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Rate hike warning letter

kaweeka

Well Known Member
I've heard of the rapidly rising premiums, but have never been warned in advance that I'll be getting fleeced. Got this yesterday from Global regarding my policy that expires the end of May.

"Global Aerospace would like to inform you of the following:
The conditions in the aviation insurance market continue to evolve as the industry works to quantify the impact of the claims being presented. As a result, the above-reference policy may be subject to a premium increase with respect to the upcoming renewal."


I already asked the fine folks at Arthur J Gallagher to start considering options but would appreciate any thoughts from those with expiring or recently renewed policies as to their experiences and choices.

David
 
I got that same notice regarding my life insurance policy, which had been through AOPA. I have since changed providers.
 
I got same notice from Global, but my renewal rates wound up being very close to my prior year premium.
 
I think they just send it to everyone up for renewal, I got one as well but don't expect much to come of it. OTOH, my hangar neighbor got one, and in fact he did have to deal with a noticeable rate increase, but he is single pilot in his 70's flying a Meridian.
 
I just mailed mine off yesterday! My quote was the exact same as last year. I did increase coverage a bit so my price did go up. From the lowest premiums I had a few years back my policy has increased almost 10% with no claims made.
 
That letter is (according to my insurance broker, SkySmith) a statutory requirement that Global has to send out informing you that their MIGHT be a rate increase. I have gotten them when insured with Global, and then not seen an increase, or saw a decrease, or saw an increase. In other words, I think they have to send it out to cover their options.

BTW - I have ONE airplane insured with AVEMCO (the little jet - they are the only guys that will quote on it) and since I finally have 135 hours in type, my liability-only policy just went DOWN by 30% this year - WooHoo!!

Paul
 
I certainly appreciate the input and experience shared today. My agent at Gallagher echoed the general sentiment here and added that the -9A hasn't really seen much as far as increased premiums.

cheers,
David
 
"Global Aerospace would like to inform you of the following:
The conditions in the aviation insurance market continue to evolve as the industry works to quantify the impact of the claims being presented. As a result, the above-reference policy may be subject to a premium increase with respect to the upcoming renewal."

Or, to simplify---- BOHICA
 
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