Insurance

A place to relax and discuss flying topics.

Moderators: GAHorn, Karl Towle, Bruce Fenstermacher

User avatar
170C
Posts: 3182
Joined: Tue May 06, 2003 11:59 am

Insurance

Post by 170C »

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.
OLE POKEY
170C
Director:
2012-2018
User avatar
lowNslow
Posts: 1530
Joined: Mon Apr 22, 2002 4:20 pm

Re: Insurance

Post by lowNslow »

My coverage this year with Travers actually went down.
Karl
'53 170B N3158B SN:25400
ASW-20BL
User avatar
IA DPE
Posts: 208
Joined: Fri Nov 10, 2017 1:46 am

Re: Insurance

Post by IA DPE »

There was article in AOPA this month about it. Said on average most were going to go up.
1955 C170B N2993D s/n 26936
1986 DG-400 N9966C
User avatar
170C
Posts: 3182
Joined: Tue May 06, 2003 11:59 am

Re: Insurance

Post by 170C »

Might be an age thing with the markets Travers uses? Think I'll do some shopping.
OLE POKEY
170C
Director:
2012-2018
User avatar
mit
Posts: 1049
Joined: Wed May 01, 2002 1:54 am

Re: Insurance

Post by mit »

Mine is due in Oct Bill White she emailed me that it was probably goin up. :(
Tim
Kurt Aichele
Posts: 121
Joined: Sun Dec 03, 2006 3:44 am

Re: Insurance

Post by Kurt Aichele »

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.
strangebird
Posts: 77
Joined: Wed Feb 20, 2013 1:15 am

Re: Insurance

Post by strangebird »

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
flyboy122
Posts: 324
Joined: Mon Apr 21, 2014 2:30 am

Re: Insurance

Post by flyboy122 »

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.

DEM
User avatar
170C
Posts: 3182
Joined: Tue May 06, 2003 11:59 am

Re: Insurance

Post by 170C »

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.

Frank
OLE POKEY
170C
Director:
2012-2018
User avatar
GAHorn
Posts: 20967
Joined: Fri Apr 12, 2002 8:45 pm

Re: Insurance

Post by GAHorn »

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).
'53 B-model N146YS SN:25713
50th Anniversary of Flight Model. Winner-Best Original 170B, 100th Anniversary of Flight Convention.
An originality nut (mostly) for the right reasons. ;)
User avatar
Joe Moilanen
Posts: 596
Joined: Sun Dec 28, 2003 5:45 am

Re: Insurance

Post by Joe Moilanen »

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.
User avatar
rschreiber
Posts: 49
Joined: Wed Dec 18, 2019 4:36 pm

Re: Insurance

Post by rschreiber »

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.
Ryan
User avatar
dstates
Posts: 472
Joined: Sun Jun 30, 2019 5:50 pm

Re: Insurance

Post by dstates »

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.

Doug
N1235D - 1951 170A - SN: 20118
SethR
Posts: 5
Joined: Tue Sep 01, 2020 1:11 am

Re: Insurance

Post by SethR »

$1800 annually for newbie tailwheel pilot and about 270 total time with $50,000 hull value.
Insured through Assured Partners Aerospace
User avatar
170C
Posts: 3182
Joined: Tue May 06, 2003 11:59 am

Re: Insurance

Post by 170C »

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!
OLE POKEY
170C
Director:
2012-2018
Post Reply