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35% Insurance renewal increase

AV8ER

Well Known Member
Its time to renew the insurance. My renewal was quoted 35% higher than last years premium, jumping to $3,174. I am planning on putting this out to market. Currently with Gallagher and wondering if anyone in VAF-land has another provider to solicit?

Thanks
 
If you went thru Gallagher you DID put it ‘out to market’, assuming they did their job (and I have no reason to think otherwise). Gallagher is an agency, not the actual insurance company. They should have solicited quotes from all companies except Avemco. If you want a quote from Avemco you need to contact them directly. Nearly everyone is seeing increases this year, although 35% seems high. Call Gallagher, they’re always happy to talk about your situation.
 
EAA - Falcon Insurance

There are lots of considerations when comparing insurance costs:

Location, airport type, pilot experience, aircraft type, horsepower, gear configuration, etc.

Going through EAA and Falcon Insurance - this year our insurance has decreased with the same coverage. Two pilot owners. Open policy for anyone over 500 hours total time, over 100 tail wheel time and 25 hours in type (RV-7).

Home field is a 3500' grass strip and hangared.

What changed since last year? My wife and I accrued more hours in our RV-7. We both aged a year. We flew more hours in other aircraft. I got another type rating and upgraded to captain at my day job.

Even though we have hundreds of hours in RV aircraft, we did not have many hours in the -7. We fly many different types of aircraft and don't accrue all our hours in one type.

Hull value $80,000, my age 43, RV-7 (tail wheel), 200 hp C/S. My wife has more than 25 hours in the -7 this year, which takes her over an insurance threshold. I've got more than 125 hours in the -7 which exceeds another insurance threshold.

$1502 from Oct 2019 - Sep 2020.:eek:

$1257 for Oct 2020 - Sep 2021.:cool:
 
My premium went up 17% through Global, after going down each year prior for the past 10 years. I fly 100+ hours and my wife fly's 30+ hours in our -10 per year with never a claim. Everyone is seeing increases.
 
If it gets too expensive we can all just consider liability only and just start stacking the cash you would have spent on premiums for any incidents. At some point it stops making sense. Lots of folks "self-insure".
 
If it gets too expensive we can all just consider liability only and just start stacking the cash you would have spent on premiums for any incidents. At some point it stops making sense. Lots of folks "self-insure".

We went liability only a couple of years back on all our flying machines - made sense for us, but everyone is different. We probably saved as much on insurance as we spend on fuel in a year!

(Note that we have a couple of oddball aircraft for which hull insurance is prohibitively expensive because of their uniqueness.....)

Paul
 
Don't forget the option of either "in motion" or "not in motion" hull coverage, which is also a way to manage the budget on insurance. for example, I have an airplane parked for a major upgrade this winter, and just had it placed on "not in motion" for the next 3-6 months, and it saved a fair amount on premiums.

As others have noted, lots of variables.

Cheers,
Stein

PS, a happy Gallagher customer for both personal and business!
 
Have only liability on the RV-4 the past 31 years. Money saved on hull has paid for the initial cost of this aircraft. After all, I built it, I'll repair it should I screw it up.

I presume that insurance rates go up as an increase in costly claims are made and that cost will be borne by others in the group.
 
I have a nosewheel and a tail wheel plane. The tail dragger costs 50% more to insure.

Is that the consensus for others?

My insurance went up less than 10% this year. Seems all random. I am thinking about liability only. Any wisdom on that route from others?

Thanks.
 
FWIW, I just got my renewal notice through Gallagher. Pleasantly surprised that it didn't go up more than a few dollars. That said, I'm liability only + ground not in motion.
 
Can I ask what you pay for liability plus GNIM?

Thanks

~$650-675 IIRC. A lot of it probably depends on how much hull coverage for GNIM, as well as your personal philosophy about insurance. I think I only have about $75K in coverage for GNIM which may not pay for replacement cost, but my family's financial security is not predicated on my plane staying intact so I choose not to pay more to insurance companies that I need to. Liability, now, that's an entirely different story!
 
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Thanks for all the replies. My current risk tolerance does not allow for a policy that does not include in motion coverage.

I have been happy with Gallagher but a 35% increase has me looking for a more competitive solution.

Here is the list this thread has brought up so far:

Gallagher (currently with these guys)
636-532-0023

Avemco
(888) 241 7891
[email protected]

Traversaviation
314-963-9080

EAA - Falcon Insurance
(863) 646-9688

Global
973-490-8500

I'll price it out and report back.
 
Our broker at my professional flying job told us the underwriters are not insuring anyone age 70 or over this year to fly anything with retracts by themselves any longer.

So the market is certainly tightening and I can see tailwheel going this way in a couple years as well if things don't improve.
 
So as it turns out the quote that Gallagher sent me showing the 35% premium increase over the prior year must have been an automated email as it did not include my most recent years flying time nor did I initiate the request. When they took into account the additional 93 hours in the RV-10 (301 total in type) the price dropped significantly.

Gallagher (currently with these guys)
636-532-0023
Came back after using my updated time in type and TT with a 12.2% increase over last year. This was down from 35% increase that was quoted originally.

Avemco
(888) 241 7891
[email protected]
$10,000 for a policy. No, seriously this is what they quoted. I was told they are very expensive for policies written in Florida by their rep.

Traversaviation
314-963-9080
Quoted the same cost and least expensive carrier as Gallagher

EAA - Falcon Insurance
(863) 646-9688
Came in $87 less expensive than everyone else for identical coverage.

Global
973-490-8500
Never got a quote as their automated system went in circles that NEVER lead to a real person.

For those interested - $200k hull coverage portion of premium:
Ground and inflight premium $2,227
Not inflight premium $1,366
Ground not in motion $1,138
 
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