Insurance rates

Briar Rabbit

Briar Rabbit

Line Up and Wait
Joined
Mar 22, 2017
Messages
626
Location
Albion, Nebraska
Display Name
Display name:
Rob
We renewed our insurance earlier today, $2,195 for $120,000 Hull coverage in a high performance single engine complex airplane. My partner is not instrument rated so that hurts a bit. Our agent warned us not to consider going to a light twin as he is having trouble getting reasonable premiums this year for them. Gave a couple of examples of $9,000 to $11,000, don’t know how much of an increase that is from last year but that sure shuts down any thoughts of upgrading!
 
in many cases if you roll the insurance premium into the overall cost of ownership, it will stop appearing to be an issue.
Say the 3 of you burn 6000 gallons of avgas a year (10 aside x 2 eng x 300hrs x $5); $30K per year - insurance cost would only be 1/3 of that.
Or, the light twin market is depressed so you get a smoking deal on one, save $50K - you can buy several years of insurance with that savings.
 
I just renewed mine on Friday and my insurance broker mentioned that he’s seeing rates mostly going up this year (but mine went down 33%, I would assume from switching companies / me getting my instrument rating).
 
Why not have him spend the difference to get an instrument rating and then the insurance rate will be better and he will be a more competent pilot?


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I just sent in the application for my renewal. Bracing for the news ;(
 
Ravioli said:
I just sent in the application for my renewal. Bracing for the news ;(
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Mine went down again. ~$750 on an RV-6 insured for $55k.

Of course, yours will be higher with that sketchy nosewheel. ;-)
 
I think we paid 4200.00 for our 310 with 140k hull. My partner is atp, but only had a few hours in make and model. I was instrument rated private with about 15 hours in make/model. We just sent in renewal paperwork, I have 180 multi with 80 in make model plus commercial rating. My partner has about 100 make/model. Expecting a decrease but am guessing premium will be around 3,500.00.
 
kyleb said:
Mine went down again. ~$750 on an RV-6 insured for $55k.
Of course, yours will be higher with that sketchy nosewheel. ;-)
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I don't think it's the sketchy nose wheel, it's the sketchy pilot :)
 
I used to own an airplane with a low time private pilot. Our company split up our premium between us, which I thought was a fair way to do it. Just a thought.
 
Briar Rabbit said:
Our agent warned us not to consider going to a light twin as he is having trouble getting reasonable premiums this year for them. Gave a couple of examples of $9,000 to $11,000, don’t know how much of an increase that is from last year but that sure shuts down any thoughts of upgrading!
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You need a new agent. o_O

I just got insurance for a Travel Air in January and the rate was $2195 for the year with $65K hull coverage and the normal $1MM limits. I had zero time in type and only 20 hours multi. My agent said he expects it to come down a little next year with more time in type.

Cheers,
Brian
 
tawood said:
I just renewed mine on Friday and my insurance broker mentioned that he’s seeing rates mostly going up this year (but mine went down 33%, I would assume from switching companies / me getting my instrument rating).
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yup....mine went down. ;)
 
Think my last quote was like 3500ish for a high performance amphibian. That was via AirPower insurance
 
Do insurance premiums vary by location? Car insurance sure does but I don't know if aircraft insurance does as well. I'm in MN, $100,000 hull, 1 mil, complex, HP single, no IFR and ~ 500hrs total time. My rate is ~$1200/yr. Started out 4 yrs ago almost double that, but has come down as I have gotten more time in type. Hopefully adding my IFR rating this month, just renewed last month so I'd guess it won't go down until maybe next year.
 
GBSoren said:
Do insurance premiums vary by location? Car insurance sure does but I don't know if aircraft insurance does as well. I'm in MN, $100,000 hull, 1 mil, complex, HP single, no IFR and ~ 500hrs total time. My rate is ~$1200/yr. Started out 4 yrs ago almost double that, but has come down as I have gotten more time in type. Hopefully adding my IFR rating this month, just renewed last month so I'd guess it won't go down until maybe next year.
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I imagine they do, since they ask for which airport it will be based.
My rate here in Florida is same as yours.


Tom
 
GBSoren said:
Do insurance premiums vary by location? Car insurance sure does but I don't know if aircraft insurance does as well. I'm in MN, $100,000 hull, 1 mil, complex, HP single, no IFR and ~ 500hrs total time. My rate is ~$1200/yr. Started out 4 yrs ago almost double that, but has come down as I have gotten more time in type. Hopefully adding my IFR rating this month, just renewed last month so I'd guess it won't go down until maybe next year.
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That’s a good price.
 
$922 for $170k hull value 182 this year. Not horrible!
 
yeah, how do insurance companies get around the age discrimination issue which in all other facets of our American lives would have you in court? Is it because the elderly actually have a higher loss rate (or they think it is so)?
Seriously wondering. (I think they should give the aarp aviation insurance discounts!)
 
pmanton said:
If you think insurance is high now, just wait till you hit 80 :eek:
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Dads insurance stayed the same, for 7 years after he turned 80. Then he sold his 182. Now he can't get insurance. They told him that if he'd not canceled his policy when he sold, it would be no problem. even at 91. So, he just flys under the open pilot clause on my policy.
 
flight2000 said:
You need a new agent. o_O

I just got insurance for a Travel Air in January and the rate was $2195 for the year with $65K hull coverage and the normal $1MM limits. I had zero time in type and only 20 hours multi. My agent said he expects it to come down a little next year with more time in type.

