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Premium increases after an insurance claim


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What are your experiences with insurance rates after making a claim for damages?


How does the insurance industry set premium rates for aircraft physical damage due to say hail damage or hangar rash?


Does anyone have experience with claims for physical damage that resulted in:


1. increases to premiums? 


2. no change to premiums?

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Quote: Cruiser

What are your experiences with insurance rates after making a claim for damages?

How does the insurance industry set premium rates for aircraft physical damage due to say hail damage or hangar rash?

Does anyone have experience with claims for physical damage that resulted in:

1. increases to premiums? 

2. no change to premiums?

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I should have a data point in about a month when mine comes up for renewal.


I had a pothole on airport surface I did not see and resulted in a taxi prop strike....teardown and inspection...yadda yadda yadda.  Will see what the impact in August. I m certain their will be an increase. I had hoped to have my IR done by then but wont happen.


 


 

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Insurance rates are market driven right now. The past couple years it has taken quite a loss or change in underwriting info for markets to raise someone's rates by a significant degree. There are a record number of insurance companies chasing after a shrinking industry trying to hold onto a market share. At some point that capacity will shrink and drive rates the other direction. When that will happen could be a few months from now, or it could be years. 

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  • 1 month later...

Update:


I am a low hour pilot - 150 hours, about 60 in my M20F and 70 in complex. AOPA, MAPA, MOA membership. Some WINGS courses.


IR ground school and written complete and about to work on flight training - will finish this year come hell or high water.


Last year I was taxiing on an FBO ramp when my nose went in a hole dug for a tie down - go figure. Story here as I posted the experience. Prop only needed dressing but two different A&Ps called it a prop strike so I had to have the teardown and inspection - about 25k later all done. No internal damage found. Fun times.


So I am a low hour pilot, with a claim. I am currently insured with STARR. 


First year was around 1700 a year. Agent was AUA but STARR moved me to Falcon.(long story)


This year my quote is for 2148 a year. So the taxiing prop strike caused about a 26% increase in premium.


Hopefully I will get to fly more this year and get the IR.....maybe one day years from now I will see a reduction.


I dont think with a claim for a low hour pilot I will even be looked at by other insurance companies much less a better rate.....but then the insurance companies know that too.

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Quote: AustinPynes

Update:

I am a low hour pilot - 150 hours, about 60 in my M20F and 70 in complex. AOPA, MAPA, MOA membership. Some WINGS courses.

IR ground school and written complete and about to work on flight training - will finish this year come hell or high water.

Last year I was taxiing on an FBO ramp when my nose went in a hole dug for a tie down - go figure. Story here as I posted the experience. Prop only needed dressing but two different A&Ps called it a prop strike so I had to have the teardown and inspection - about 25k later all done. No internal damage found. Fun times.

So I am a low hour pilot, with a claim. I am currently insured with STARR. 

First year was around 1700 a year. Agent was AUA but STARR moved me to Falcon.(long story)

This year my quote is for 2148 a year. So the taxiing prop strike caused about a 26% increase in premium.

Hopefully I will get to fly more this year and get the IR.....maybe one day years from now I will see a reduction.

I dont think with a claim for a low hour pilot I will even be looked at by other insurance companies much less a better rate.....but then the insurance companies know that too.

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