Insurance

Rudy Mantel · Post by **Rudy Mantel** » Wed Oct 16, 2002 8:06 pm

The rates are definitely going up- insurance companies traditionally depend on their invetment income and of course that's in the toilet these days. Their overall profits are going from obscene to merely excessive.
Although I'm insured with AVEMCO, today I contacted AIG for a quote, having heard on this forum that they are the least expensive. AIG would only insure my hull for $38,000 - (it's insured for $50,000 with AVEMCO, which is what I have in it.) The quote, with the usual inadequate liability limits, was $1,020. They seemed unimpressed with Int'l C-170 Association membership. I have over 6,000 hours TW and over 200 in this airplane.
I'm 70 so maybe that was a factor ?
I hate to think what AVEMCO will come up with for renewal...
Rudy

Post by **GAHorn** » Thu Oct 17, 2002 3:04 am

What contact number did you use, Rudy? They certainly shouldn't act "unimpressed", as they advertise on the back cover of our Directory! They'll even pay for your first year's membership in our Association if you're not a member! Try 800/654-4215 or 800/825-2828, in case you've contacted some local broker instead of going direct to our advertiser.
Oh, yeah,....and all brokers will usually insist that the standard, average "bluebook" is all they'll quote for hull coverage. Baloney. Tell them you insist on higher hull, and provide them with an equipment list, photos, and a statement of why it's worth more than the bluebook, and they'll be very happy to charge you an appropriately higher premium.

David Laseter · Post by **David Laseter** » Fri Oct 18, 2002 11:04 am

I just insured my 170 for $40,000 @ ~ $917 with AIG.
This was last Thursday. The coverage date begins Oct 22, the day before we fly from Alaska.
I called, as gahorn wrote, 1-800-654-4215 the first number listed on the back of the Membership Directory.
They told me $40,000 was the usual and asked me if I was a 170 club member. The person I talked to was real proud of their connection to the 170 club and I believe that got me a discount.
She did tell me that 271 hrs, in make & model, is the number that puts us in a better category.
Dave

doakes · Post by **doakes** » Fri Oct 18, 2002 2:42 pm

To clarify:
I was turned down by this same company that most of you have had good success AIG.
I wanted to change agents. The Agent is ok, I have nothing against them , Usually an indepented agent has higher rates. I was insured with AIG already.
At renewal time, AIG decided that my runway was too short and sent my agent a letter stating that I was not going to be insured by them in the future. I thought that they did not like the grass strip.
So I called the 800# found in the 170 flyer. They said no way were we going to insure me on the short strip (<2000 feet) I had insurance with them for 5+ years. So why now? She could not tell me, just their underwriter said too short runway. No way!
So I considered not having insurance. That was really not satisfying and later recalled my previous carrier. They said they would call the underwriter and they did. Alas! the underwriter said Yes.
So now I have insurance, except that I pay the same as most of you are 900-1000$ but for less coverage. Liability and Ground and Taxi.
Go figure!

Post by **GAHorn** » Fri Oct 18, 2002 6:00 pm

What is your field elevation? On a standard day 2000 ASL, (or if your typical density alittude is above2000 ft,) then the performance specs for the airplane agrees with AIG.

doakes · Post by **doakes** » Fri Oct 18, 2002 11:22 pm

My field is 1000 MSL.
I do not take off with a full load. If I am taking passengers then I fly to the local airport with 2500' of runway. I have never had trouble taking off nor landing with this length.

zero.one.victor · Post by **zero.one.victor** » Sat Oct 19, 2002 4:32 am

Maybe you should consider "basing" your 170 at said airport. This idea was discussed recently on another thread. If a tiedown or hangar is cheap enough,it might be worth it if it allows you to insure your airplane with "in-flight" coverage. I'm sure that an "occasional visit" to your current strip wouldn't be a problem.