Cheers,
Brian
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I think I'd like to talk to your agent...
 
Eric Stoltz said:
I think I'd like to talk to your agent...
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Travers & Associates out of Saint Louis. I've been with them for almost a decade and this is my third aircraft while using them. They have no issues looking or even switching underwriters as needed to find the best solution, at least that has been my experience with them. Never had a claim (knock on wood), so I've been fortunate never to have experienced that end of the rope and hope to avoid it in the future. ;)

Current underwriter for my Travel Air is U.S. Specialty Insurance Company. When I was shopping for a twin to upgrade from the Bonanza, all of the smaller twins (TA, TC, Cougar, etc...) were about in the same range. They did tell me one unnamed underwriter came in at $4600 with 25 hours dual required. Bad enough I got hit with 15 hours dual, but I did that with a couple of long cross countries and all the normal in-air work over two days with a Bonanza/Baron Pilot Training (BPT) instructor. The stuff he showed me was well worth the 15 hours. :D

https://www.traversaviation.com/

Cheers,
Brian
 
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C-180 insured at 135k cost me 2k in insurance. 100k liability etc. It was 1600 last year, but then the plane was only insured for 85k, and I had only 10 hours in type. Now I have ~200.
 
Let'sgoflying! said:
yeah, how do insurance companies get around the age discrimination issue which in all other facets of our American lives would have you in court? Is it because the elderly actually have a higher loss rate (or they think it is so)?
Seriously wondering. (I think they should give the aarp aviation insurance discounts!)
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Marketing, stupidity and lobbyists, just look at how they forced people to buy their product to drive a car, and most people look at you all crazy when you question the morality of that.

Same way that a medevac can pick you out of a mangled car after a crash at 0200 under NVGs on some middle of nowhere road, save your bacon, yeeeet when your deadbeat insurance refuses to pay out, even though you always paid in, you and the “news” will 9/10 times blame the medevac

I’m not sure why, but people let the insurance industry get away with crazy crap IMO.

Reminds me of
 
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James331 said:
I’m not sure why, but people let the insurance industry get anway with crazy crap IMO.
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It's called regulatory capture. Don't blame the denizens, we got no money with which to "exercise our free speech" with if you catch my drift. We do have numbers, and perhaps this is where this will end up. A shame it always has to come to bloodshed, but here we are.
 
flight2000 said:
Travers & Associates out of Saint Louis.
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I've been with them since getting my 182. They're ok, but both years so far I've had to contact them again a few weeks after paying (well after the new policy has started) and ask if they're ever going to send the new policy. They then send it right away, so it seems they just forget? They also did a pretty half-hearted job of (failing to) find insurance for round-the-world, after initially talking up how they did this all the time and it'd be no problem.

My experience is they get decent rates for simple stuff, but more complex issues and communication are not strong points!
 
Katamarino said:
I've been with them since getting my 182. They're ok, but both years so far I've had to contact them again a few weeks after paying (well after the new policy has started) and ask if they're ever going to send the new policy. They then send it right away, so it seems they just forget? They also did a pretty half-hearted job of (failing to) find insurance for round-the-world, after initially talking up how they did this all the time and it'd be no problem.

My experience is they get decent rates for simple stuff, but more complex issues and communication are not strong points!
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I've been with Travers for ~12 years now on my T210 as well as my no-aviation exclusion life insurance. They are always very proactive about shopping the policy and I've been very happy with the rates they provide me. I usually get a couple different carriers every year to choose between and they go over the differences if any. I've not had any difficulties with their communication, but other than the annual renewal time, I haven't had much need for communication with them.
 
Ryan Klems said:
I've been with Travers for ~12 years now on my T210 as well as my no-aviation exclusion life insurance. They are always very proactive about shopping the policy and I've been very happy with the rates they provide me. I usually get a couple different carriers every year to choose between and they go over the differences if any. I've not had any difficulties with their communication, but other than the annual renewal time, I haven't had much need for communication with them.
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Do you care to share what your T210 rate is and what your policy limits are? How many pilots and all instrument rated?
 
Briar Rabbit said:
Do you care to share what your T210 rate is and what your policy limits are? How many pilots and all instrument rated?
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I believe this most recent renewal was $2700 with myself and a friend of mine as the named pilots. We are both instrument rated (both CFI/CFII actually). That's at $180k hull value and $1M/$100k. One of the quotes was $2100 this year, but I chose not to go with it, because I had never heard of them and Travers didn't have any real experience with them (I think they were new to the market or something). Even though that'd be a big savings and I've not had a claim, I'd hate to find out they were hard to get to pay if something happened! I am probably switching to $1M smooth next year, which was about another $500 IIRC.
 
Just got my quote back. $50 more than last year. Check in the mail.
 
The road racing metaphor for @Ravioli got re-insured......:D
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Ravioli said:
Not sure I get the joke, or that you know what metaphor is.
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It's all good bud... It was just a pun about your prior posts and being nervous about getting renewed, as a self-ascribed "sketchy pilot" (posts #5 and #8). The meme meant to illustrate "better lucky than good" to you getting renewed. :thumbsup:
 
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