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Canadian Insurance info

Don Patrick

Well Known Member
Got this from our local COPA chapter tonight. Might also be a good comparison for US insurance rates.

DATE: Thursday February 4, 2021

TIME: 19:30

TOPIC: Insurance

Belinda Bryce, Executive Vice President of Magnes Group Inc. will discuss the current aviation insurance market, the COPA VIP Insurance program, offer tips for aging pilots to remain insurable and answer questions.

Pilots, tower staff, COPA members and aviation enthusiasts are all welcome to attend.

ZOOM MEETING INVITATION
Registration in advance is required for this meeting.

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https://zoom.us/meeting/register/tJ0of-murD0iG9aTAXaI9e3LU8bpbCUF1TIb

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Thanks

Thanks Don for the heads up, any info on keeping insurance down is helpful
 
Thanks

That's great, thank-you.

All the recent talk of insurance rate increases has me worried about my project. The money that goes to insurance is money that doesn't go into avgas and building proficiency. We all get better with practice, but if insurance costs mean we can't practice as frequently, the risk goes up.

With buckets of total time and an ATPL, but maybe 4 hours of tailwheel time, it's that second part that concerns me most.
 
Might want to clarify the time zone you're in, a 1930h start in Ontario means a 1630h start in BC... Like most of COPA's zoom meetings, i'd have to take time off work to attend. When this was brought to their attention and suggested starting later or on a Saturday morning instead, their answer was that their staff would have to stay late or work on a weekend if they made it accessible to those of us on the west coast.

Maybe ask them why Magnes' insurance is so much more expensive than others... Shouldn't COPA members get a discount by aggregating all of the members with one provider?
 
Rob - I recently renewed insurance on my two aircraft. I am a member of both COPA and EAA so used both of those member benefit insurance programs. In fact I previously was with EAA's CPLAN insurance which is underwritten by Global Aerospace and, as the incumbent, I assumed their quote would be the quote to beat.

Boy, was I wrong!

At the end of the day I ended up going with COPA/Magnes which is underwritten by AIG.

What I learned during this year's renewal process is that Global Aerospace does not want to play ball at all with respect to pricing competitiveness. The mandate from their head office (not in Canada by the way) is to hold to the corporate directive for revenue. I gave CPLAN/Global every opportunity to compete and in fact gave them the advantage. At the end of the day their price was $1000 higher than COPA/Magnes/AIG for identical coverage.

I also sought quotes through other, independent insurance brokers. Both of them brought me quotes which were much more competitive price-wise, or at least they appeared to be until one started looking at coverage limits. One came in at about $2.2K less than COPA but had liability limits which were totally unacceptable and virtually worthless to me in the case of actually having an incident triggering a liability claim. In short, they wanted to sell me insurance that really wasn't insurance at all.

In an interesting twist, EAA's broker, Nacora, asked AIG to quote both my aircraft. AIG came back with good numbers on the newer airplane but declined to quote on the older one. When COPA/Magnes asked AIG to quote, the power of the COPA program came to light as AIG quoted both aircraft to Magnes under the auspices of the COPA program.

So, with all that said and done, COPA wasn't the most expensive option for me this year. I'm happy to report the thousand bucks I didn't spend on insurance has already been blown on avgas! :)
 
I’ve tried to get quotes from EAA/CPLAN/Nacora two or three times. They said they would quote but never came thru. Didn’t even bother to call back when the quote was due. Terrible service!
 
I also sought quotes through other, independent insurance brokers. Both of them brought me quotes which were much more competitive price-wise, or at least they appeared to be until one started looking at coverage limits. One came in at about $2.2K less than COPA but had liability limits which were totally unacceptable and virtually worthless to me in the case of actually having an incident triggering a liability claim. In short, they wanted to sell me insurance that really wasn't insurance at all.
Next year, get a quote from Marsh (www.marshwings.com). They were $600 cheaper than Magnes for me, with the same coverages as far as I could find in both policies. Full hull-in-motion, $3M liability.
 
Same experience as Rob. Marsh is much cheaper and provided the quotation within 24 hours. That was in response to 49% increase over three years with Copa/Magnes/AIG. I am now with Marsh.
 
Thanks

Timely link Thanks Been unhappy with EAA plan for last few years. Moving on, did quote and paid all online in 10 minutes. Whoot whoot
Cheers R
 
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