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  #1  
Old 05-03-2018, 12:57 PM
LRingeisen LRingeisen is offline
 
Join Date: Mar 2016
Location: Chesterfield, MO
Posts: 53
Default Price vs. Value

We are aware that many brokerages like to tout price as their selling point to choose them. The truth of the matter is, if you provide the same information to each broker, they will all get the same prices. This is because the insurance companies base their rates on the pilot(s) and aircraft. The insurance company does give a percent of the premium quoted to the broker for their services but it is not added on to the premium quoted. So if a broker advertises having the “Lowest rates in the country” or an “Exclusive program for Vans,” it just isn’t true.

So if you aren’t choosing a broker based off of price, how do you decide who to trust to be your advocate? Your broker should:

• provide the highest level of customer service
• have extensive knowledge about your aircraft
• know which companies are best for you AND WHY
• have a good relationship with the underwriters who handle your type of aircraft
• have the ability and intentions to advocate for you
• market your risk accurately (if a company purposefully manipulates your hours/information for a lower price, it puts you at risk.)

We’ve supported Vans Aircraft since 1998 and because of our dedication to making positive changes to how insurance is underwritten for them; we have become a leader in the industry. Our light aircraft office consists of ten customer service managers that can help you with anything from non‐owned aircraft to owner flown turbine. Three of us are dedicated specifically to Vans Aircraft and have become specialist for insurance on them. We take the time to visit the factory annually and attend events such as Oshkosh, Vans Homecoming, and Sun N Fun. We stay up to date with changes with the aircraft and the market.

Don’t be fooled with the gimmicks of brokers that don’t have anything to offer but price. If you choose the right broker, you’ll not only get a great price but a great value.
__________________
Leah Ringeisen, Shanna Linton, & Katie Escalante

Gallagher Aviation
877-475-5860
Arthur J. Gallagher Risk Management Services, Inc.
(Formerly NationAir Aviation Insurance)
www.ajg.com/lightaircraft / www.ajg.com
Opinions and advice provided by Arthur J. Gallagher & Co. is not intended to be, and should not be construed to be, legal advice. Please direct any request for legal advice to your attorney.
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  #2  
Old 05-03-2018, 05:56 PM
tomww tomww is offline
 
Join Date: Jan 2015
Location: uk
Posts: 39
Default

There is one thing you missed from the list of things a brokerage needs to do for the client. Namely get the best price. Many but not all will think best = lowest.
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  #3  
Old 05-03-2018, 06:59 PM
Walt's Avatar
Walt Walt is online now
 
Join Date: Aug 2005
Location: Dallas/Ft Worth, TX
Posts: 4,874
Default

And I don't know of any other insurance company that throws a party every year at Oshkosh for RV owners and sponsors the monday nite Beer shindig
I've been with them for over 14 years and wouldn't consider going anywhere else.
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EXP Aircraft Services LLC
Specializing in RV Condition Inspections, Maintenance, Avionics Upgrades
Dynamic Prop Balancing, Pitot-Static Altmeter/Transponder Certification
FAA Certified Repair Station, AP/IA/FCC GROL, EAA Technical Counselor
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RV7A built 2004, 1700+ hrs
Website: ExpAircraft.com, Email: walt@expaircraft.com, Cell: 972-746-5154
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  #4  
Old 05-03-2018, 08:13 PM
Ed_Wischmeyer's Avatar
Ed_Wischmeyer Ed_Wischmeyer is offline
 
Join Date: May 2005
Location: Savannah, GA
Posts: 788
Default

Not to rain on the parade, but the EAA insurance program has a number of side benefits to EAA members. Give them both a full reading, then make your best choice.

Ed
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  #5  
Old 05-04-2018, 12:40 AM
erich weaver's Avatar
erich weaver erich weaver is offline
 
Join Date: Aug 2006
Location: santa barbara, CA
Posts: 1,567
Default

Quote:
Originally Posted by Ed_Wischmeyer View Post
Not to rain on the parade, but the EAA insurance program has a number of side benefits to EAA members. Give them both a full reading, then make your best choice.
I did exactly that a year and a half ago, which resulted in me switching to Gallagher. Better price and slightly better coverage.

Erich
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  #6  
Old 05-04-2018, 01:17 PM
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DonFromTX DonFromTX is offline
 
Join Date: Oct 2010
Location: La Feria Texas
Posts: 3,771
Default Not always so

I must loudly disagree with this thread statements that are not factual. Just this week I received a quote from a broker I had trusted, seemed very high priced, so my "other pilot" on the quote decided to do some shopping. I told him he was wasting his time, but he came back with a far better quote FROM THE SAME INSURANCE COMPANY!! The high quote was for $3690, the same company quoted $1652 with an additional pilot added, a student with less than 10 hours total time! The high quote had deductibles of $500 not in motion, $5000 in motion. The "cheap" quote had deductibles of $0 not in motion, $1000 in motion.
The point is that we saved $2038 and got far better coverage just by going to a different broker but got the same insurance company. The often repeated statement that it don't pay to shop around is just simply not true. I must assume that the high priced broker simply adds a couple thousand to the policy for their profit, the cheaper broker works on a far slimmer margin of profit..
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EAA Chapter 595 President,http://www.595.eaachapter.org/index.htm
Retired US Army Officer
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  #7  
Old 05-04-2018, 01:24 PM
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JonJay JonJay is offline
 
