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Rocket insurance

gnuse

gnuse

Well Known Member
Any thoughts, comments, or comparisons of your experience in insuring your Rocket would be appreciated.

I have been quoted between $4100 and $4600.

Coverages: $1,000,000 Combined Single Limit Liability, passenger limitation $100,000.
Med Payments: $3,000 each
Hull Insured Value $125,000 - Deductibles $250 Not-In-Motion; $2500 In-Motion.
Approved Named Pilots: (named pilot only)
 
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Call Chris Davis at CS&A in Nashville. He's an expert.

Basically you are looking at three options - Global Aerospace, AIG, and US Specialty. Also AVEMCO, but they are HIGH!

Chris is well studied on insuring Rockets, in particular.

Edit - Chris's number is 800-999-1109 - sorry.


JDR
 
I would give Cannon Aviation Insurance a call. I just renewed the policy on N14ZM for $3400 ish and change. 120K hull with all the normal limits and deductibles.


Danny
 
There's really no reason to keep calling around. If your agent gave you more than one quote - you've got them. Remember, your choice of 500 agents all going to the same three (for Rockets maybe one) insurer.

The numbers that you list look like US Specialty. I can tell by the deductibles. Probaly means that AIG (AIU) and Global Aerospace wouldn't quote the rocket. Their deductibles are usually $100 and Nil, respectively.
 
Cheap Insurance...

George,

I have been insuring my airplanes for 18 years with AUA in North Carolina. They require EAA membership but have given me very competitive rates, unbeatable so far. They use AIG.

Give Rob Kamsch a call, it's worth a shot..
1-800-727-3823

Smokey
HR2
 
Shopping

JDRhodes said:
There's really no reason to keep calling around. If your agent gave you more than one quote - you've got them. Remember, your choice of 500 agents all going to the same three (for Rockets maybe one) insurer.

The numbers that you list look like US Specialty. I can tell by the deductibles. Probaly means that AIG (AIU) and Global Aerospace wouldn't quote the rocket. Their deductibles are usually $100 and Nil, respectively.
Click to expand...

Jeff is correct, there is no point in "shopping" agents. In fact, the insurance companies will only give the first agent a quote. The rest get a "we already quoted that" response. The only way an agent can give you a "better" price from the same company is to change (reduce) the coverage.

John Clark
RV8 N18U "Sunshine"
KSBA
 
I wasn't shopping agents, I was just trying to get a feel if the quote I had was similar to others experience.
 
Horse of a different...

I have found that insurance companies like big numbers ie, lots of them flying. Since Rockets are relatively few (<150) with a high accident rate compared to the (1125) flying RV4's (much smaller numbers=larger %) Their rates are higher.
Many early HR2's like mine are registered as RV4's since they began life as one.

RV4's cost less to insure, even with 300HP...:)

Smokey
HR2
 
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uh..4500.00 seems steep for INS..
My dad said insurance for his Comanche 400 was 4500.00 and that was after he'd been flying it for 30yrs. And the 400 is very rare bird at this point.
doesn't make sense.
 
apples and carrots

You can't really fairly compare vastly different aircraft types - or even similar types. Remember that it ain't car insurance. There are not large enough numbers of any aircraft to build good actuarial tables that you really need. So - it really comes down to underwriting companies preceptions of the airplane, the use, and the pilot (based largely on the company's historical experience with that mix of factors); what their compeditors are doing; what the policy holders will pay; and what seems right.

$4,500 may very well be high for insurance on a Rocket. But if 3 companies offer quotes on expirimentals and two of those have decided that Rockets are a risk that they don't want / need to take. That leaves one player. Is $4,500 still too high? Would you pay $5,000? Some would. How 'bout $6,000? Fewer. But - if the market is bearing $6,000 premiums on what is essentially an RV-4, then maybe some new insurers are interested now. OK - back to $5,000.

That's the game they play every day.
 
It cost more to go faster

JDRhodes said:
Call Chris Davis at CS&A in Nashville. He's an expert.

Basically you are looking at three options - Global Aerospace, AIG, and US Specialty. Also AVEMCO, but they are HIGH!

Chris is well studied on insuring Rockets, in particular.

Edit - Chris's number is 800-999-1109 - sorry.


JDR
Click to expand...

Thanks Jeff...

With regards to the Rocket...if you want the performance, you gotta pay for it. Rockets are in a class of their own in more areas than just performance. Do any Rocket owners really think that you can realistically operate a Rocket for the same price as an RV-4 or RV-8? More performance = more cost to build, more fuel to burn, and more insurance to pay. It exceeds it's RV cousins in every aspect and that includes insurance premiums. Just being honest with you fellows...

Today's market conditions:

Global got out of the Rocket market last year due to early 2008 losses. They will renew coverage on existing accounts, but will not increase coverage even on their current policies. AIG has also taken a hard stance on the Rockets following along much the same lines as Global. AIG got caught with their pants down insuring Rockets under the pretence of "hot rod RV-4's". This was a shady way that some agents were getting lower rates for Rocket owners and it did not go over well with AIG when they found out about it.

For "new business" to the underwriters, basically the companies that will quote the Rockets are US Specialty, Specialty Aviation, and Avemco. Specialty Aviation has been the most competitive as of late, with US Specialty running a close second...not too hard when there are only 3 of you. :) I have a HR valued around $100k with a well qualified pilot insured in the $2,800 ballpark and a F-1 valued around $150k with a lesser qualified pilot insured in the $4,200 ballpark. It is a case by case basis and comparing one with the other is nearly impossible due to the many variables involved.

There are some "new" players in the aviation insurance marketplace, but thus far none of them have been willing to take a bite out of the Rocket pie.

Clear skies & tailwinds
 
Thanks for all of the input. This group always seems to have great knowledge to offer.

BTW Jeff, I thought of your fine city when I noticed my daughter walking around wearing the T-shirt she got at the flyin there when she won about $100 in the pumpkin drop.
 
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