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Insurance Rates - Beware
For those following the sage of Buck Meets RV, the good news is I have since found a new ride and hope to be completing the purchase in February.
However, when I obtained the Quote from my Gallagher broker for the new policy (thru AIG) the rate nearly doubled! Now I admit, I have little TW and RV time, but I am a professional ATP pilot with nearly 18,000 hours and no incidents or accidents prior to the deer strike. BTW, that was NOT classified by NTSB or FAA as an accident. But because I had a claim, my premium for full coverage went from ~$2,900/yr for a "show quality" RV7 to ~$5,200/yr for a plane that is costing me significantly less to acquire. That's insane... I am told that with a claim on my record within the past year it will be difficult to leave AIG and do any better. But, I did contact EAA and spoke with their Loss Prevention specialist and have followed their advice to see if another broker/underwriter can do any better. So, what's the moral of the story: Beware and be forewarned....this insurance market is crazy and even an act of nature will co$t you DEERLY... Fly safe, Mitch |
Another option
I got tire of the always going up insurance premium and self insured. That way, if I break my stuff, I?ve got to fix it and no worry about rising rates. If more people followed suite, then the insurance industry would respond accordingly as it kinda is a supply/demand market.
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Now are you talking about self insuring the hull but still buying liability insurance? That's what I would do at a minimum. |
Correction
Yes, Liability insurance for sure. Everything else is on me. Folks with a loan don?t have this option though.
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Yep
Yep, insurance is definitely a scam but a necessary evil.
I had two small claims in three years on my house; a lightning strike and a tornado touch down... Lightning strike cost about $3000 and the tornado did no damage, used the $1000 storm damage allowance for tree removal. The insurance company dropped me...and I had to go to Lloyd?s of London to get insurance, which was incredibly expensive. Seems I was now high risk. I told them if I had known where the lightning was going to strike or the tornado was going to touch down, I wouldn?t have built my house there... Anyway, it took almost five years to get off the high risk list... Total scam. |
Check with Farm Bureau if you qualify. I had a deer strike in my car less than 2 weeks after so bought it. $3500 in repairs they paid out. Then the following year a toilet water hose broke flooding my entire house for 3 days until I realized it when I got home after a hitch. When I got home we had to rip out the bottom half of the Sheetrock in the entire house plus everything else I lost that they paid for. About $45,000 in damages they paid out. Never got a policy raise except the normal yearly raises everybody gets.
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drain in bathroom
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Good idea for my next house.
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