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01-02-2020, 01:30 PM
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Join Date: Jun 2019
Location: Valparaiso, Indiana
Posts: 60
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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
__________________
Mitch
RV-7 #72497
IO-360, Catto 3-blade, GRT & Garmin
2020 Dues (Plus) Paid
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01-02-2020, 01:39 PM
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Join Date: May 2012
Location: Ga
Posts: 662
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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.
__________________
Craig
RV-3 Sold
RV-4 Sold
RV-6a Sold
RV-9 IO-360 CS, Built and Flying
Aerostar 600A, Family Hotrod
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01-02-2020, 02:03 PM
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Join Date: Jan 2019
Location: Vaca Moo Airport - TA37 in East TEXAS
Posts: 1,331
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Quote:
Originally Posted by grubbat
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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The problem is when you have enough money and assets to self insure is when any accident can wipe out your nest egg and future. I insure BECAUSE I have more than I want to lose if I have an accident. My deductible in my vehicles and my homes is very high to lower my costs but I still insure.
Now are you talking about self insuring the hull but still buying liability insurance? That's what I would do at a minimum.
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RV-8 N52VM: OnSpeed Gen2 AOA-3D, Dynon D-180, Autopilot, Titan 0-360A1A, Hartzell C/S, INS-429 IFR & GPS496, WingX & Stratux for backup & ADS-B IN. Enjoying life while building an airpark with FREE campsite for pilots www.facebook.com/VacaMooAirport/
Exempt by 3 out of the 10 ways but I still donated.
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01-02-2020, 02:14 PM
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Join Date: May 2012
Location: Ga
Posts: 662
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Correction
Yes, Liability insurance for sure. Everything else is on me. Folks with a loan don?t have this option though.
__________________
Craig
RV-3 Sold
RV-4 Sold
RV-6a Sold
RV-9 IO-360 CS, Built and Flying
Aerostar 600A, Family Hotrod
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01-02-2020, 02:20 PM
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Join Date: Oct 2007
Location: El Paso, TX
Posts: 11
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Quote:
Originally Posted by Av8safe
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
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I see what you did there Mitch 
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01-02-2020, 02:30 PM
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Join Date: Jun 2010
Location: Sunman, IN
Posts: 2,189
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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.
__________________
Bob
Aerospace Engineer '88
RV-10
Structure - 90% Done
Cabin Top - Aaarrghhh...
EFII System 32 - Done
297 HP Barrett Hung
ShowPlanes Cowl with Skybolts Fitted - Beautiful
Wiring...
Dues+ Paid 2019,...Thanks DR+
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01-02-2020, 02:36 PM
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Join Date: Jan 2019
Location: Vaca Moo Airport - TA37 in East TEXAS
Posts: 1,331
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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.
__________________
RV-8 N52VM: OnSpeed Gen2 AOA-3D, Dynon D-180, Autopilot, Titan 0-360A1A, Hartzell C/S, INS-429 IFR & GPS496, WingX & Stratux for backup & ADS-B IN. Enjoying life while building an airpark with FREE campsite for pilots www.facebook.com/VacaMooAirport/
Exempt by 3 out of the 10 ways but I still donated.
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01-02-2020, 02:47 PM
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Join Date: Feb 2005
Location: LSGY
Posts: 3,198
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drain in bathroom
Quote:
Originally Posted by Pilot135pd
... 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. ...
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OT - And this is why I always recommend a drain in every bathroom, laundry room, kitchen - wherever there's water. Cheap to add when building, can be a pain for retrofit.
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01-02-2020, 03:03 PM
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Join Date: Jan 2019
Location: Vaca Moo Airport - TA37 in East TEXAS
Posts: 1,331
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Good idea for my next house.
__________________
RV-8 N52VM: OnSpeed Gen2 AOA-3D, Dynon D-180, Autopilot, Titan 0-360A1A, Hartzell C/S, INS-429 IFR & GPS496, WingX & Stratux for backup & ADS-B IN. Enjoying life while building an airpark with FREE campsite for pilots www.facebook.com/VacaMooAirport/
Exempt by 3 out of the 10 ways but I still donated.
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01-02-2020, 03:31 PM
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Join Date: Jul 2016
Location: Worland, Wyoming
Posts: 1,365
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Quote:
Originally Posted by Av8safe
my premium for full coverage went from ~$2,900/yr for a "show quality"
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Holy cow, I thought most people on here paid around 1300-1500 a year for this, let alone someone with your hours! What am I missing guys?
__________________
Jereme Carne
PPL
RV-7A Emp. done
Wings done
Fuselage done
Finish kit almost done
Exempt but gladly paying!
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