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Recent insurance info

CaptPausert

Active Member
Does anyone have any recent experience with Insurance they would be willing to share? I am considering an RV-9A build and I am trying to figure out costs.

I am a relatively new pilot at my current rate of hour building I estimate that by the time I would have my RV finished I would have 300-400 hours and my instrument rating.

I was originally going to build a Sling TSI but when I went out for quotes most of the insurance companies declined to quote me for experience (said to check back when I had in excess of 1000 hours) the two that did quote me said $5300 per year and $8300 per year which is a bit out of my range.

Thanks
 
Why not go right to a good insurance broker? Arthur Gallagher is a VAF advertiser. Ask for Leah Ringeisen, have a nice chat.
Any EAB is likely to be expensive (my guess, $4000) for the first year if you have 300 hours total but zero hours in type. In fact, the insurance company may mandate 2 to 10 hours of training. After that, less than $2K, at the current time. (Hull coverage, plus $100K per passenger liability, $1 million total liability).
 
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Arion Lightning, built 2007, 700 hours total time. My wife, student pilot. 5 hours in type. Instructor 700 hours, 15 hours in type. Hull coverage ($46500) for $6800. Liability only (no ground operation covered, nor theft or coverage for the hangar failing in a tornado) $2800/year. Needless to say I declined to participate in that rip off.
 
Does anyone have any recent experience with Insurance they would be willing to share? I am considering an RV-9A build and I am trying to figure out costs.

Thanks

Call a broker. You will get way better and specific information to your situation from them then you will get here on the forum. I highly recommend Arthur Gallagher and talk to Leah.
 
Insurance can definitly be frustrating. It seems to dictate the industry more than the regulations do but keep in mind that there is NO regulatory requirement that you carry insurance in order to fly your bird. Personally I would try to at least get liability insurance but your risk tolerance budget will dictate your level of coverage.
 
The RV's are cheap to insure compared to many other EABs. When I finished my RV6A, I hadn't flown regularly in a decade and had about 250hrs. Full coverage cost me about $1200/yr (Hull, 100k/1M) and has gone down since then. Alternatively, after flying the RV for a couple years I got a quote for a fixed-gear Velocity, same hull value and liability, and it was over 6K/year

Edit: just to note, my first flight was in 2019, so we aren't talking all that long ago. For a 9A, and your estimated hours, I would expect $1100-$1800 depending on hull value.

And +1 for Leah at Arthur Gallagher. Call them and get a real quote.
 
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I just renewed my $95,000 policy on my RV-9A (I’m likely under-insured in this market). Global Insurance, brokered by Leah Ringeisen at Gallagher. I have more hours than you and I’m likely quite a bit older. At airplane purchase, I had no RV time…they wanted 2 hours transition training before solo and then 1 hour solo before passengers. I had started out with the policy Leah got me with AIG, then last year she switched me over to Global. The policy renewal was $1400 this year…went down a little over last year. I don’t know if an instrument rating is a positive or a negative from an underwriting point of view (I’ve heard both), but I know that a tailwheel will drive the price up. Definitely shop around, best shot will be with a broker. I have found Leah to be promptly communicative and very effective on my behalf.

When I started shopping for insurance, I got quotes ranging from $1700 to $8000 to “we’re not interested in insuring you at all”. Don’t try to navigate that landscape by yourself…get a good broker.
 
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keep in mind that there is NO regulatory requirement that you carry insurance in order to fly your bird. Personally I would try to at least get liability insurance but your risk tolerance budget will dictate your level of coverage.

While true there is no federal requirement for insurance, check with your state as some do have a liability requirement (Minnesota being one of them).
 
RV-4 Insurance

My Broker is Gallagher as well with Kim as my agent. I have 1500 hrs of tailwheel time ( almost all in the 4 ) 1750 TT, 65 years old and with 90K hull I just renewed For $1100.00 this year.
Got a recent quote for a Harmon Rocket and it was over 5k ! The airplane is definitely a huge factor in price.
 
I am a student about to take my check ride. I have about 80 hours in my 9A. My insurance is pretty high now - apparently they consider students "risky"! I hope to get re-evaluated after I have my license. I am with AG and they have done what they can but I am still about $500 a month. Ugg.
 
Last Sept I bought my 6A with no time in type and 315 hours total time, no IFR rating or tailwheel endorsement.

My rate was $1300 with 85K hull value.
 
While true there is no federal requirement for insurance, check with your state as some do have a liability requirement (Minnesota being one of them).

And your bank, if you have a loan. And your city/county/landlord if you lease a hangar (my leased hangar is from a city. Not only do they require liability insurance, they also want to be a named insured.)
 
