13 INSURANCE COMPANIES

ksandrew

ksandrew

Pre-takeoff checklist
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Oct 22, 2014
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1GA6 Dawson Georgia USA
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ksandrew
Hi all fellow aviators,
I have been told that there are only 13
insurance companies that cover aircraft, I am wanting quotes from all 13 of these companies to make sure I am getting the best rate. Brokers only seem to deal with a handful of companies so I am searching for the rest. So far I have quotes from the following.
AIG
Global
Old Republic
USSIC
USAIG
Aerospace
QBE,
Avemco.

I am looking for the other five or more companies, not sure why a broker can not contact all the companies as he is supposed to be working for me and seeking the best deals out there.

My tail number is not tied up with any companies not mentioned above.

Life is a barrel of fun.

Ken Andrew
 
I heard that all insurance companies use the same underwriters so all will quote you exactly the same. If you have multiple quotes that are different, maybe that is not so...

The only exception is Avemco, they supposedly have their own underwriters...

I'm waiting on a quote for my new plane and I have renters insurance with AP Aerospace (affiliated with AOPA).
 
FPK1 said:
I heard that all insurance companies use the same underwriters so all will quote you exactly the same. If you have multiple quotes that are different, maybe that is not so...
Click to expand...

I don’t think that’s the case, my second year owning my plane, my broker suggested I switch to a different insurer because they were cheaper for slightly better coverage. Neither of them were Avemco (though, off hand I don’t remember who they were).
 
Avemco was twice as much as most of the quotes I had from the usual suspects. I told the guy on the phone that and he tried to explain how much better they were than the rest of them. 5 grand vs $2500, yea, not twice as good.
 
Im not totally sure but I beleive the difference in quotes is likely the amount the broker makes. Underwriting might be the same but the brokers have different fee structures from others.
 
Tom Hauge at Wing Insurance will show you the quotes from all companies that offer you coverage.
He has been able to get coverage on many who were previously denied.
The quotes are all different so while I believe in some cases underwriter exclusivity occurs, it can't be the case with Wings because of the different quotes offered.
 
I had good luck with Avemco when a hurricane destroyed my plane in the hangar. We were returning from evac and went directly to the house (not the airport) to see how the home came out. Got a call from the adjuster who beat me to the airport, got my N number and called me. Was told that it was totaled. Fast check. Good experience.
 
Unit74 said:
Avemco was twice as much as most of the quotes I had from the usual suspects. I told the guy on the phone that and he tried to explain how much better they were than the rest of them. 5 grand vs $2500, yea, not twice as good.
Click to expand...

Interesting. Avemco was significantly cheaper than the other quotes I got this summer when buying my new plane.
 
Unit74 said:
Avemco was twice as much as most of the quotes I had from the usual suspects. I told the guy on the phone that and he tried to explain how much better they were than the rest of them. 5 grand vs $2500, yea, not twice as good.
Click to expand...

They’re the only one that won’t drop you when you turn 75. So some recommend switching to them before 70 so you have history with them. At 60 they were 50% more expensive.

Anyone try USAA?
 
Quotes are done by N number. Using different brokers who are all using the same companies normally produces the same quotes and some companies dislike it when they are asked to quote the same N number multiple times.
 
Went with Parker at Airspeed and received good information and recommendations. He noted he can tell the difference between underwriters at the same company based on the checkout requirements. Also, my current insurance company quoted up +250 (USAIG) but he found another for -750 less (Old Republic) that wouldn’t quote me last year because I didn’t have any hours in type. So while there may be 13 total, not all will quote due to location (may not be licensed in your state), experience, age, make/model, or more.
 
masloki said:
...while there may be 13 total, not all will quote...
Click to expand...

This, right here, is why you won't get 13 quotes. Some won't cover pre-70's planes, some refuse certain models outright (hello, Cessna 210,) and other won't cover until you hit thresholds like 500hrs.
 
Jeff767 said:
Quotes are done by N number. Using different brokers who are all using the same companies normally produces the same quotes and some companies dislike it when they are asked to quote the same N number multiple times.
Click to expand...
They lock all other brokers out when they write the quote. If you want to change brokers, the new one will need a broker of record letter to open those markets back up.
 
libertas said:
They lock all other brokers out when they write the quote. If you want to change brokers, the new one will need a broker of record letter to open those markets back up.
Click to expand...

Sounds like a monopolistic practice.
 
I have been using Starr Companies through Joe Ruck at Aviation Insurance Resources.
 
AOPA had a nice article about insurance and age discrimination (there is no data showing age is associated with higher accident rates, they are assuming this is so). Probably deserving of a separate thread. (hopefully, one devoid of AOPA-haters lol)
Maybe there already is one.
 
MooneyDriver78 said:
Anyone try USAA?
Click to expand...
I used to, but their general agency which handles aviation work is ABSOLUTELY TERRIBLE (atypical for the rest of the company).
Even though just about every piece of insurance (car, house, umbrella, etc...) I have is through them, my Aviation policies are NOT any longer after the USAIG debacle.
 
Companies currently writing aviation insurance in the United States:

Centurion (only writes Quota Share)
HCC (Tokio Marine)
AIG
USAIG
Global
Starr
Allianz
W. Brown
AXA/XL (Catlin)
Old Republic
QBE
Great American
USSIC (Tokio Marine)
Avemco (Tokio Marine)
Aerospace Insurance Managers (Hallmark)
London Aviation Underwriters (StarStone)
IAT (Harco)
Acceleration (American National)
Applied Underwriters (coming soon)
Beacon Aviation (coming soon)

Not every company will insure every aircraft or risk type. If you got 8 quotes you did very well. Your insurance broker should be able to tell you which companies declined or would not consider your risk.
 
MooneyDriver78 said:
Sounds like a monopolistic practice.
Click to expand...
I have never understood it. The underwriter has already written the policy for whatever it is you are looking for. It should be no skin off their backs to simply send it to another broker. As a customer, you would then be able to see what brokers are making more or less on the same underwritten policy. There is probably some pricing structures involved with brokers that would hurt feelings if divulged.... but I'm just a customer, don't mind me. Whatever. I'm just guessing anyway, I could be totally wrong.
 
Let'sgoflying! said:
Tom Hauge at Wing Insurance will show you the quotes from all companies that offer you coverage.
He has been able to get coverage on many who were previously denied.
The quotes are all different so while I believe in some cases underwriter exclusivity occurs, it can't be the case with Wings because of the different quotes offered.
Click to expand...
That is who I use and the best quote was from IAT to cover me and my new 2022 Tecnam P2010 MkII (to be delivered in the next couple of weeks). Five star service from Tom!
 
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