thompsonbr87
Well Known Member
About 15% increase for me this year, but I did increased my hull value by 17% after some avionics upgrades.
I forget who it was (so on one gets the blame if it is wrong....), but an insurance insider once told me that insurance companies make their money off of investing the premiums. They don't collect premiums from all their customers, then stuff that money in a mattress, hoping they don't have to pay out more than they collected - they invest it in stocks and bonds and whatever other schemes people use to make money from other money.
So....take a look at what has been going on In the financial world, and the chaos in the insurance world might make more sense....
Or not.
Paul
Can someone give me their contact at Gallagher please? email?
PS, this is my 2000th post since I joined the VAF back in 2010!
Can someone give me their contact at Gallagher please? email?
Naaa, I find it more effective to confront them with my wallet than confront them with the INTERNET. Besides, there is no "system" they must follow for pricing. They set their prices however their business model decides. IMHO it was better for them to make 1% of 2,000 than 100% of zero which is what their business decision got them. Either that or their business model wants customers like me to "go away".Would you be willing to share the name of your original agency? This is not how the system is supposed to work. Alternatively, did you call the original broker, and ask why they didn’t offer the lower coverage that the two new agencies found?
Between my 2019 policy and 2020 policy, mine decreased by $11 total premium - but I added an IFR rating and exceeded 1000 hours PIC during that time, both of which should lower my risk and likely offset the market increase. This was for my 9A with full coverage, $100k on the hull.
my rv7a was unchanged It is about 800 year with hull and liability, I think I have it at 80k. .
I got a notice today from AOPA where I have a term life policy, they are raising their rates 30% effective September due to high loss rates.
Hi loss rate for term *life* insurance? Are more people dying?
Have you not watched the news this year? More than 155,000 people not scheduled to die this year and predicting to reach over 200,000 by next month. If half of them had policies that's a disaster for insurance companies.
Naaa, I find it more effective to confront them with my wallet than confront them with the INTERNET. Besides, there is no "system" they must follow for pricing. They set their prices however their business model decides. IMHO it was better for them to make 1% of 2,000 than 100% of zero which is what their business decision got them. Either that or their business model wants customers like me to "go away".