Caveat

... keep in mind that there is NO regulatory requirement that you carry insurance in order to fly your bird.

This is not true in Virginia. Aircraft in Virginia must be registered, and registration requires insurance. Specifically, Virginia requires liability insurance in a specified amount (basically $250,000), or the equivalent via a letter of credit or cash deposit. See: Va. Code § 5.1-88.1; 88.2(A)(1).

At least some other states likely have similar requirements. Lenders, of course, may also require insurance.
 
When I started shopping for insurance, I got quotes ranging from $1700 to $8000 to “we’re not interested in insuring you at all”. Don’t try to navigate that landscape by yourself…get a good broker.

Just to be clear: there is currently only one insurance company that writes policies ‘direct to customer’, that is Avemco. To get a quote from them, contact them directly. But be warned, for some years now they have been more expensive (for RV’s) than anyone else. But filling in their application is free. For all other companies, you need to go thru an ‘agency’ or ‘broker’. Only one broker should be necessary, they should contact all companies (except Avemco) on your behalf (there really aren’t that many). I personally use Gallagher agency and like them.
 
Student pilot w/ checkride next week. RV9A bought in May, insured for 125K hull value + liability. Required 10 hours w/ instructor prior to solo. $3800/yr via Galagher... (Checkride not in the 9A)
 
Just to be clear: there is currently only one insurance company that writes policies ‘direct to customer’, that is Avemco. To get a quote from them, contact them directly. But be warned, for some years now they have been more expensive (for RV’s) than anyone else. But filling in their application is free. For all other companies, you need to go thru an ‘agency’ or ‘broker’. Only one broker should be necessary, they should contact all companies (except Avemco) on your behalf (there really aren’t that many). I personally use Gallagher agency and like them.

First, another +1 for Gallagher, Kim in my case! I started elsewhere, but became frustrated with delayed responses, some (important) incorrect info, etc... I also agree with other posters that the simplest and most accurate way to find out what the OP's rate will be is to call and let them shop around for you.

Because hull values are what drive the majority of the premium, and those can vary widely in this community, it may be better to split things out.

My total premium for the -10 this year is $2,395. If memory serves, it may have been $500 or so higher the first year that I owned the plane (my first RV). That's $1MM of liability, with $100K/pax sublimits. Personally, I would prefer a $2MM liability limit, but gather that companies are hesitant to write that on experimentals at the moment, unless you are grandfathered. YMMV on that. I've seen earlier posts from a few others that indicate they've been successful obtaining the higher total coverage and/or removal of sublimits. The liability portion of my premium is $324.

I have $200K on the hull, which I'll acknowledge may be low even though my plane is a flyer, not a showplane (GNS430W rather than a 650/750/Avidyne, older GRT glass, Tru-Trak A/P, simple paint scheme, etc...). Hull coverage is $10.35/K, or $2,070 total.

Nothing extraordinary in pilot quals: Commercial and Instrument, with 2K-ish hours. 65 y.o. I do pick up several WINGS credits each year, but don't know if underwriters really factor that in.
 
Just to be clear: there is currently only one insurance company that writes policies ‘direct to customer’, that is Avemco. To get a quote from them, contact them directly. But be warned, for some years now they have been more expensive (for RV’s) than anyone else. But filling in their application is free. For all other companies, you need to go thru an ‘agency’ or ‘broker’. Only one broker should be necessary, they should contact all companies (except Avemco) on your behalf (there really aren’t that many). I personally use Gallagher agency and like them.

Yes, yes…I’m aware. I should have been more clear. Those quotes were mostly from the companies that Leah contacted on my behalf. The $8000 (or thereabouts) quote was one that I obtained directly from Avemco.
 
Just to be clear: there is currently only one insurance company that writes policies ‘direct to customer’, that is Avemco. To get a quote from them, contact them directly. But be warned, for some years now they have been more expensive (for RV’s) than anyone else. But filling in their application is free. For all other companies, you need to go thru an ‘agency’ or ‘broker’. Only one broker should be necessary, they should contact all companies (except Avemco) on your behalf (there really aren’t that many). I personally use Gallagher agency and like them.

Avemco has never responded to any of my requests for a quote but… they have always sent me a hat. It’s not a bad hat.
 
Thanks for the info guys. I have submitted a request through a broker for quotes and I am going to see what I get back. What you have given me makes me a bit happier about my chances of getting a reasonable quote. If I can get something reasonable I will be ordering my Empennage kit before the end of the year.
 
