after gaining experience, do you requote insurance?

[Badger]

As a low hour pilot, my insurance will be relatively high (no plane yet); especially if aircraft is retractable, high performance, etc.

After gaining hours or an instrument rating, do I ask for a new quote or upon annual renewal of the policy is there typically a questionnaire that asks for updated history?

 

[Matthew]

I have renter's insurance that renews every year. The application does ask for hours of experience and advanced ratings. I think the new premiums are adjusted accordingly.

 

[Badger]

I have renter's insurance that renews every year. The application does ask for hours of experience and advanced ratings. I think the new premiums are adjusted accordingly.

thanks. With relatively limited providers of aviation insurance, seems like the competitive nature of re-quoting may not work as effective as home insurance.

From chatting with other pilots, sounds like most people say with the same carrier for many years, until some event causes rates to escalate, then they shop around.

 

[Matthew]

Actually, I may have mis-remembered. I do know my renter's insurance renewal form does ask about hours/ratings, but I think it's basically a flat fee per year. I can't remember now, I'll have to go back and look. But if you own a plane, there is definitely a difference in how the insurance company treats you the farther up the food chain you go.

 

[wabower]

The market for middle-of-the-road aviation coverage has expanded 3X, but that dramatic increase doesn't always translate to increases at the edges of the envelope. If you're using a broker, he/she will quickly tell you which carriers will quote the risk that your particular package represents to them (ie low-timer wanting coverage to fly a turbine-powered Beech 18 on floats --in the Congo) and which ones will duck the opportunity to do so.

thanks. With relatively limited providers of aviation insurance, seems like the competitive nature of re-quoting may not work as effective as home insurance.

From chatting with other pilots, sounds like most people say with the same carrier for many years, until some event causes rates to escalate, then they shop around.

 

[poadeleted20]

If you add a rating or upgrade your certificate, you can certainly ask the insurer for a revision of your policy (and reduced premium), and you'll often get it. And yes, every year you get a renewal notice including a questionaire regarding your total and recent experience, certificates, ratings, and accomplishments such as flight reviews. The insurer will review the information you provide, and adjust the premium to be charged for the upcoming year accordingly.

 

[Kiloalphadriver]

As a low hour pilot, my insurance will be relatively high (no plane yet); especially if aircraft is retractable, high performance, etc.

After gaining hours or an instrument rating, do I ask for a new quote or upon annual renewal of the policy is there typically a questionnaire that asks for updated history?

Badger:

A quick call to your insurance company would give you a good answer. They can tell you where the hour breaks are and if any outside programs (such as Wings) etc. will give you a lower rate.

You may be amazed by the little things that will get you a better rate!

They've got it all figured out..

 

[Henning]

As a low hour pilot, my insurance will be relatively high (no plane yet); especially if aircraft is retractable, high performance, etc.

After gaining hours or an instrument rating, do I ask for a new quote or upon annual renewal of the policy is there typically a questionnaire that asks for updated history?

If you own the plane, try requoting at 50 and 100 hrs if you are flying that in the first year; you may even see a rebate.

I can get 'full coverage' on an $85,000 plane cheaper than I can get 'full coverage' on a $40,000 car now.

 

[Henning]

From chatting with other pilots, sounds like most people say with the same carrier for many years, until some event causes rates to escalate, then they shop around.

It pays to shop annually. Find a good broker and they handle it for you, there are several in the industry and the product market they have available is growing. Don't forget to call Avemco though. Sometimes they beat in the strangest circumstances you'd think they'd avoid.

 

[Fearless Tower]

As a low hour pilot, my insurance will be relatively high (no plane yet); especially if aircraft is retractable, high performance, etc.

After gaining hours or an instrument rating, do I ask for a new quote or upon annual renewal of the policy is there typically a questionnaire that asks for updated history?

Your insurance company will usually have you update your info to include flying time every year and that will be factored into your premium.

However, if you do something like achieve your IR mid-year or make a large increase in flying time mid-year, you might want to let them know when it happens as they may lower your premium early. AVEMCO has been very good at doing that for me.

 

[Ted]

Every year I've received a questionnaire from my insurance broker. She then gives the underwriter my new information, and my premium is changed accordingly. You'll tend to notice a significant decrease the first few years, and then it will level off as you get more experience.

 

[Badger]

thanks for all the replies. Thus far, I have only contacted AOPA for a quote. Are they considered an insurance 'broker'? Quote lists London Aviation as the underwriter.

 

[zaitcev]

A broker is between you and the insurance company. I heard good things about AirPower in Arizona.

 

[Ted]

When I called AOPA, their rates were pretty high.

I'd be glad to give you the name of my broker, she's been excellent for me. Great customer service and prices. PM me if you're interested.