Insurance Quotes

[Fritz1]

got two insurance quotes for the Bravo, identical coverage: USAIG $3,451, Old Republic $2,799, thoughts and experiences?

[Ragsf15e]

5 minutes ago, Fritz1 said:

got two insurance quotes for the Bravo, identical coverage: USAIG $3,451, Old Republic $2,799, thoughts and experiences?

I’ve had Old Republic for the last three years. I send them my check, they send me a document that says I’m insured. No other experience. I went through airspeed insurance. He’s here on Mooney space often.  he said, old republic was at least as good as the one I had before, which was global. He knows the ins and outs of exactly what they cover, and how they handle claims.@Parker_Woodruff

Edited October 23, 2023 by Ragsf15e

[alextstone]

+1 for @Parker_Woodruff!

[ZuluZulu]

$2,799 appears to be less than $3,451.  That's all I got 

[LANCECASPER]

1 hour ago, Fritz1 said:

got two insurance quotes for the Bravo, identical coverage: USAIG $3,451, Old Republic $2,799, thoughts and experiences?

Unless USAIG has exceptionally nice paper on which they print your policy I’d go with Old Republic.

That being said though at some age point it may be advantageous to stay with the same carrier.

[Jim F]

1 hour ago, alextstone said:

+1 for @Parker_Woodruff!

+2 for Airspeed Insurance @Parker_Woodruff

[Parker_Woodruff]

Both are excellent insurance companies.  Each has internal claims service (they don't normally have to rely on third party adjusters).

[PilotX]

Thought I'd share renewal costs this year. I bumped up the hull value to 240 because of a(nother) major avionics install courtesy of @Warren. Looking at the increase it is related to the hull, liability remained the same. As far as I can tell the rate per $10K hull, is unchanged 2022 to 2023. I logged 663 hours last year, 38 in Miss Daisy.

2021 - $2156 - Hull 160K

2022 - $1976 - Hull 200K

2023 - $2302 - Hull 240K

[A64Pilot]

23 minutes ago, PilotX said:

Thought I'd share renewal costs this year. I bumped up the hull value to 240 because of a(nother) major avionics install courtesy of @Warren. Looking at the increase it is related to the hull, liability remained the same. As far as I can tell the rate per $10K hull, is unchanged 2022 to 2023. I logged 663 hours last year, 38 in Miss Daisy.

2021 - $2156 - Hull 160K

2022 - $1976 - Hull 200K

2023 - $2302 - Hull 240K

Why the drop in 2022?

[PilotX]

43 minutes ago, A64Pilot said:

Why the drop in 2022?

I think it was experience with the plane, new to me, low Mooney hours? Liability also dropped by about $100 as well.

[A64Pilot]

43 minutes ago, PilotX said:

I think it was experience with the plane, new to me, low Mooney hours? Liability also dropped by about $100 as well.

Mine has done nothing but increase is why I’m asking.

I have over 10,000 hours but only about maybe 50 in a Mooney when I took it out and that was 30 years ago, the 50 hours in a Mooney that is

I expected year two which was also 2022 coincidentally to drop, but it went up.

My rates are pretty high considering my hull value, but then I’m based off of grass which apparently is high risk and only a couple of insurers will even write if your on grass

[PilotX]

29 minutes ago, A64Pilot said:

Mine has done nothing but increase is why I’m asking.

They never really say. My liability stayed the same 2022/2023.

2021 160K hull value / 10 was $11.33

2022 200K hull value / 10 was $8.47

2023 240K hull value / 10 was $8.41

I don't know if that even means anything.

[Pinecone]

My overall bill dropped about $300 after I hit 100 hours in my 252.

[xcrmckenna]

Wouldn’t touch Old Republic with a 10’ pole after having to deal with them when my 201 was totaled.


Sent from my iPhone using Tapatalk

[aviatoreb]

3 hours ago, xcrmckenna said:

Wouldn’t touch Old Republic with a 10’ pole after having to deal with them when my 201 was totaled.


Sent from my iPhone using Tapatalk

What happened?

[A64Pilot]

4 hours ago, xcrmckenna said:

Wouldn’t touch Old Republic with a 10’ pole after having to deal with them when my 201 was totaled.


Sent from my iPhone using Tapatalk

That of course is THE problem with budget insurance, I guess insurance in general, but how do you know if a company is going to fight or live up to the agreement?

 

[ArtVandelay]

Wouldn’t touch Old Republic with a 10’ pole after having to deal with them when my 201 was totaled.


