Insurance costs for low time pilot

[rickdrey]

I've seen similar questions asked, but cant find anything specific to my question. My wife and I are purchasing our first plane and are looking at insurance. We are working to get all of our hours and ratings quickly, so we are both over 100 hrs, and have gotten that in about 6 months. We're 20 hours into our instrument rating and working to finish that as well

We're looking at a Piper Arrow II, so high performance, complex, and retractable gear. Insurance costs have understandably been high since we have no experience in the make and model, or HP, or RG

My question is, all of our insurance quotes have been for a full year. We're wondering if anyone has found a way to reshop your policy as you build time? We'll have our IR shortly, and will be flying the plane almost daily, so we'll be building time in it quickly. We're just wondering if we really need to wait a full year, to see if we can get our insurance costs down at all

Any tips or suggestions greatly appreciated! Thank you

 

[robin ardoin]

I've seen similar questions asked, but cant find anything specific to my question. My wife and I are purchasing our first plane and are looking at insurance. We are working to get all of our hours and ratings quickly, so we are both over 100 hrs, and have gotten that in about 6 months. We're 20 hours into our instrument rating and working to finish that as well

We're looking at a Piper Arrow II, so high performance, complex, and retractable gear. Insurance costs have understandably been high since we have no experience in the make and model, or HP, or RG

My question is, all of our insurance quotes have been for a full year. We're wondering if anyone has found a way to reshop your policy as you build time? We'll have our IR shortly, and will be flying the plane almost daily, so we'll be building time in it quickly. We're just wondering if we really need to wait a full year, to see if we can get our insurance costs down at all

Any tips or suggestions greatly appreciated! Thank you

I have heard that lately a couple of underwriters are entertaining that possibility. Ask a broker.

 

[Nick Geber]

I've seen similar questions asked, but cant find anything specific to my question. My wife and I are purchasing our first plane and are looking at insurance. We are working to get all of our hours and ratings quickly, so we are both over 100 hrs, and have gotten that in about 6 months. We're 20 hours into our instrument rating and working to finish that as well

We're looking at a Piper Arrow II, so high performance, complex, and retractable gear. Insurance costs have understandably been high since we have no experience in the make and model, or HP, or RG

My question is, all of our insurance quotes have been for a full year. We're wondering if anyone has found a way to reshop your policy as you build time? We'll have our IR shortly, and will be flying the plane almost daily, so we'll be building time in it quickly. We're just wondering if we really need to wait a full year, to see if we can get our insurance costs down at all

Any tips or suggestions greatly appreciated! Thank you

When I got my Mooney Ovation I had zero retract (about 500 hours with an IR, High Performance tho). I got insured initially through Avemco - 7,500/yr BUT I could call them when I reached 50 hours and they would reprice. I called them at 50 hours (which took 60 days) and they dropped the policy $2,500. I shopped it at the same time and got an even better quote by another $1,000. That’s who I went with. So - yes, Avemco will write that policy (although maybe others will allow you to reprice, I don’t know).