Insurance for 65 and older

brien23

brien23

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Brien
After watching the AvWeb insurance video about older pilots and complex or twin aircraft being dropped or their renew rates double, how many still fly without any insurance.
 
I am 71 and my insurance has been reasonable until this year. The complex almost doubled and the taildragger went up abut 30%. The difference between the two might be that I flew more hours in the taildragger than the Mooney.
 
I think 80+ is when you’re at risk of being dropped. This happened to a fellow Mooney pilot, no claims, just had insurance cancelled at 82.
 
I'm 71 and Avemco didn't increase my insurance. I doubled my hull coverage and saw an actual percentage decrease.
 
Mine has gone down every year for a while until this year, when there was a modest (10%) increase. I'm over 65, and fly a fixed gear aircraft. One key is to stay with the same carrier, if possible. My current carrier has insured me for more than 10 years, and does not have issues with BasicMed. And so far, no requirement for an annual flight review, although that is not a bad idea. I do IPCs every 6 months, anyway, just to get a set of independent eyes on my instrument ability.
 
The av web video was very informative, but there still are many variables the insurance carriers use in evaluating coverage. I’m 74 and still insured at a reasonable fee.
 
Our club dues haven't changed, so probably no impact to insurance rates.
 
I'm 82 with 2 simple airplanes insured for 25 and 20K. Bill went up $200.00 to $1600.00 this year. It's been creeping upward for years.
 
Out of curiosity are there any studies on how GA accident probability varies with pilot age? I've certainly heard a bunch of accidents in the past year where the pilot was 70+, but then again the GA pilot population is probably skewed older as well.
 
MooneyDriver78 said:
I think 80+ is when you’re at risk of being dropped. This happened to a fellow Mooney pilot, no claims, just had insurance cancelled at 82.
Click to expand...
I am 86 with no claims in in my 8000 hours mostly in a C-210D except for $400 vandalism about 30 years ago. I really only care about liability but the $100,000 per seat limit means no PAX except for family. I think this year's increase is in line with the general increase everybody seems to be getting. Due to pandemic I may not even fly at all this year as no where to fly to so the insurance company is really making money off of me. Should insurance get cancelled I will just self insure.
 
At what % of hull value would y’all consider self insuring?
2%?
5%?
10%?

Or if can’t afford the insurance you wouldn’t fly?
 
MooneyDriver78 said:
At what % of hull value would y’all consider self insuring?
2%?
5%?
10%?

Or if can’t afford the insurance you wouldn’t fly?
Click to expand...
Tough one...that really depends
3% would be the tipping point for me.
I currently pay around 1.2%
 
Adam Weiss said:
Tough one...that really depends
3% would be the tipping point for me.
I currently pay around 1.2%
Click to expand...
So, you expect to go 33 years without totaling the aircraft? It's almost stupid to file a claim for less than totaling anyway, so 33 years without a claim. Might as well self insure now if those odds are to your liking. o_O
 
Salty said:
So, you expect to go 33 years without totaling the aircraft? It's almost stupid to file a claim for less than totaling anyway, so 33 years without a claim. Might as well self insure now if those odds are to your liking. o_O
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When you put it that way, you’re absolutely right.
However, liability is my major concern.

EDIT: and yes, I expect to NEVER total my aircraft.
 
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