Insurance

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Insurance

Postby 170C » Fri Aug 03, 2018 2:11 pm

Anybody else experiencing premium increases on their aircraft coverages? Mine have been level for the past several yrs, but renewal (with Travers) is 15% higher for 2018/2019 term.
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Re: Insurance

Postby lowNslow » Fri Aug 03, 2018 3:38 pm

My coverage this year with Travers actually went down.
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Re: Insurance

Postby IA DPE » Fri Aug 03, 2018 5:29 pm

There was article in AOPA this month about it. Said on average most were going to go up.
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Re: Insurance

Postby 170C » Mon Aug 06, 2018 10:31 pm

Might be an age thing with the markets Travers uses? Think I'll do some shopping.
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Re: Insurance

Postby mit » Tue Aug 07, 2018 1:13 am

Mine is due in Oct Bill White she emailed me that it was probably goin up. :(
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Re: Insurance

Postby Kurt Aichele » Tue Aug 07, 2018 2:39 am

We have Falcon Insurance out of Kerrville, TX. It went down $100.00 from last year, BUT, they would not do the same hull coverage of $40,000 that we had for quite a few years unless we wrote a long justification as to why it should be covered for that amount. Then they would have to accept our justifications. So we went with $30,000 and didn't have to write up anything. Anything over the $30,000 had to be justified. May be looking elsewhere next year.
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Re: Insurance

Postby strangebird » Tue Aug 07, 2018 3:49 pm

My premium increased $50,00 from $800.00 to $850.00, hull is $45,000, $1,000,000 Liability and $100,000 sub limit each person. deductible $100 not in motion, $500 In motion, medical $20,000, $5,000 each person, renewal was May 1 2018.

Aircraft is hangared on a grass strip.

The hull value was never questioned.

I think the quote was pretty good since they had not raised rates in four years, unlike my home and autos.

I have a commercial, instrument rating, multi engine SES, and about 6,000 TT with 2,000 TW, and 50 in the 170, the instrument rating helps and the tail wheel time , your TT, TW time and if you are IFR are factors and unfortunately age

Carrier is US Specialty, broker is James A. Gardener Company, Marietta GA,,,,, excellent service and great to work with.

Here are the other quotes the broker obtained, for the same coverage

1. Aerospace Insurance Managers, Inc. – Quoted $1,163
2. AIG Aerospace Insurance Services, Inc. – Quoted $928
3. Elevon Aviation Services Solutions, LLC – Quoted $984
4. Global Aerospace, Inc. – Declined
5. Old Republic Aerospace, Inc. – Declined
6. QBE the Americas – Quoted $1,326
7. Starr Aviation Agency, Inc. – Quoted $1,072
8. U.S. Specialty Insurance Company – Quoted $850
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Re: Insurance

Postby flyboy122 » Tue Aug 14, 2018 3:02 am

After years of steady decreases, my insurance more less leveled off this year. Based on what I've read and heard from others about increases, I considered this a win. Usually I argue with them, but this time I just sent a check. $818 for $45k in hull and $1m/100k liability. I have Global with Falcon as the broker. The best aviation attorney I know says that Global has the best policy terms for the customer, and for me at least they've been competitive on price.

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Re: Insurance

Postby 170C » Tue Aug 14, 2018 9:56 pm

For several years I have had my insurance with Tokio Marine HCC and the specific company is U S Speciality Ins Co out of Plano (Dallas suburb), TX. The policy itself shows U S Specialty to be out of Houston, TX. Not sure what is correct, but in any case its through Travers & Associates, an advertiser with the 170 assn. When I turned 70 Travers suggested I go with US Specialty as they would not require an annual physical AND they saved me between $300-$400 premium ($700). This is for $40k hull & $1mm liability with $5k medical. Last year I increased the hull to $45k and the premium went up to $760. This yrs renewal (same limits) went up to $875. Broker said the aviation insurance markets have been in a "soft" phase for several yrs and now most rates/premiums are increasing which when I was in the industry (Inland Marine) we called it a "hard" market. Unfortunately a hard market was usually of short duration. I considered shopping around to see if I could get a better deal, premium wise, but after reading the article in a recent issue of AOPA Pilot I decided maybe, at my age and the age of my plane, that maybe I would be better off to pay the additional 15% increase and hope the company will stay with me as I age. We will see. I mailed a check a few days ago.