Sent from my iPhone using Tapatalk

The question is whether any other insurance company would be better.

[A64Pilot]

On the news just a couple of minutes ago, Auto insurance is up 30% to 40% Nation wide from last year.

One has to wonder how much of this is due to the injury lawyers?

 

[LANCECASPER]

1 minute ago, A64Pilot said:

On the news just a couple of minutes ago, Auto insurance is up 30% to 40% Nation wide from last year.

One has to wonder how much of this is due to the injury lawyers?

The cost of vehicles in general, body shop labor and replacement parts have gone up a lot in the past few years.

[Schllc]

Insurance in general has turned into a racket. 
I had a very very wealthy client that I did about 14 projects with years ago , each project was between 3-10 million. We became close and I was eventually also involved with acquisitions.  I noticed after the 10th project, we wouldn’t buy title insurance, he wouldn’t buy builders risk insurance, he wouldn’t buy homeowners insurance, or flood. He wouldn’t pay for any insurance at all. 
I asked him one day why he didn’t buy any insurance, he said to me, “do you know how I got so wealthy?”

I didn’t know, and asked him, he said selling insurance.  He said the whole industry is like Vegas, the house never loses, they make sure of that… To some extent this is how it needs to be, but it’s the degree of winning that becomes a problem. 
Property insurance rates in general in Florida have more than quadrupled in the last five years.  The losses do not justify this increase, but the compensation of the insurance companies is not to be disturbed, and has to adjust for inflation. They also have to build their war chest to pay all the attorney’s to fight future claims.  I have paid millions in my business and business property insurance alone over the last 25 years with not one red cent paid in claims. I do not pay for any insurance I am not compelled by law to buy. 
/rant over/
 

[A64Pilot]

39 minutes ago, LANCECASPER said:

The cost of vehicles in general, body shop labor and replacement parts have gone up a lot in the past few years.

I’m sure but they said in the last year. I know Fl is sort of “special” with more than its share of fraudsters running up insurance rates. There have been in the past people driving around neighborhoods telling home owner that they can get them a free roof for example, if the insurance won’t pay they sue them.

https://www.nbcnews.com/news/us-news/roofing-scams-florida-property-insurance-hurricane-rcna29649

But this claim was for the US as a whole, My insurance for everything has gone up significantly, but 30 to 40% is nuts.

Thank God inflation was only transitory and ended a couple of years ago  

I still place the majority of the blame on crooked lawyers though.

[Schllc]

9 minutes ago, A64Pilot said:

Thank God inflation was only transitory and ended a couple of years ago

Inflation is over?

hmmmm ….

[A64Pilot]

I used to pretty much never insure anything, I understood the betting against yourself thing, but I did insure the house, everything else I could “eat”. House though would be tough and the cost / benefit ratio at the time was pretty good I think, although the overwhelming majority owe on their house as I do now and have to buy insurance.

As I’m now older and living on retirement funds etc. I can’t “eat”mas much as I could before. so I now have life insurance, an umbrella policy because these incessant injury lawyer ads worry me, the ads alone must run into the tens of millions, so they are raking in the dough of course, and I don’t want to end up living in a trailer eating cat food because some crook stole my retirement funds.

I think as we age we become more risk adverse and as someone who has in the past never insured their aircraft you are more careful if it’s not insured.

My Mooney is insured because I worry about the gear, a gear up could happen and while I’m an IA I probably could repair that in my affordability range of it happened at my home field, I surely don’t want to sign up for that amount of work

 

[amillet]

In most states and federal bankruptcy law, retirement accounts are exempt from creditors 

[A64Pilot]

28 minutes ago, Schllc said:

Inflation is over?

hmmmm ….

Pure sarcasm, 

In truth as they way it’s being measured has changed over time just as the way unemployment measuring has changed and I’m blaming no political party as I think they have both done it , but the only way I can judge what it is, is based on what things cost me, and it seems in the things and services that I purchase it’s gone up a lot, I’d say seem to be almost 10% a year for the last three.

Just like the war on fossil fuel, about how we are reducing our consumption etc.

Did you know that right now as in today we are pumping more crude in the US than at any time in history, even than in the last administrations days?

Why, and why isn’t the climate activists protesting about that, they should be having fits? 

Many sources, but this one is the US Government.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M

I know this will be considered old man get off my lawn ranting, but the seemingly total control of what the average citizen is told and believes is I believe reaching Orwellian levels.

So why are we now suddenly producing record levels of oil? Answer seems pretty obvious as this is 2024.