Join Date: Jan 2007
Location: Battleground
Posts: 4,002
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Not a bad idea to search the threads and talk with other RV owners. If your quote isn’t in the ballpark of what others with similar coverage, type, and credential, something is amiss.
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  #8  
Old 05-04-2018, 01:30 PM
LRingeisen LRingeisen is offline
 
Join Date: Mar 2016
Location: Chesterfield, MO
Posts: 53
Default

Quote:
Originally Posted by Ed_Wischmeyer View Post
Not to rain on the parade, but the EAA insurance program has a number of side benefits to EAA members. Give them both a full reading, then make your best choice.

Ed
Hi Ed, You are correct about EAA members getting additional benefits, but it is not an exclusive program. We offer the same policy. The additional benefits are the same with all brokers.
__________________
Leah Ringeisen, Shanna Linton, & Katie Escalante

Gallagher Aviation
877-475-5860
Arthur J. Gallagher Risk Management Services, Inc.
(Formerly NationAir Aviation Insurance)
www.ajg.com/lightaircraft / www.ajg.com
Opinions and advice provided by Arthur J. Gallagher & Co. is not intended to be, and should not be construed to be, legal advice. Please direct any request for legal advice to your attorney.
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  #9  
Old 05-04-2018, 01:43 PM
LRingeisen LRingeisen is offline
 
Join Date: Mar 2016
Location: Chesterfield, MO
Posts: 53
Default

Quote:
Originally Posted by DonFromTX View Post
I must loudly disagree with this thread statements that are not factual. Just this week I received a quote from a broker I had trusted, seemed very high priced, so my "other pilot" on the quote decided to do some shopping. I told him he was wasting his time, but he came back with a far better quote FROM THE SAME INSURANCE COMPANY!! The high quote was for $3690, the same company quoted $1652 with an additional pilot added, a student with less than 10 hours total time! The high quote had deductibles of $500 not in motion, $5000 in motion. The "cheap" quote had deductibles of $0 not in motion, $1000 in motion.
The point is that we saved $2038 and got far better coverage just by going to a different broker but got the same insurance company. The often repeated statement that it don't pay to shop around is just simply not true. I must assume that the high priced broker simply adds a couple thousand to the policy for their profit, the cheaper broker works on a far slimmer margin of profit..
Hi Don, The insurance companies are not able to give out different premiums to different brokers as long as ALL of the information given to them is the same. Please compare the two quotes and make sure all of the information is the same. If a claim is missing or the hours are incorrect, etc., this can void your insurance policy. We definitely want everyone, our clients or not, to have coverage when they need it most.

The brokers have no way of changing the premium. The insurance companies set the rate. The insurance company does give a percent of the premium quoted to the broker for their services but it is not added on to the premium quoted.
__________________
Leah Ringeisen, Shanna Linton, & Katie Escalante

Gallagher Aviation
877-475-5860
Arthur J. Gallagher Risk Management Services, Inc.
(Formerly NationAir Aviation Insurance)
www.ajg.com/lightaircraft / www.ajg.com
Opinions and advice provided by Arthur J. Gallagher & Co. is not intended to be, and should not be construed to be, legal advice. Please direct any request for legal advice to your attorney.
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  #10  
Old 05-04-2018, 02:22 PM
DonFromTX's Avatar
DonFromTX DonFromTX is offline
 
Join Date: Oct 2010
Location: La Feria Texas
Posts: 3,771
Default

Your statements I believe you think are correct, but I just experienced a far different outcome. I have checked and double checked the data given, and what I stated is the way it is. I am not allowed to see information the broker gave the insurance company, would they alter the facts to get a larger amount in their percent of the premium?
I can understand the motive of brokers not wanting customers to shop around for a better deal, but I sure found out it pays to do so. I don't think this is the platform for me to submit copies of the quotes or name businesses involved.

Quote:
Originally Posted by LRingeisen View Post
Hi Don, The insurance companies are not able to give out different premiums to different brokers as long as ALL of the information given to them is the same. Please compare the two quotes and make sure all of the information is the same. If a claim is missing or the hours are incorrect, etc., this can void your insurance policy. We definitely want everyone, our clients or not, to have coverage when they need it most.

The brokers have no way of changing the premium. The insurance companies set the rate. The insurance company does give a percent of the premium quoted to the broker for their services but it is not added on to the premium quoted.
__________________
A&P, PP-SEL, Pathological Flier, EAA Technical Counselor
EAA Chapter 595 President,http://www.595.eaachapter.org/index.htm
Retired US Army Officer
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