rbp Posted January 12, 2022 Report Posted January 12, 2022 i just got quoted $2600/year 1MM/100 + $300 hull. that seems pretty cheap. Is that what other people are seeing? Quote
Niko182 Posted January 12, 2022 Report Posted January 12, 2022 I'm paying more for 240k hull. I think 3100 for 1mm smooth and 240k hull. That is pretty cheap. Quote
carusoam Posted January 13, 2022 Report Posted January 13, 2022 Very similar… +/- Payment just went out… When I adjusted hull value years ago… the price didn’t change much… Its what’s inside the hull that seems to cost the most… millions per seat, if replacements are required… Kind of a reminder to have the value of the plane closely match the replacement cost… -a- Quote
AH-1 Cobra Pilot Posted January 13, 2022 Report Posted January 13, 2022 It also depends on your ratings and hours. I would love to see a chart that details all the factors into prices. As an ATP, CFI-I, with thousands of hours, my rates are pretty low. My co-owner, however, is a PP with a few hundred hours, which drives our rate. 1 Quote
BravoWhiskey Posted January 13, 2022 Report Posted January 13, 2022 I'd like 2600 or even 3100... but I'm low hours, so I'm just happy to have coverage at this point. Quote
LANCECASPER Posted January 13, 2022 Report Posted January 13, 2022 7 minutes ago, AH-1 Cobra Pilot said: It also depends on your ratings and hours. I would love to see a chart that details all the factors into prices. As an ATP, CFI-I, with thousands of hours, my rates are pretty low. My co-owner, however, is a PP with a few hundred hours, which drives our rate. When I was in a partnership years ago and had a similar situation, we quoted separately every year and apportioned what we each owed for our combined rate based on that. 1 Quote
RobertGary1 Posted January 13, 2022 Report Posted January 13, 2022 27 minutes ago, LANCECASPER said: When I was in a partnership years ago and had a similar situation, we quoted separately every year and apportioned what we each owed for our combined rate based on that. There are two formulas to do that. If you just prorate it then high time pilots end up paying more than they would if all pilots had the same hours. A disagreement over which method broke up a Taylorcraft partnership I had. Two of us had a lot of tailwheel time and one guy didn’t. Prorated would have cost the two of us a lot more so we kicked the low time guy out. Example me on my own $300/yr low time guy $1000/yr if all three were high time we’d each pay $100/yr But if you use that as your formula low time guy pays $800/yr so two high timers still pay $100/yr Low time guy says you should prorate it based on individual rates so high time guy pays 3.3x (his prorated) so $187/yr for high time pilots and $618/yr for low guy( rounding error but you get it). This seems to be the common forumla but results in high time pilots rate about double when you bring on a low time pilot. our conclusion is was just not to accept low time pilots. 1 Quote
rbp Posted January 13, 2022 Author Report Posted January 13, 2022 3 hours ago, AH-1 Cobra Pilot said: It also depends on your ratings and hours. I would love to see a chart that details all the factors into prices. As an ATP, CFI-I, with thousands of hours, my rates are pretty low. My co-owner, however, is a PP with a few hundred hours, which drives our rate. I exceed the open pilot requirement -- "be a Private, Commercial or ATP pilot, with an Instrument rating, properly certificated by the FAA having a minimum of 750 total logged flying hours, 250 of which have been in retractable gear aircraft, including not less than 25 hours in the same make and model aircraft insured herein." Quote
carusoam Posted January 14, 2022 Report Posted January 14, 2022 Hours, recency, IR, Additional training like a MAPA course…. All things that can lower the cost… For more info… we have an insurance guy around here that is really good… Best regards, -a- Quote
M20F-1968 Posted January 14, 2022 Report Posted January 14, 2022 On 1/12/2022 at 6:09 PM, rbp said: i just got quoted $2600/year 1MM/100 + $300 hull. that seems pretty cheap. Is that what other people are seeing? Who is the insurance company quoting and who is your agent? John Breda Quote
PilotX Posted January 14, 2022 Report Posted January 14, 2022 Mine dropped from around 2400 to 2000 this year. Only change is another 120 hours of Mooney time. I had 20 during the first quote. Hull coverage is 200 but I would never be able to replace it at that given the current market. Wonder if I should up it by 10-20%. Probably will after I put in the G3X. Quote
A64Pilot Posted January 15, 2022 Report Posted January 15, 2022 I got a notice mine is going up, no claims. last year was $1,8000 for 100K hull and I’m sure standard other coverages, I expected year two to drop a little or at least stay the same? who is the insurence guy, I think I should seek another opinion. Quote
jetdriven Posted January 15, 2022 Report Posted January 15, 2022 On 1/12/2022 at 6:30 PM, Niko182 said: I'm paying more for 240k hull. I think 3100 for 1mm smooth and 240k hull. That is pretty cheap. Maybe I need to shop for a new insurance agent, because 160 hull and 100,000 sub limits is $3100 and nothing cheaper and no million smooth anywhere. Quote
201er Posted January 15, 2022 Report Posted January 15, 2022 51 minutes ago, jetdriven said: Maybe I need to shop for a new insurance agent, because 160 hull and 100,000 sub limits is $3100 and nothing cheaper and no million smooth anywhere. Yeah, you do. @Parker_Woodruff really goes to bat for me. He helped me lose just 15% on my airplane insurance. Most guys are seeing like 30% increases! Quote
Austintatious Posted January 15, 2022 Report Posted January 15, 2022 (edited) On 1/13/2022 at 9:28 AM, AH-1 Cobra Pilot said: It also depends on your ratings and hours. I would love to see a chart that details all the factors into prices. As an ATP, CFI-I, with thousands of hours, my rates are pretty low. My co-owner, however, is a PP with a few hundred hours, which drives our rate. Ehh, I am not sure that is the case to be honest. It may have some degree of effect but I don't think it is drastic. I cant give an example with my Mooneys, but I can with my glider... This is a High performance very complex glider with a deploy-able engine that requires a special logbook endorsement and is a tail dragger as well. It is honestly the most complex and "hands full" aircraft I have ever flown. I bought it with a partner that was only a student pilot with about 5 hours of time. Contrasted to my ATP and 5 type ratings and 4500+ hours. We paid about $750.00 for the first year. After that first year, I bought him out of the glider as we decided it was going to be a long time before he was experienced enough to get in it. Even after taking him off the policy and me logging 50 hours in Make/model , the second year insurance went up..... Go figure. Edited January 15, 2022 by Austintatious Quote
PT20J Posted January 16, 2022 Report Posted January 16, 2022 Sometime back I asked @Parker_Woodruff the point at which additional experience didn’t make much difference in rates. His answer is in a MS thread somewhere. I don’t remember the exact numbers, but it wasn’t all that much. If I recall correctly, a few hundred hours total, experience in make and model and an instrument rating were the major factors. Skip Quote
Danb Posted April 5, 2022 Report Posted April 5, 2022 Received my insurance quote for the upcoming year, a few years now with no increase. I was expecting 10-25%, hopefully others have steadied 1 Quote
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