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Re: Insurance

Postby GAHorn » Tue Sep 11, 2018 4:37 pm

I'm with the same carrier as you, Frank, but through Falcon in Dallas. My 170B is insured to $70K hull and the 172 is insured to $40K. Both have the traditional $1M liability, $100K per pax, and $20K med per pax. $100 Ded not-in-motion and $500 Ded in-motion. The premium for the 170B is $1260 and the 172 is $913 (with a student pilot training/solo also approved.) No special requirements for my medical (but I keep a Class II current).
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Re: Insurance

Postby Joe Moilanen » Wed Sep 12, 2018 1:09 am

gahorn wrote:I'm with the same carrier as you, Frank, but through Falcon in Dallas. My 170B is insured to $70K hull and the 172 is insured to $40K. Both have the traditional $1M liability, $100K per pax, and $20K med per pax. $100 Ded not-in-motion and $500 Ded in-motion. The premium for the 170B is $1260 and the 172 is $913 (with a student pilot training/solo also approved.) No special requirements for my medical (but I keep a Class II current).

I agree with you George, I've been through Falcon for years now. Mine is less than 1K a year but have a little less hull then you ( I'll make up the difference). I go through Falcon out of Upland , CA. I believe that finding a good company and staying with them pays off in the long run. If you want to check out Falcon call 909-949-4993 and ask for Christine Avery to get a quote. Tell her that I recommended her to you, she's a great person and I think you'll be happy with their service and price.
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Re: Insurance

Postby rschreiber » Tue Dec 08, 2020 9:19 pm

Anyone have updated insurance premium numbers to share? I just got quoted $2935/yr. with a 60k hull value, $1,000,000/$100,000 liability, and $1,000 deductible, up 23% from last year. I’ll have a few more quotes coming in as I approach my renewal date in January.
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Re: Insurance

Postby dstates » Tue Dec 08, 2020 9:31 pm

Mine is $1013/year with a $40k hull value, comprehensive, zero deductible, $1,000,000 liability with $100,000 limit per person.

When I got this quote I had about 150 tailwheel hours and 450 total hours, zero time in type, hangar, grass home runway. I'm sure there are other factors.

One interesting thing is I recently updated avionics and increased my hull value from $25k to $40k and my premium went from $779 to $1013.

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Re: Insurance

Postby SethR » Wed Dec 09, 2020 12:59 am

$1800 annually for newbie tailwheel pilot and about 270 total time with $50,000 hull value.
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Re: Insurance

Postby 170C » Wed Dec 09, 2020 2:21 pm

My Sept 20 renewal with Travers (US Specialty) was $1,035. $45k hull, $1m liab with $100k per person, $5k med per person, no ded in motion or in flight. That's $135 more than expiring and they now require an annual flight review as well as an annual physical due to age and possibly tailwheel. However, they readily accept a Basic Med physical which I received in Feb $100. This premium was $533 less than Avemco's quote.
The underwriter at US Specialty still must not be all that knowledgeable on aircraft specifics. I find that strange. They still require a open pilot warranty and that person must have 750 total hrs, 150 conventional gear and 15 hrs in same make & model. (I can add most anyone as a named pilot with less than 15 in m&m?) I have discussed this with my Travers underwriter numerous times pointing out any pilot with 140, 170, 180, 185 time can certainly fly a 172 tailwheel aircraft without 15 hrs in m&m, but to no avail. I've decided just to let that old dog lie!
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