I just received an email from Global that my insurance is due for renewal in 2 months and that it will increase due to the impact of claims being presented. I fly an -7, instrument rated, 1500 hrs +/-, with 2/3 of that time in my RV. No claims, no accidents, hangared. I just turned 66 and fly about 50 hrs/year. I am currently under-insurred for hull value, $80K, and might have to go liability only. Other than that, any suggestions to mitigate the bump?
 
I received my insurance renewal quote today. I’m opting for the same carrier (Global), same liability coverage ($1,000,000 per occurrence / $200,000 per pax seat), and same hull amount ($110,000) as last year. The airplane is hangared.

The premium went from $1265 to $1442, an increase of $177 and 14.0%.

This year's quote:

i-tWPZRPW-M.jpg


Last year's quote:

i-NZbncrs-M.jpg

Pilot data:
  • Comm ASEL & Glider
  • 183 hours last 12 months
  • 3133 hours in M&M
  • 6830 hours TT
  • 4224 hours in TW airplanes
  • No accidents or claims

The kicker is that I have completed 70 trips around the Sun.
 
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Thanks for all the help guys. I just got my quote from global at $1900 for $100,000 hull and $1,000,000 liability. I figure that isnt bad for someone with not much RV time and it ought to go down. Certainly better than what I was quoted for the sling TSI. I am planning on ordering my empennage and wing kits tomorrow.
 
In the months leading up to my annual renewal, I kept getting emails from Global “warning” me that my premium was likely going to go up. I’m 71, $100,000 hull insurance. When the quote came in, it was the same as last year….$1700 (I was worried because that that was the year I turned 70). I noted that my friend and transition trainer was still on the policy as a named insured. I took him off and had them requote. It went back to underwriting and they dropped it by $300, so $1400 this year. I was told that annual hours flown was a major factor. Of note… my credentials certainly don’t eclipse Carl’s (RV8JD above).
 
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I have a friend that is a broker. She tells me that underwriters will only quote to the first broker that asks. Once they offer a price to a broker under your name or tail number, another broker cannot get the same quote and simply drop their commission just to get your business. Shopping brokers must be done before you ask for a quote. The broker’s relationship with the underwriter does matter so go with experienced EAB brokers.

One of the best ways to save a lot of money is to beg borrow or steal time in the model you are building. If you have 25 hours in type, the premium may be thousands less. You can buy an owner a lot of $100 hamburgers for that savings and have fun along the way.
 
When I originally shopped insurance for my RV-9A a few years ago, I contacted both BWI and Gallagher for quotes. Both brokers did get several quotes, but for both of them AIG came in at the lowest, they were within about $100 of each other. I went with Gallagher's quote since theirs included an open pilot warranty and waiver of subrogation. Two years ago that same broker got a quote from Global. It was cheaper and had better limits, included the OPW, but does not include the waiver. I went with that.
 
In the months leading up to my annual renewal, I kept getting emails from Global “warning” me that my premium was likely going to go up. I’m 71, $100,000 hull insurance. When the quote came in, it was the same as last year….$1700 (I was worried because that that was the year I turned 70). I noted that my friend and transition trainer was still on the policy as a named insured. I took him off and had them requote. It went back to underwriting and they dropped it by $300, so $1400 this year. I was told that annual hours flown was a major factor. Of note… my credentials certainly don’t eclipse Carl’s (RV8JD above).
You mentioned that annual hours flown is a major factor. Is it lower the more one flies (presumably because one is more current/proficient) or is it the opposite??

Thanks.
 
Leah Ringeisen of Gallagher Aviation (an insurance broker) often posts interesting insurance information aimed at Experimentals and their pilots. Use Advanced Search for threads by "LRingeisen".
 
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You mentioned that annual hours flown is a major factor. Is it lower the more one flies (presumably because one is more current/proficient) or is it the opposite??

Thanks.

I don’t know. I was told that my hours over the preceding year (63 pic) would probably prevent me from getting a significant bump. I don’t know if that was the reason why I didn’t or if there was some other factor… doesn’t seem like that many hours to me. I’m not sure that anybody really knows what’s in the mind an insurance underwriter on a given policy.
 
Just me

During the build I had Avemco and it was reasonable. When I went for a quote for flying, they were really high. Call Gallagher after they posted an article on VAF and got a flying quote substantially less. I need to do a checkout in RV A model, but I planed to do that anyway.
 
Insurance went down

Global insurance went down $120.00. We didn't change the hull value, it has been the same for 10 years. 3 named pilots ages from 59 to 79. We flew 120 hours last year on a RV6A. We are very pleased.
 
Update

While I was taking lessons in my 9A, my rate was very high - about $500 a month. Not that I have over 100 hours in it and a license, it went down to about $150 month. I am thrilled!
Yeah Gallagher!
 
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