Insurance.

[Neshi]

Just got my policy renewal for the Mooney.

initial quoted 2019-2020 $2000

last year bumped up to 2020-2021 $2200

now 2021-2022 $1800. 
 

is anybody else seeing the same types of movements from their companies. Or is this just time in type being applied. 0 Mooney hours when purchased to 150 now. 

[Ragsf15e]

13 minutes ago, Neshi said:

Just got my policy renewal for the Mooney.

initial quoted 2019-2020 $2000

last year bumped up to 2020-2021 $2200

now 2021-2022 $1800. 
 

is anybody else seeing the same types of movements from their companies. Or is this just time in type being applied. 0 Mooney hours when purchased to 150 now. 

That’s your time kicking in.  Mostly people have still been going up, although I think you’re the second person that has posted a decline.  I think the other one had a new instrument ticket or similar though.

[RobertGary1]

Mine went down and I'm already maxed on discounts and time. I think the market  is just softening.

[DXB]

Just got my renewal quote - mine went down ~10% this year after ~40% increase last year.  I think I'm maxed out for total hours, time in type, retract hours, IFR etc.  so I agree it is mainly the market.

Also changed brokers this year just to see what would happen, but I doubt that's a major contributor.

Oddly Global continues to quote the lowest rate year after year for me - they may be  the last insurance company that thinks our business is worth the trouble. 

[thinwing]

same here..down 200 bucks

[Parker_Woodruff]

There is a new underwriting company surfacing, but it's unknown at the present time if they'll be participating in personal GA aircraft insurance.

Another carrier is expanding its operations to cover more lines of aviation business, but unknown if that will include personal GA aircraft.

At this point, my feeling is that the hard market has more or less run its course, and any price increases at this point for personal GA aircraft would be more reflective of claim inflation than market capacity.  Capacity is, for now, poised to increase.

I'm quite concerned about the claim costs.  I've never seen such a steep jump in repair estimates.

[Skates97]

12/2020 - Up 37.05% (Did increase hull value significantly for avionics installations)
12/2021 - Down 9.40% (Increased hull value again for GFC500 and market adjustments but added an Instrument Rating)

[PT20J]

5 hours ago, Parker_Woodruff said:

I'm quite concerned about the claim costs.  I've never seen such a steep jump in repair estimates.

What appears to be driving the increases? Parts? Labor? Both?

[TheAv8r]

11 hours ago, PT20J said:

What appears to be driving the increases? Parts? Labor? Both?

Not in the industry, but my guess would be parts being affected by global supply shortages. It's affected just about every industry and I can't imagine it would skip aviation. 

[Parker_Woodruff]

15 hours ago, PT20J said:

What appears to be driving the increases? Parts? Labor? Both?

A few things:

- Cost of parts & labor

- Most shops are incredibly busy right now.  There's not a lot of "aggressive" quoting right now to try and win business.  A lot of clients can't even get shops to respond to requests for estimates.

4 hours ago, jacenbourne said:

Not in the industry, but my guess would be parts being affected by global supply shortages. It's affected just about every industry and I can't imagine it would skip aviation. 

It wouldn't surprise me.  I insure a shop which specializes in Beechjets.  They can't get tires for them right now.

[exM20K]

USAIG  renewal through Falcon: hull premium went from .00822 -> .01022, a pretty stiff increase with no claims.

Also raised hull value significantly given this goofy market.

-dan