Insurance just quoted

[NewMoon]

So I am looking at a 95 Ovation, $215 hull value. I am 3600TT, 1800 in type, IFR etc.  Just got quoted at $3,960 for $1mm liability and no passenger sublimit. 

This seems high to me. What does the group think?

[M20F]

17 minutes ago, NewMoon said:

So I am looking at a 95 Ovation, $215 hull value. I am 3600TT, 1800 in type, IFR etc.  Just got quoted at $3,960 for $1mm liability and no passenger sublimit. 

This seems high to me. What does the group think?

Seems reasonable for the coverage you have.  What did you pay last year?

[NewMoon]

14 minutes ago, M20F said:

Seems reasonable for the coverage you have.  What did you pay last year?

Had an Acclaim last year, double the hull coverage. Only $1k more

[jetdriven]

We’re paying that on a J model and we have owned if 14 years and I got a bunch of hours 

[Jerry 5TJ]

Lots of variables drive the premium quotes —pilot age is a factor, sub-limits and deductibles vary, recency and perhaps type of training, open pilot policy limitations, the number of active underwriters in the Mooney marketplace, they all have a role.  

[NewMoon]

3 hours ago, jetdriven said:

We’re paying that on a J model and we have owned if 14 years and I got a bunch of hours 

ok, appreciate your information and perspective. Helpful 

[NewMoon]

3 hours ago, Jerry 5TJ said:

Lots of variables drive the premium quotes —pilot age is a factor, sub-limits and deductibles vary, recency and perhaps type of training, open pilot policy limitations, the number of active underwriters in the Mooney marketplace, they all have a role.  

Yep, good points. Getting a few more quotes.  Appreciate the feedback.  

[1980Mooney]

7 hours ago, NewMoon said:

So I am looking at a 95 Ovation, $215 hull value. I am 3600TT, 1800 in type, IFR etc.  Just got quoted at $3,960 for $1mm liability and no passenger sublimit. 

This seems high to me. What does the group think?

You don't mention your age.  That seems reasonable to me.  I am paying a couple hundred less than your quote. I have a Missile conversion (a "mid body Ovation").  I have similar coverage, $1 mil. liability, no passenger sublimit, but $40K less hull value.   As @Jerry 5TJ says "lots of variables".  I am IFR but fewer hours and hours in type.  On the other hand I have stayed with the same insurer for over 20 years with no claims. I am entering my 7th decade and suspect that I will start seeing increases.

[NewMoon]

Just now, 1980Mooney said:

You don't mention your age.  That seems reasonable to me.  I am paying a couple hundred less than your quote. I have a Missile conversion (a "mid body Ovation").  I have similar coverage, $1 mil. liability, no passenger sublimit, but $40K less hull value.   As @Jerry 5TJ says "lots of variables".  I am IFR but fewer hours and hours in type.  On the other hand I have stayed with the same insurer for over 20 years with no claims. I am entering my 7th decade and suspect that I will start seeing increases.

great, good info. Thx i am 62 so definitely creaping up 

[KLRDMD]

The quote seems reasonable but give Parker <Parker@airspeedinsurance.com> a shout to see what he can do for you.

Edited June 28, 2024 by KLRDMD

[NewMoon]

18 minutes ago, KLRDMD said:

The quote seems reasonable but give Parker <Parker@airspeedinsurance.com> a shout to see what he can do for you.

will do, thx guys

[Schllc]

That’s what I paid for my acclaim with a hull value of 400. 
I do the wings stuff, I get ipc’s every six months, ifr since four months after my ppl, and I’m 10 years younger. Almost all of my time is in mooney’s. 
the airplane insurance market is broken even worse than regular insurance. 
If you get quoted from four insurers by one agent, those four companies will not quote anyone else, so it is difficult to really compare quotes. 
that being said, I personally wouldn’t waste time  trying to save a couple hundred bucks which is all that you may find, and that’s a big if. 
it is what it is.  
I got insurance for my Aerostar without a multi rating the first year for $6k.  
When it came up for renewal the following year, with my rating, they wanted 50k. I told them to pound sand and flew for the first four months naked. 
after I got 100 hours I found coverage for under 10k. 
it’s a crap shoot for sure. 

