Pleasant Surprise from my Insurance Agent

[N941WR]

Mine dropped $308 this year, which I was very happy to see.

Remember, the total cost of your insurance is dependent on your total time, ratings, time in type, time on the aircraft, NW vs TW, TW time (if applicable), hull value, and what is covered.

My insurance covers my plane for $85K, the hangar, the hangar contents, off airport landings, and any other aircraft which I I?m qualified to fly up to that $85K limit.

[rv9av8tr]

Originally Posted by LettersFromFlyoverCountry

any chance you guys can call your agent and find out why this is happening.

Did you pass a certain number of hours, etc?

I just got quoted $1976 for 100k ground/flight coverg. $1 mil liability, 100k each passenger liability (Chartis)

That is very close to what I paid for my first year of insurance, same coverage (includes hull in motion), year two it went way down. This year (yr3) the same coverage is $1440. (Travers Insurance through EAA)

[N941WR]

It looks like AIG is starting to insure RV's. I just received my renewal and it is now just over $1,000 for $85K hull. It was around $1,500 last year.

I asked the broker how much of a penalty I'm paying for the tailwheel and he said about 10%, maybe less. That is a small price to pay and well worth it, in my book. He also added I'm at the point where adding ratings (I'm a VFR SEL only kind of pilot.) or more total time wouldn't change my rates.

He did add that if I was new to tailwheel aircraft, my rate would probably be double that for the first year but would come down significantly on the second year. He didn't say, and I didn't think to ask how much a new RV pilot with the little wheel up front would be surcharged.

Anyway, it looks like there is some competition back in the insurance marketplace.

[Whitman]

Random data point, but AIG gave me a competitive quote, but I was able to save $75 more by going with Global ($950). I used NationAir as a broker. Great service so far and I'm extremely happy.

First 2 years of ownership, I was with Starr, but this year they not only did not reduce the premium, but it went up from $1150 to $1225 with no claims and 230 hrsRV-4/310 TW.

[N941WR]

Originally Posted by Whitman

Random data point, but AIG gave me a competitive quote, but I was able to save $75 more by going with Global ($950). I used NationAir as a broker. Great service so far and I'm extremely happy.

First 2 years of ownership, I was with Starr, but this year they not only did not reduce the premium, but it went up from $1150 to $1225 with no claims and 230 hrsRV-4/310 TW.

What hull value did you list it at? That and hours are the big numbers.

[Whitman]

$55K, 3200+hrs TT (500 GA)

[rv7charlie]

I don't know if you'll ever get any insurance industry personnel to admit this, but it's pretty easy to check with historical data if you've been buying a/c insurance long enough. A/C rates are much more dependent on the stock market than the actuarial market. Stock market's down? Your rates are going up. Stock market's up? Your rates are going down. Insurance companies make their money from investing your premiums, not from the spread between premiums and payouts. If the investment market goes down, they quit making monster profits and partially make up for it by raising our rates.

FWIW,

Charlie

[MikeyDale]

I was quoted 1200+- for my in motion policy on 80k and my first flight by AIG. (RV7) It required 1 hr transition training. They were the only one that would insure me because of my 1800' grass runway. I called Nation Air about two months after the quote to activate it and it had gone down about 100$. I have about 300 hrs previous tail wheel time.

[humptybump]

Interesting point Mike. I never thought to inquire how my 1900' grass runway might affect my insurance. It may be none. It may be some.

[Mel]

Originally Posted by humptybump

Interesting point Mike. I never thought to inquire how my 1900' grass runway might affect my insurance. It may be none. It may be some.

If they didn't ask, it probably won't affect it.