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Insurance Renewal

S

stneki

Well Known Member
Patron
Ny insurance is up for renewal and I was paying $895.00. The new rate is $954.00. I have 600 hours with 160 hours in a RV7A. No instrument rating. Before I commit, what are most people seeing for rates?
 
Happy Easter to you too. Usually insurance renewals stay the same or go down a little every year but it also has to do if your underwriter had to pay out a lot last year due to hurricanes or other storm damage or major loss for them, they have to make it up somewhere. Have you received a quote from another underwriter?
 
I’d suggest getting other quotes. It won’t hurt you and you might find something you like better at a lower cost.
 
The dollar figure comparison to others' rates means little without all the particulars: liability coverage $ limit, whether individual or 'smooth' limit, hull $ amount, named or open pilot coverage, etc etc.

Over time, it seems rate variations are largely based on how the ins company's investments are doing more than anything else. Over the last 25 years, mine have gone up and down pretty consistently with the stock market. Maybe your underwriter made some bad investment bets last year. :)
 
Over time insurance rates are like a roller coaster. The insurance companies lose money, so they raise rates and tighten underwriting rules. Then they start making money so they lower rates and relax underwriting rules. They they start losing money so the cycle begins again. I first got in the insurance business in 1971 and I have seen this cycle several times.

The best advice is get a good aviation insurance broker, and have the broker get quotes from all the companies that insure your make and model aircraft. Then you can compare the quotes and make a decision.

The good aviation insurance brokers represent all the aviation companies but Avemco. Avemco is a direct writer so you have to buy directly from them.
 
My insurance went from $1097 down to $1013 this year. This is for my
2005 RV-6A. I have just over 500hrs and over 200hrs in the RV.
The particulars:
Hull value: $65,000.00
Deductibles: $0 Not In Motion – $0 In Motion
$1,000,000 Combined Single Limit Bodily Injury and Property Damage
Including Passengers
Liability Limit:
$200,000 Each Passenger
----------
Medical Payments: $10,000 Each Person, Including Crew
------------------------
Category/Purpose of Use: Pleasure and Business

This is also with Old Republic via Gallagher.
 
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My liability-only insurance from Global Aerospace went up from $351 to $450 this year - a 28% increase. I checked with Gallagher and theirs was the same price. No explanation given. I've got two weeks to find some insurance. Any suggestions?
 
All my insurance guru?s tell me to hold on. With all the huge natural disasters in the past several years, all types of insurance is on the rise..
 
snopercod said:
My liability-only insurance from Global Aerospace went up from $351 to $450 this year - a 28% increase. I checked with Gallagher and theirs was the same price. No explanation given. I've got two weeks to find some insurance. Any suggestions?
Click to expand...

First, Global is an insurance company. They set rates. Gallagher is an agency, a go-between for companies and owners. Saying Gallagher?s price is the same ss Global?s is a non-sequiter. They simply quoted you Global?s price (assuming they found other companies even more expensive).
Second, read previous posts. Costs are going up for the companies. Your rates are low enough that a good portion of the premium is probably going directly to overhead costs, which leaves a small amount to cover actual payout costs.
 
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