Insurance rate shocker

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MrMorden
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Re: Insurance rate shocker

Postby MrMorden » Tue Sep 10, 2019 7:16 am

Warmi wrote:I actually got the same rate as last year just this June - in fact I got a quote for another insurance for a few bucks less but the broker ( Aviation Insurance Resources ) correctly suggested that it is not worth breaking the relationship with USIAG ( my current carrier ) over a few bucks.


Exactly my experience, and the same brokerage. I also opted to stay with USAIG for about $50 more a year that the other carrier I was offered.
Andy Walker
Athens, GA
Sport Pilot ASEL, LSRI
2007 Flight Design CTSW E-LSA

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MrMorden
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Re: Insurance rate shocker

Postby MrMorden » Tue Sep 10, 2019 7:18 am

I wonder if we're paying for 737 MAX losses... :lol:
Andy Walker
Athens, GA
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2007 Flight Design CTSW E-LSA

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Scooper
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Re: Insurance rate shocker

Postby Scooper » Tue Sep 10, 2019 9:04 am

FastEddieB wrote:
drseti wrote:
Scooper wrote:Eddie, I'm not sure that came out right. :?


You think maybe he meant $100 of each rental hour?


I had to read it a dozen times or so to get what was wrong with it!

Yes, rental hour.

Got it. That makes sense.
Stan Cooper (K4DRD)
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chicagorandy
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Re: Insurance rate shocker

Postby chicagorandy » Tue Sep 10, 2019 2:15 pm

"I wonder if we're paying for 737 MAX losses.."

Probably not, but I suspect all the storm damage to aircraft lately will cause rates to go up for all owners. Same goes for boats and houses.
"Don't believe everything you read on the internet" - Abraham Lincoln

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foresterpoole
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Re: Insurance rate shocker

Postby foresterpoole » Fri Dec 20, 2019 12:25 pm

Took a hit this year as well. I rent so it's not directly comparable to your owners/commercial/instruction policies, but it's now over $1,000/year. It shot up 20%. I got the same response: it's industry wide....
Ed

RTK
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Re: Insurance rate shocker

Postby RTK » Thu Jan 02, 2020 10:34 pm

Sigh... add me to the "Insurance Rate Shocker" club.

I got my renewal from AIG (through AOPA), and my premium is up 25% to $2,500 for $65K in hull value! No incidents in my past (but a lower time pilot.) Ouch...

Type47
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Re: Insurance rate shocker

Postby Type47 » Fri Jan 03, 2020 7:06 pm

Shop around. I was with Aopa insurance.
Switched to EAA. Up $40.
Type47
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designrs
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Re: Insurance rate shocker

Postby designrs » Fri Jan 03, 2020 7:47 pm

I’d tell them, “Industry-wide isn’t my problem. I’ve never even had a claim in years. Maintain the same rate as last year or cancel my policy!”

My auto insurance issues six-month policies, and every six months they try to increase my premium. I WILL NOT PAY!

I’m not cheep by any standard, but the one thing that I despise most is force-fed consumerism.
JUST SAY NO!
- Richard
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RTK
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Re: Insurance rate shocker

Postby RTK » Sun Jan 05, 2020 12:22 am

I reached out to Aviation Insurance Resources (AIR-Pros) and they got me a really strong rate with the same coverage I had through AOPA. In fact, it's about 76% the price of my policy last year (which was already high). I just need to clarify a few points with AIR-Pros as I converted my aircraft to E-LSA this year. (Done to allow me to make sensible upgrades to my aircraft such as a GDL-82 and Aera 660). But if that doesn't change the rate, I'll make the switch. Heck, the money saved vs. this year's renewal will easily pay for my next two annuals.

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FastEddieB
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Re: Insurance rate shocker

Postby FastEddieB » Sun Jan 05, 2020 9:08 am

As a single data point, when I took my Sky Arrow E-LSA in 2009, my rate with Falcon actually went down a bit.

That’s the good news.

The bad news was they would only insure the hull for $50k, down from the $60k I recall I was carrying at the time. It was almost certainly that reduction in hull coverage, not my new EXPERIMENTAL status, that led to the rate reduction. And with new Sky Arrow prices roughly doubling since I bought mine in 2007, I’m very likely underinsured on the hull.

Regardless, next year I may try shopping around a bit.
Fast Eddie B.
Sky Arrow 600 E-LSA • N467SA
CFI, CFII, CFIME
FastEddieB@mac.com

3Dreaming
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Re: Insurance rate shocker

Postby 3Dreaming » Sun Jan 05, 2020 11:05 am

Last year I bought a Taylorcraft BC12-D. It was fairly inexpensive and needed some work to even fly it home. I insured it for $13,000 hull, and may be under insured by $1,000 or so. High time pilot with 1,000 plus Taylorcraft time. My rate if I remember correctly was $505. This year I was told it was going up by $8, but when I got the bill it was actually down $16 because they had not applied the rate reduction for having an instrument rating :roll: .

My commercial policy comes due in February, so we will see what it does. Last year it had an increase, but in prior years it had decreased or held the same depending on the year.

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drseti
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Re: Insurance rate shocker

Postby drseti » Tue Jan 14, 2020 11:55 am

My renewal quote just came in at $6446. That's a 24% increase from last year. I may well have to close the flight school...
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FastEddieB
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Re: Insurance rate shocker

Postby FastEddieB » Tue Jan 14, 2020 1:30 pm

drseti wrote:My renewal quote just came in at $6446. That's a 24% increase from last year. I may well have to close the flight school...


I hope you’re joking!

Though I suppose it depends on how much of your “large fortune” remains!
Fast Eddie B.
Sky Arrow 600 E-LSA • N467SA
CFI, CFII, CFIME
FastEddieB@mac.com

Wm.Ince
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Re: Insurance rate shocker

Postby Wm.Ince » Tue Jan 14, 2020 1:40 pm

FastEddieB wrote:
drseti wrote:My renewal quote just came in at $6446. That's a 24% increase from last year. I may well have to close flight school...

I hope you’re joking!

x2
Bill Ince
CTSW (E-LSA)
Retired Heavy Equipment Operator

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designrs
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Re: Insurance rate shocker

Postby designrs » Tue Jan 14, 2020 2:42 pm

drseti wrote:My renewal quote just came in at $6446. That's a 24% increase from last year. I may well have to close the flight school...


Fight it Paul. Reach out to other schools. See who they use. I assume that you haven’t had any claims.
FIGHT THIS! Everyone knows you can win!!
- Richard
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Previous Owner: 2011 SportCruiser
Author of: INDELIBLE SPIRIT - Overcoming Adversity and Living An Extraordinary Life, by Pilot Rich
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