Advancing age and insurance

[PT20J]

One thing that may help is flying more. In chatting with the adjuster over my nose gear damage claim (caused by an FBO) he told me that they really like to see >100 hrs/yr. 

[Shadrach]

3 hours ago, Stan said:

I also asked for a quote for a $150, 000 hull, it came in at $3,435.00

I think that is very reasonable in todays market. 

[PT20J]

I'm paying $4106 for $250K hull and $1MM smooth liability.

[MikeOH]

21 minutes ago, PT20J said:

I'm paying $4106 for $250K hull and $1MM smooth liability.

Any feel for how much is due to ‘smooth?’

[PT20J]

1 hour ago, MikeOH said:

Any feel for how much is due to ‘smooth?’

Hull is $3443

Liability is $663

$1,000,000/100,000 would have been $338 lower.

I think that shows you where the insurance company thinks their exposure is. Parker asked them if there was anything that would bring the rate down and the answer was, "Sorry, no The gear ups are killing us."

 

Skip

[Ragsf15e]

2 hours ago, MikeOH said:

Any feel for how much is due to ‘smooth?’

It doesn’t cost much more but there can be stipulations with smooth.  I asked about it this year and it was only a few hundred bucks but it required a yearly ipc in type.  Not a huge deal, but it’s there.

[PT20J]

USAIG didn’t require an IPC, but applied a discount for having one. 

[Jetpilot86]

My first policy on my Bravo was $2900. $215k/$1M. I had a check out in M/M and 60 short body time from 30 years ago. 59 w/15000TT, but no GA since ‘95. Looks like I’ll be making sure to get 100 in tail this year!

[Fly Boomer]

On 12/10/2023 at 12:38 PM, Stan said:

I will be 75 in April, Commercial, Instrument with IPC, Current Biannual, 2064.3 total hours, 83.2 hrs last 12 months, around 90 hrs per yr, 398.4 time in type, 851.8 complex.

One accident:  04/25/09: total loss of N201JT Mooney valued at $79k, USAIG pd engine failure on takeoff.  I attached the write-up from MAPA Log Jan 2010.

1989 M20J (201), N1013U, 1436.5 TSMOH, 3030.1 ACTT, Insured for $125,000,

You have no idea what blessings have been heaped upon you.

[Jrags]

This may be blasphemous but last month I paid $65k for my M20G.  I'm 67 now and the insurance cost for $65k hull and liability was $4900.  I paid it thinking if I was going to have an accident it would be in the first year. 

However,  I can afford a total loss of my plane and it is fully paid for.  Would it be so outrageous for me to drop my insurance after owning the plane for a year?  Then the "requirements" dictated by the insurance companies would be moot.

[toto]

15 minutes ago, Jrags said:

This may be blasphemous but last month I paid $65k for my M20G.  I'm 67 now and the insurance cost for $65k hull and liability was $4900.  I paid it thinking if I was going to have an accident it would be in the first year. 

However,  I can afford a total loss of my plane and it is fully paid for.  Would it be so outrageous for me to drop my insurance after owning the plane for a year?  Then the "requirements" dictated by the insurance companies would be moot.

Even if you don’t carry coverage for your airframe, I would think you’d want liability coverage. It’s going to be a lot more than $65k if you taxi into a Gulfstream or whatever 

 

[Jetpilot86]

1 hour ago, Jrags said:

This may be blasphemous but last month I paid $65k for my M20G.  I'm 67 now and the insurance cost for $65k hull and liability was $4900.  I paid it thinking if I was going to have an accident it would be in the first year. 

However,  I can afford a total loss of my plane and it is fully paid for.  Would it be so outrageous for me to drop my insurance after owning the plane for a year?  Then the "requirements" dictated by the insurance companies would be moot.

Maybe Hull, NEVER liability for the reasons listed. 

[Parker_Woodruff]

2 hours ago, Jrags said:

This may be blasphemous but last month I paid $65k for my M20G.  I'm 67 now and the insurance cost for $65k hull and liability was $4900.  I paid it thinking if I was going to have an accident it would be in the first year. 

However,  I can afford a total loss of my plane and it is fully paid for.  Would it be so outrageous for me to drop my insurance after owning the plane for a year?  Then the "requirements" dictated by the insurance companies would be moot.

 

Lower pilot experience?  Rate should go down substantially with more pilot experience.

[Pinecone]

19 hours ago, PT20J said:

I'm paying $4106 for $250K hull and $1MM smooth liability.

What company is writing 1M smooth???

[PT20J]

2 hours ago, Pinecone said:

What company is writing 1M smooth???

 USAIG last four years. But, I also have had it from Allianz Global and Old Republic.

[jetdriven]

Old Republic just offered smooth limits to us

[kortopates]

As far as i know, they all offer it except for only Avemco. But they all have additional requirements which may only be sufficient time in type. I’ve only seen annual IPC’s required for more than 1 mill smooth or for older pilots.


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[Mac80]

On 12/10/2023 at 9:24 PM, ArtVandelay said:

Did your friend consider just liability insurance? I think it would be just a few hundred?

I did not ask.

I am not sure how much good it will be if there is truly a big event. I am afraid the 100,000 per person that mine has will not be near what will happen if a fault is determined.

 

 

 

[Schllc]

On 12/12/2023 at 1:04 PM, kortopates said:

As far as i know, they all offer it except for only Avemco. But they all have additional requirements which may only be sufficient time in type. I’ve only seen annual IPC’s required for more than 1 mill smooth or for older pilots.


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I have 1000 hours in type and I’m only 54 and they still require me to have an IPC every 12 months. 

[kortopates]

21 hours ago, Schllc said:

I have 1000 hours in type and I’m only 54 and they still require me to have an IPC every 12 months. 

May I ask which underwriter?  

[Schllc]

Old republic.

it doesn’t bother me because I do them every six months anyway. 

[MikeOH]

8 minutes ago, Schllc said:

Old republic.

it doesn’t bother me because I do them every six months anyway. 

What coverage limits do you have?

[Danb]

I switched from old republic when I turned 75, they wanted me to fly with an instructor so I sold my Bravo then  Brown insures me with an annual IPC, my agent totally dropped the ball.

[Schllc]

22 minutes ago, MikeOH said:

What coverage limits do you have?

1,000,000/150,000

[kortopates]

1,000,000/150,000

Glad Mike asked because i thought you had 1 mill smooth.


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