VAF Forums

VAF Forums (https://vansairforce.net/community/index.php)
-   RV General Discussion/News (https://vansairforce.net/community/forumdisplay.php?f=2)
-   -   Insurance Rates - Beware (https://vansairforce.net/community/showthread.php?t=178257)

RV7A Flyer 01-04-2020 03:00 PM

Quote:

Originally Posted by skylor (Post 1397499)
Speculating here but I think the premise is that those that have had a deer strike are operating their aircraft at fields that are prone to wildlife incursions and thus may be more likely to have another ...

IANAIA (I am not an insurance agent), but...they MAY put that information (home field) into their algorithms, but it isn't necessary. As I said just above...it's just stats.

Av8safe 01-04-2020 03:22 PM

Deer/Bird apples/oranges
 
Quote:

Originally Posted by Pilot135pd (Post 1397437)
So there you have it, straight from the horses mouth. Thanks !

Quote:

Originally Posted by skylor (Post 1397499)
Speculating here but I think the premise is that those that have had a deer strike are operating their aircraft at fields that are prone to wildlife incursions and thus may be more likely to have another than someone that has never had a deer strike and operates mostly out of urban airports with little issue of wildlife problems...

And speaking of which, I know of 1 person that has had multiple bird strike incidents...

Skylor

Skylor,

While your theory may be true if that was the aircraft base, in my case I was just passing through on my way home. I understand insurance is all about numbers, but often times it comes down to the details of the analysis. I suspect they stop peeling the onion when the numbers support their business case.

According to the FAA wildlife mitigation office (I spoke with them after filing my report) there have been approximately 1000 deer strike events involving aircraft in the past 20 years. That?s roughly 50 per year...not too frequent. There are over 13,000 bird strikes in the US every year. Each one is unique...the Hazard and Risk profiles, damage/costs etc...are different.

Deer strikes are thankfully rare, and as has been made clear in this thread, if you are unfortunate enough to have one it will cost you because that?s the way the insurance game goes. The other thing we are learning is that the ?insurance market is hardening?...translation...many will be subject to substantial premium increases regardless of claim history.

Fly safe,
Mitch

Northernliving 01-04-2020 03:37 PM

actuaries sitting behind a desk
 
Quote:

Originally Posted by Av8safe (Post 1397509)
Skylor,

While your theory may be true if that was the aircraft base, in my case I was just passing through on my way home. I understand insurance is all about numbers, but often times it comes down to the details of the analysis. I suspect they stop peeling the onion when the numbers support their business case.

According to the FAA wildlife mitigation office (I spoke with them after filing my report) there have been approximately 1000 deer strike events involving aircraft in the past 20 years. That’s roughly 50 per year...not too frequent. There are over 13,000 bird strikes in the US every year. Each one is unique...the Hazard and Risk profiles, damage/costs etc...are different.

Deer strikes are thankfully rare, and as has been made clear in this thread, if you are unfortunate enough to have one it will cost you because that’s the way the insurance game goes. The other thing we are learning is that the “insurance market is hardening”...translation...many will be subject to substantial premium increases regardless of claim history.

Fly safe,
Mitch

Unfortunately, it's a bunch of actuaries sitting behind a desk somewhere that now have determined that you are statistically a more accident-prone pilot. It's not right, but that's how it happens. Geico will increase your premiums on your auto insurance even if someone rear-ends you or hits you when you are stopped/standing still. Apparently you are statistically more accident-prone. Sure doesn't seem right, but that's the math, apparently.

The insurance market is in fact hardening. These things go in cycles, so we have to live through it.

Brian

RV7A Flyer 01-04-2020 04:22 PM

Quote:

Originally Posted by Northernliving (Post 1397514)
Geico will increase your premiums on your auto insurance even if someone rear-ends you or hits you when you are stopped/standing still.

Not in California. If the accident was not your fault, the insurance company cannot raise your rates, by law.

Pilot135pd 01-04-2020 05:08 PM

Quote:

Originally Posted by RV7A Flyer (Post 1397529)
Not in California. If the accident was not your fault, the insurance company cannot raise your rates, by law.

Oops, now they?ll tell you that cost is already added in so you?re already paying for it :(:confused:

RV7A Flyer 01-04-2020 07:41 PM

Quote:

Originally Posted by Pilot135pd (Post 1397541)
Oops, now they?ll tell you that cost is already added in so you?re already paying for it :(:confused:

LOL! Of COURSE it is (spread across all the customers)...they ain't in business to lose money, after all :)

Quacked 01-06-2020 03:31 PM

Quote:

Originally Posted by RV7A Flyer (Post 1397529)
Not in California. If the accident was not your fault, the insurance company cannot raise your rates, by law.

You are correct that they cannot "raise" your rates in Ca due to a non fault accident. However... Many companies offer good driver discounts based on no tickets and no claims. You WILL lose your good driver discount because of that claim. So in reality you WILL pay more because of the non fault in CA. (Again this is a generalization of how many companies rate in that state. There are a small percentage that have different programs too)

As to the likelihood of another animal strike, that is not why they are going to ding you, it is the increased percentage of filing another claim.

State laws regarding Insurance rates require that companies are consistent in application and utilize data collected from multiple sources and areas. So while YOU may be a very safe pilot and have a very low likelihood of being involved in another incident the aggregate percentages that they can prove show otherwise and they have to charge those same rates accordingly to everyone to be fair.

As to how long you will pay more? This is where the details matter Mitch. Shop your coverage EVERY year and with EVERY possible company that you can. As new business underwriters get to look at the specifics of total flight hours / time in type / ratings and endorsements / claims and accident history, etc. If you can find a company that is trying to grow their portfolio they will have relaxed guidelines and potential for waivers. As an agent I have provided loss runs for a customers other policy types to prove to an underwriter that THEY (Specifically) were less likely than the average to file another claim. In that case the Underwriter and I had a long relationship and trust and she gave my customer the better rate because of the documentation and our history. You want a broker that will go to bat for you. Some are great, some... not so much. SO SHOP!

RV7A Flyer 01-06-2020 04:46 PM

Quote:

Originally Posted by Quacked (Post 1398060)
You are correct that they cannot "raise" your rates in Ca due to a non fault accident. However... Many companies offer good driver discounts based on no tickets and no claims. You WILL lose your good driver discount because of that claim. So in reality you WILL pay more because of the non fault in CA.

I don't think this is true. The good driver discount is mandated *by law*, and as I understand it, an accident where you are not at fault can't cause you to lose the discount. That's as regards the 20% good driver discount mandated by state law...if they offer *additional* discounts for whatever reason, yeah, they could cancel those, I suppose.


All times are GMT -6. The time now is 02:15 AM.