Eric

Classic170 · Post by **Classic170** » Sun Oct 20, 2002 1:12 am

The underwriter at AIG would only insure me for $42,000. I was told that there was no 170 worth over $42,000. But I should forward an equiptment list and they would see. Someone at the agency (I'll not say which one) "filed it" rather than forwarding it. A severe tail wheel shimmie in a cross wind sent me in a unplaned direction and resulted in a wrecked gear box and bent door post...ect. To make a long story short a $35,000 repair bill ment a total loss. The amount I requested may have made it a repair? Not sure but make sure you have enough! The folks at AIG did what they could. I was treated as well as possible. (They let me buy the aircraft back at a fair price.) But after much agony and soul searching.There was no way I could justify a repair. So the Lycoming and prop are on the way to Arizonia and the airframe in going to Indiana . So after 23 yrs I no longer have a 170. But it's still a good day ....just make sure you have enough on your bird...if one company does not want to give enough do not wait change to one that will...things happen.

zero.one.victor · Post by **zero.one.victor** » Sun Oct 20, 2002 4:37 am

Seems like these insurance outfits tell different people different things. I insure with AIG,there were no comments when I listed aircraft value at $35K. This was for a 48 ragwing,the B models command a premium in value (price) due to all the uninformed types wanting a B. ( they obviously don't know that the ragwing is a vastly superior airplane!)
I had AOPA decline to quote insurance for me a couple years ago,they said the airplane was "too old"!
On another day,to another pilot,from another agent,AIG might not bat an eye insuring you for in-flight coverage based where you are.
Maybe give them another try?

Eric

DensityDog · Post by **DensityDog** » Sun Oct 20, 2002 4:45 am

Classic 170, not sure what is going on with your AIG agent. I had a 1952 170B insured for 50K through AIG, got the club rate and everything, they did not even question it. Although it had fresh OH and new paint/interior. But it was light on radios.
I wonder if time in type or total time has any effect on their hull value quotes?

Classic170 · Post by **Classic170** » Sun Oct 20, 2002 12:10 pm

It sure is strange............How some get $50,000! But as far as time in type I had over 1,200 hours in a 170. Classic 170

Rudy Mantel · Post by **Rudy Mantel** » Sun Oct 20, 2002 1:32 pm

George, I called AIG directly, at 800-654-4215. I even asked for Cindy but she was in a meeting so I gave my information to another lady.
An hour or so later I got a call back with the information and a quote.
The quote was reasonable- $1,020- but as I mentioned, they would only insure the hull for $40,000.
Rudy

Post by **GAHorn** » Mon Oct 21, 2002 6:06 am

Did you tell them why you think your airplane is worth more? (Is it- Really?) Did you offer to send pictures and equipment list? That's all I had to do to get them to cover mine for $50K.

Classic170 · Post by **Classic170** » Mon Oct 21, 2002 9:48 pm

Yes ..I sent photos and a long equiptment list. They just stuck it in a file and never acted on it. And YES it was worth $50,000. + I had a chance to sell it to a gentleman last winter for $55,000 and my son-in-law talked me out of it. The insurence adjuster that came to look at the damage said it was the nicest setup and clean 170A he ever saw. The same was said by fellow at the repair station. It had a mid time Lyc. o-360, CS prop, autopilot, BAS harnesses, javlin tank, IFR radios, strike finder, GEM engine monitor, lighted glare shield, great windows, paint 8+, interior 8+, factory corrosion proofed, seaplane kit, and the list goes on. I called Avemco while I was still thinking of fixing it and they said $55,000 after it was fixed ! But like I said B4 "It's still a good day" And I'm not mad at AIG...I'm upset with me.

Tom PS I bought a skylane and it's OK but not a 170! Best to all!

Post by **GAHorn** » Mon Oct 21, 2002 11:29 pm

"they just stuck it in a file...." So call them. Tell them you expect them to insure it for it's requested value, or a written reason they won't. Send a copy (with clear notations noted at the bottom of your letter to AIG) to TIC170A, your state insurance board, and your congressman and your senator. Insurance companies have regulators too! gh

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