Insurance over 70

[JohnB]

Well given all of the wide responses here and concerns, I asked my insurance broker about my friend's insurance shock at 70 and he gave me some very useful advice which I'll share. I have already inquired whether my insurance carrier has an age cap.

 

Regarding age, you’re still a ways off from being surcharged. Most carriers start increasing rates based solely on age around 65-68 years. Usually after 68 most carriers won’t quote new business. i.e. at that age we would essentially be stuck with your carrier at that time.

 

Some carriers have a max age limit, but most will write pilots indefinitely so long as there are no losses or medical issues. In general the rates start really ramping up after 70. Of course it all depends on the type of aircraft as well. Single engine piston aircraft aren’t scrutinized as much as a multi or pressurized aircraft.

 

Our market is still in its hard cycle so what happened to your friend is not surprising, albeit frustrating. In another two years or so we should see our market begin to soften up a bit. The floor won’t fall out, but hopefully senior pilots will be granted a bit more grace than they have in the last 2-3 years.

 Generally speaking though as we approach age 65 we want to settle down with a carrier who will be a good fit for the long run. 

 

Absolutely feel free to share my comments. The best thing for senior pilots to do is start the age conversation now with their broker (like you are) and not wait until they have a surprise like your friend did.

[Bob E]

On 3/2/2022 at 6:40 AM, nosky2high said:

Over the past 11 years my premiums went from $600 to now over $1600 while maintaining vintage Mooneys of similar value. When the rates increase again I’m likely to follow suit and self insure the hull. There’s only so much theft I can take. Last year a Mooney geared up at our home airport flown by an experienced ferry pilot bringing the plane in for an annual. Our local IA who did all the recovery and repair estimate said it was intentional based on how the ferry pilot acted and that the engine and prop were near/past TBO with ancient avionics and original paint, etc. The owner was obviously never going to fix it or sell it. I wonder how many times this happens. 

I'm 72. AVEMCO has insured me for several years now with

• normal liability coverage for aircraft-in-motion,
• no hull insurance for in-flight events, and
• lowball-hull-value coverage for anything that happens on the ground whether or not in motion.

It's a reasonable compromise and the cost is bearable. If I survive an off-field landing or other accident, I'll own the wreckage and will probably sell what I can for salvage and either find another aircraft or retire from flying.

 

 

Edited March 7, 2022 by Bob E

[larrynimmo]

4 hours ago, Bob E said:

I'm 72. AVEMCO has insured me for several years now with

• normal liability coverage for aircraft-in-motion,
• no hull insurance for in-flight events, and
• lowball-hull-value coverage for anything that happens on the ground whether or not in motion.

It's a reasonable compromise and the cost is bearable. If I survive an off-field landing or other accident, I'll own the wreckage and will probably sell what I can for salvage and either find another aircraft or retire from flying.

 

 

Ok…what’s the hill value and how much?

[Bob E]

15 hours ago, larrynimmo said:

Ok…what’s the hill value and how much?

I'm basically insuring for a survivable accident:  $1m liability cap per accident in flight or on ground (but only $100k bodily injury per person) / $60k hull value insurance $0 deductible in-motion or not-in-motion, excluding flight / $3k medical expenses per occupant. 

Hangared aircraft, 2 pilots (my son and me), claim-free, 30+ years owned same aircraft, AOPA/EAA member.  $1203 annual premium.

This suits my needs; it may not suit yours.