Pleasant Surprise from my Insurance Agent

[Mitch757]

I got a call this morning from my agent (Mid-Continent) telling me it's renewal time. I was shocked wnen she told me that my same company, Global Aerospace, was quoting me at $916 for full coverage! That's over$300 less than they have been charging me for the past several years.

Addtionally, they knocked liability only for my PL4 from $550 to $305!

I don't know what's driving this but I'm a happy camper.

Mitch Garner
RV-4 flying
PL-4 flying
RV-12...workin' on it.

[guccidude1]

My -9A insurance this year dropped $241 from $1265 to $1024, for same $1M liability and $85K hull. Hangar insurance dropped from $500 to $285 for same $75K replacement. Falcon Insurance thru USAA. Dan

[LettersFromFlyoverCountry]

any chance you guys can call your agent and find out why this is happening.

Did you pass a certain number of hours, etc?

I just got quoted $1976 for 100k ground/flight coverg. $1 mil liability, 100k each passenger liability (Chartis)

[Ironflight]

I just renewed the RV-8's policy (Our broker is SkySmith) with a new company he recommended, and it dropped about $200 from last year. No idea why, but it seems to me there were more companies quoting than years past - could be that competition is becoming more important? Both Louise and I have enough hours and licenses that we don't see much of a decrease due to additional experience anymore.

Bob, you're probably seeing higher numbers (than some examples) because of the hull value you've chosen (I use the same thing, because I have a lot in the airplane) - many don't insure for near that much.

Paul

[n567vb]

I asked once and was told the change in rates year over year are more based on how much was paid out versus collected, and not so much how many more hours you have accumalated from the previous year. If the insurance company had a good year, you'll see more of drop. Sounds like the insurance companies did fairly well last year!

Bob - your 1976 sounds about right compared to what I first paid for insurance a year ago when I did my first flight.

Vince
RV-7
N567VB

[Louise Hose]

Bob,
My insurance costs on Mikey went down a couple hundred dollars after my first year and another hundred or two the second year. I assume it was because I passed 500 hours total time and 200 hours tailwheel and model time. That, of course, was several years ago.

[frazitl]

thru EAA (Falcon) was $300 less than last year too. $1320 for 120K hull and a million liability.

Wonder what is driving this?

[azrv6]

I renewed last Friday. Got the same exact numbers as Mitch did in the original post. $300 drop year over year from $1216 to $916, underwritten by Global Aerospace.

[AltonD]

for 100K hull, Mil liability, I paid 2200 first flight. It dropped right at 600 for the next year with just over 110 hours on the plane. I had 450 hours in the log book total.

[BobTurner]

Bob, I think you have low hours in type? That's a big driver for insurance companies. Also, I think you're still in phase 1? Another hit.

Bob