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Insurance question - switch companies?

MacCool

Well Known Member
I’ve been insured with AIG, only for this past year, premium was $1600. I was apprehensive about the renewal since I just turned 70. The AIG rates did rise, about $200, which is fine.

However, the renewal offer from my broker included a quote from Global, which was about $100 cheaper than AIG, but included twice the individual passenger liability ($200,000 from Global vs $100,000 from AIG) and no deductible for aircraft physical damage (AIG was $500 not-in-motion and $2500 in-motion). All other aspects of the policy including my friend/instructor’s coverage and open-pilot warranty are the same.

No-brainer, right? My only question is insurability going forward, relative to age.
Any benefit in the coming few years to continuing my coverage with AIG and having a track record with them that might offset any disinclination to rocket the premiums in the future due to age?
 
I've been with AIG (for a RV-7A) since 2008 - premiums last year were just a little less than they were 13 years ago. They bump up and down over time.

At 75, my broker strongly advises me not to make any change at this time. I'm not expecting any issues going forward and the advice seems sound.
 
I've been with AIG (for a RV-7A) since 2008 - premiums last year were just a little less than they were 13 years ago. They bump up and down over time.

At 75, my broker strongly advises me not to make any change at this time. I'm not expecting any issues going forward and the advice seems sound.

My broker coincidentally emailed me a few minutes ago and advised me that it doesn’t harm you to move to a different company as long as you stay with a company that is good for older pilots, which both AIG & Global are. My inclination is to jump to Global, but looking for experiences that might suggest that that would be a bad idea.
 
I am with Global and like Dan have been advised that as an older pilot it is best not to jump around. My policy went up a few hundred $ last year but for a few hundred I decided to stay with them. Interested to see what the premium will be this year as I did gat an email about the potential for policy price increases this year.
Figs
 
Been with Global for several years and their rates (for me) have been consistent year to year. No experience with their claims department though. I’m sure those two are related.
 
Been with Global for several years and their rates (for me) have been consistent year to year. No experience with their claims department though. I’m sure those two are related.

Their claims department was actually really great to work with from my experience. I'm still with Global after the fact.
 
Changed Brokers and Company

Last Year was my first year for insurance on my newly built RV-8. I have lots of experience (36 years) between the military and airline flying but little to none in GA.

So I did the Mike Seager training program in Vernonia in his RV-7.

First year insurance rates were crazy, I used Falcon and they insured me with Starr. This year I was hoping the rate would go down, since I have 130 hrs in the aircraft. But no, this year the renewal was even higher.

Time to shop around, I called Gallagher and spoke with Katie, She found me the exact same coverage for a much better price at IAT Insurance Group.

I am 58, ATP, 18000 hrs, with 130 in a RV-8.:cool:
 
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