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Thread: Insurance renewal time....good news

  1. #71

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    Default Re: Insurance renewal time....good news

    I think everything went up this year for Aircraft rates. My Cardinal went up $60.

    Tim

  2. #72
    Administrator Steve Pierce's Avatar
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    Default Re: Insurance renewal time....good news

    My Super Cub has been the same for 3 years. Comes due in October. Still dealing with Dana Boucher at Aviation Solutions.

  3. #73
    Gilbert Pierce's Avatar
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    Default Re: Insurance renewal time....good news

    My rate with Dana went up in December. He said two companies that underwrote our aircraft quit the airplane business, too hard to make money..

  4. #74
    kchansen's Avatar
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    Default Re: Insurance renewal time....good news

    Quote Originally Posted by Gilbert Pierce View Post
    My rate with Dana went up in December. He said two companies that underwrote our aircraft quit the airplane business, too hard to make money..
    I think this is similar to the answer I received from my broker.

  5. #75
    Jim Hann's Avatar
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    Default Re: Insurance renewal time....good news

    Mine went up about $100, I work with AJ Gallagher (formerly NationAir) and I switched from Starr to Old Republic to keep the increase to a minimum.
    1957 PA-22/20 "Super Pacer" based 1H0
    Lifetime EAA member
    Vintage Aircraft Association member
    Lifetime EAA Chapter 32 member


  6. #76
    smcnutt's Avatar
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    Default Re: Insurance renewal time....good news

    Reviving an old thread. The good news is our premium has been very stable over several years. However, the bad news we had about a 15% increase on our premium this year. They blamed it on the Aviation Insurance market as a whole. My agent (Aerospace Risk Management Group) said they quoted thru all of their carriers and our existing one (U.S. Specialty Insurance Company) still had the best pricing with AIG about another $100 higher.


    Just curious if others have seen this kind of increase as well. I can see some posts from 2018.

    Beyond the increase compared to the same coverage, we also looked into increasing the hull coverage from $30k to $40 and that increase is only about $18/year. Pretty much a no brainer. While we COULD find a replacement airplane at $30k, $40k would make it much easier to find something. It also increases the damage threshold where they would total a wreck.
    “Seek advice but use your own common sense.”
    ― Yiddish Proverb

  7. #77

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    Default Re: Insurance renewal time....good news

    My rates took a significant jump last year. I dropped hull coverage and my broker switched me to different underwriters to compensate.

  8. #78
    smcnutt's Avatar
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    Default Re: Insurance renewal time....good news

    Quote Originally Posted by Jeff J View Post
    My rates took a significant jump last year. I dropped hull coverage and my broker switched me to different underwriters to compensate.
    "Significant" = the 15% I saw or was it more than that?
    “Seek advice but use your own common sense.”
    ― Yiddish Proverb

  9. #79
    andya's Avatar
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    Default Re: Insurance renewal time....good news

    Have been notified mine is increasing but don't know how much.
    I have been with U.S. Specialty Insurance Company and in addition to the
    rate hike it appears they want me to get a physical near time of renewal even
    though I had one less than a year ago.
    Last edited by andya; 03-06-2019 at 03:04 PM.
    "Progress is our most important problem"

  10. #80

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    Default Re: Insurance renewal time....good news

    It was closer to 20% for me although I view a rate hike of $200 in one year significant regardless of the percentage (I consider 15% significant too when it comes without reason). The only thing that changed from the year before was adding 300+ hours to my total time. Make and model didn’t go up more than 25 hours but all of my time was in tailwheel aircraft. I have dropped automotive insurance companies for a lot less. I called 3 different brokers (Falcon was one) and got the same numbers. I also learned that if one broker checks with one underwriter and gets a number, that same number will be given to the next broker who checks using your information with that underwriter. The only difference is in what a broker takes for commission.

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