been insured with them for over 20 years, never had a claim. 

If anyone has a recommendation for another agent I am all ears.

 

Chris

[201er]

21 minutes ago, crxcte said:

 I have Falcon and rates have been going up about 10% last 2 years even after dropped my hull value.  Been insured with them for over 20 years, never had a claim. 

If anyone has a recommendation for another agent I am all ears.

 

Chris

I was using Falcon for a while but I switched to @Parker_Woodruff and he gets me same or better than what Falcon could do. He really goes the extra mile. Parker helped me lose just 15% on my plane insurance.

 

[Raptor05121]

Mine is the same as last year

[Parker_Woodruff]

4 hours ago, crxcte said:

 I have Falcon and rates have been going up about 10% last 2 years even after dropped my hull value.  Been insured with them for over 20 years, never had a claim. 

If anyone has a recommendation for another agent I am all ears.

 

Chris

Watch out on lowering the hull value...a lot of airplanes are getting totaled because salvage values are so high right now.

Happy to quote you here...

Parker@airspeedinsurance.com

214-295-5055

[RobertGary1]

6 hours ago, crxcte said:

 I have Falcon and rates have been going up about 10% last 2 years even after dropped my hull value.  Been insured with them for over 20 years, never had a claim. 

If anyone has a recommendation for another agent I am all ears.

 

Chris

Lowering? I’ve almost doubled mine in a few years because hull values are climbing. Remember if they total your plane they own everything in it including radios and only need to pay you stated value. So you’re kind of asking for a total by under insuring. 

[Mooney_Allegro]

My insurance rate through Falcon has been going up 8% per year with no claims for the last three years.    I just paid the premium for 2022.   

[RobertGary1]

36 minutes ago, Mooney_Allegro said:

My insurance rate through Falcon has been going up 8% per year with no claims for the last three years.    I just paid the premium for 2022.   

That sounds about right.