[Z W]

Just paid $4,242 for $175k hull, $1m, $100k per person limits.  475ish hours, most of that in type, IR.  I'd say you're doing better than me.

[McMooney]

100k hull @800 ish hours  came to $2155 yesterday.  getting painful

[NewMoon]

11 hours ago, Schllc said:

That’s what I paid for my acclaim with a hull value of 400. 
I do the wings stuff, I get ipc’s every six months, ifr since four months after my ppl, and I’m 10 years younger. Almost all of my time is in mooney’s. 
the airplane insurance market is broken even worse than regular insurance. 
If you get quoted from four insurers by one agent, those four companies will not quote anyone else, so it is difficult to really compare quotes. 
that being said, I personally wouldn’t waste time  trying to save a couple hundred bucks which is all that you may find, and that’s a big if. 
it is what it is.  
I got insurance for my Aerostar without a multi rating the first year for $6k.  
When it came up for renewal the following year, with my rating, they wanted 50k. I told them to pound sand and flew for the first four months naked. 
after I got 100 hours I found coverage for under 10k. 
it’s a crap shoot for sure. 

Yeh, I definitely won't fall over a few $100.I just wanted to make sure that it seemed reasonable. 

[NewMoon]

1 hour ago, Z W said:

Just paid $4,242 for $175k hull, $1m, $100k per person limits.  475ish hours, most of that in type, IR.  I'd say you're doing better than me.

agreed but I have 8 times the hours you have and have owned 4 long body Mooneys.  I would have expected more than a $300 difference in premium with all my hours. But it's today's insurance environment as Ray points out.

[ArtVandelay]

Just paid $4,242 for $175k hull, $1m, $100k per person limits.  475ish hours, most of that in type, IR.  I'd say you're doing better than me.

Yikes , are you over 70?

Nearly same except 1000+ hours, $2600, but maybe something changed in the last 6 months.

[gevertex]

21 hours ago, NewMoon said:

So I am looking at a 95 Ovation, $215 hull value. I am 3600TT, 1800 in type, IFR etc.  Just got quoted at $3,960 for $1mm liability and no passenger sublimit. 

This seems high to me. What does the group think?

My last quote for around the same hull value was almost $6k, but I am significantly lower time than you. Never had an accident. Insurance is just expensive. 

Edited June 29, 2024 by gevertex

[Parker_Woodruff]

15 hours ago, Schllc said:

If you get quoted from four insurers by one agent, those four companies will not quote anyone else, so it is difficult to really compare quotes. 
 

Not all of them.  Most companies open quote for Mooneys unless they already insure the plane.

And there's no reason one company would provide a better quote to a different broker unless one had wrong information.

[Parker_Woodruff]

4 hours ago, Z W said:

Just paid $4,242 for $175k hull, $1m, $100k per person limits.  475ish hours, most of that in type, IR.  I'd say you're doing better than me.

You should be in the mid $2000s or better when you're over 500 hours total time (assuming under age 65, no claims last 5 years, etc.)

[NewMoon]

1 hour ago, gevertex said:

My last quote for around the same hull value was almost $6k, but I am significantly lower time than you. Never had an accident. Insurance is just expensive. 

yep agree, everything is ridiculous 

[NewMoon]

But my wife just reminded me that we are blessed and these are first world issues.  Good reminder, I'm not saying it rationalizes the huge increase on everything we buy but hey, we get to own and fly our own plane. Darn cool

[PT20J]

USAIG, M20J, $250K hull, $1MM smooth, $4490. The real issues seem to me to be too many hull losses - especially gear ups, shop rates increasing due to a critical shortage of mechanics, and parts prices greatly increasing for a variety of reasons. 

[Danb]

You had gearups Skip or generally there to many

D

[Z W]

9 hours ago, ArtVandelay said:

Yikes , are you over 70?

Nearly same except 1000+ hours, $2600, but maybe something changed in the last 6 months.

Lol, I'm 38.  Thought I was too busy to shop around.  Maybe I will make the time next year to call Parker.