Insurance 2nd year in a complex aircraft

Jim K said:
Insurance is so weird. Last year avemco wouldn't go above 148k; this year I asked them to quote 225, and they did it no questions asked, but at a 60% increase over last year. Found a good broker and she got me covered at 225 with higher limits for a couple hundred bucks less than I paid last year.
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Having spent some time in the insurance industry, I'm expecting the insurance market to soften (get better for customers), primarily as a function of higher interest rates. That's typically the relationship.
 
kaiser said:
Having spent some time in the insurance industry, I'm expecting the insurance market to soften (get better for customers), primarily as a function of higher interest rates. That's typically the relationship.
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I hope you're right. All of my premiums are up. partly because our state AG said insurance companies can't use credit scores because they are somehow discriminitory....

Airplane insurance is out there too, hopefully gets a bit easier.
 
Everything is discriminatory these days….

But hey, your credit and history proves you’re responsible, others are clearly not and their rates are so high they choose to never insure. Guess in the end the responsible people pay for them.
 
I ended up changing house insurance too, rates were crazy but just that, they call, email, text, mail stuff all the time to get me to buy other insurance. I clearly told them don’t market to me, respect my information…. They never stopped, ended the insurance with them and found someone else for 60% cheaper, then they called again left a VM asking me to buy another insurance policy. Guess they can’t listen well… lost customer and won’t go back.
 
Just got my renewal policy in…

IAT 1st yr $2800 2nd yr $3277
Hull 80k -> 90k
Deductible $500 / $100 NIM
Open pilot IR 300TT 100R 15T

Global Aerospace $1848
Hull 90k
Deductible $0/$0
Open pilot IR 300TT 25R 10T

Both say valid in US Canada Mexico but Global specifically says en route to HI AK and Bahamas.

So I’m thinking existing insurers are trying to pop up rates for renewals as that just isn’t right to increase me, as the first year for a low time pilot is definitely high risk and yes I felt that too! After putting well over 100hrs in my airplane in the past year (actually 10 months) and adding a commercial rating, I deserve a lower rate not a higher one. Disrespectful! Shame on IAT.

Anyone have any thoughts on hull value? I really don’t know how to value it. When the market was hot I was thinking easily 120k but saw some recent planes for sale that had better avionics at that price point so I scaled back a little.
 
Just called to renew my policy, it would save approx $70 to decrease hull by 10k and it cost $58 more to increase hull by 9k so I insured at 99k which was the highest they could do without needing an underwriter approval. $1906/year, done.
 
Other quotes were
AIG $2226
Starr $4396
 
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