AIG renewal????

Walt · #1 10-14-2008, 09:42 AM

Nationair just let me know that AIG is still the cheapest place to renew my insurance... now correct me if I'm wrong but with the current goings on there the "cheapest" may not be the smartest at this point, any suggestions

mikegraycmg · #2 10-14-2008, 09:58 AM

Try this link:

http://www.vansairforce.com/communit...&highlight=AIG

rocketbob · #3 10-14-2008, 10:14 AM

I've been struggling with this myself, with my renewal coming up soon.

My reasoning is I shouldn't be doing business with companies that have the luxury of not having to hold themselves accountable for their own bad business practices, which ultimately we (the taxpayer) are paying for.

the_other_dougreeves · #4 10-14-2008, 10:25 AM

We renewed our AIG policy on 9/11 (of all dates for an airplane insurance policy!). I wound up with a few anxious moments, but in the past, AIG has been good to deal with and probably will be in the future.

I think most of the folks at AIG are probably good people. There were bad decisions made, probably mostly at the top (Cynic's Golden Rule: Those who have the Gold make the Rules). I think this is true of many, many companies; you just don't always hear about it.

For exactly this reason, I like using credit unions and member-owned companies (e.g., USAA, local hardware store over Home Depot, etc.) whenever I can, since they tend to have more responsible business policies.

TODR

JDRhodes · #5 10-14-2008, 10:59 AM

Quote:

Originally Posted by Walt

Nationair just let me know that AIG is still the cheapest place to renew my insurance... now correct me if I'm wrong but with the current goings on there the "cheapest" may not be the smartest at this point, any suggestions

Did Nationair show you anybody else? Global Aerospace and USSIC write RVs all the time. Global's policy premium should be within a few bucks of AIG's.

I don't get it - When you told Nationair that you were uncomfortable with AIG, did they not show you other quotes? Or are they just calling you and saying "your renewal premium is..."?

If that's the case - Look elsewhere.

chaskuss · #6 10-14-2008, 11:11 AM

Quote:

Originally Posted by Walt

Nationair just let me know that AIG is still the cheapest place to renew my insurance... now correct me if I'm wrong but with the current goings on there the "cheapest" may not be the smartest at this point, any suggestions

Walt,
While watching a TV financial show last week, the host addressed this same question. He stated that the Aviation Insurance branch was a separate entity from their financial instrument branch. He stated that the aviation branch would be unaffected.
Considering I saw it on television, I don't know if that's any consolation!
Charlie Kuss

Radomir · #7 10-14-2008, 11:30 AM

In my case (I went through Falcon), they gave me 2 choices -- AIG and Global.. with latter being about $20 more... but it had far superior overall coverage.. (eg. hangar contents insured, you're covered when flying others' planes etc..) so the small difference in premium was not the ultimate deciding factor. I'd just suggest making sure all your options are presented by your agent... whomever you chose.

Walt · #8 10-14-2008, 11:41 AM

After expressing my concern about AIG they came back with a quote from Global which is approx $250 higher!

JDRhodes · #9 10-14-2008, 12:20 PM

Make sure you are looking at similar hull values and liability limits. If you are - pay your money and take your choice! You've got the quotes. Global's EAA policy is probably a little better with some extra stuff - Nil deducts, $1,000 medical payments, etc. $25 better? YES! $250 better? Don't know - up to you.

I am certain that AIG will be here in 12 months. Worst case is that they liquidate their aviation insurance department and your account will be aquired by someone else (very doubtful, btw!) Can AIG pay your $1,100,000 (max) claim tomorrow or next week or 6 months from now? Sure they can! Yours and many, many, many others.

I've still got my father-in-law's airplane with placed with AIG. Now that's confidence! Or is it?

gbrasch · #10 10-14-2008, 12:29 PM

I am in the process of renewing my builder policy with them, this is my agents reply to my concern.

_AIG_FACT_Sheet_9-15-08.pdf

Dear Glen,

Understand your concern. Attached is a press release from them. We
also received a notice from the insurance commissioner of Kentucky
stating that they were reviewing the situation but wanted consumers to
know it is the mortgage arm of AIG, not the insurance divisions that
were having the credit problems.