LRingeisen
Well Known Member
Just like a rollercoaster, insurance rates have their ups and downs. Premiums will not always be increasing, just like they are not able to decrease every year. For about the past 10-12 years, personal aviation insurance premiums have been steadily declining. This is due to many insurance companies competing for your business during a soft market. There are many factors that can cause a market to be soft. One thing we tend to see during this time is more companies branching out to take on new challenges, such as entering the aviation market. Because of the lack of experience in this niche, their premiums can start off low. This can force our strong, well-established companies to lower their rates. It can also cause underwriting guidelines to be more lax in order for our current companies to keep their accounts.
So, just like a roller coaster, the rates will eventually hit bottom and have to start moving back up again. This is where we start moving into a hard market. This does not mean the rates will spike overnight and it doesn?t mean the insurance companies will start with a ?take it or leave it? attitude towards their policy guidelines. It means, back to our roller coaster scenario, the insurance cart is going to start slowly (click, click, click, click) moving up the hill again. It doesn?t happen fast and once you reach the top, we?re going to head right back down the hill toward another soft market.
Now what do you do when you?re heading into a hard market? Find a broker that is working for you! Here?s where I?m going to start tooting our horn again.
Shanna, Katie, Kim and I do not make commission off of your accounts. We work as a team and are here to find you the best option for your situation. Besides the price, we look at the companies we place you with and the coverages they offer to make sure you are with the best fit for you. Just so there is a clear understanding of how brokerages get paid, let me explain that the insurance companies have their own set commission rates for what they pay each broker. The insurance companies cannot give different brokers different premium amounts, as long as the insurance companies receive the same information from each broker. This means no matter what broker you decide to go with, you pay the same.
Other reasons to choose Gallagher Aviation:
We specialize in light aircraft only.
We have access to all major markets.
We have a claim liaison dedicated to helping you through your claim process.
We have a great rapport with all of the underwriters.
We are the 3rd largest aviation broker and we have a large portfolio of other services to offer.
And most of all, how many other insurance companies can say they were named World?s Most Ethical Companies not only once, but seven times over? (Toot! Toot!)
So, just like a roller coaster, the rates will eventually hit bottom and have to start moving back up again. This is where we start moving into a hard market. This does not mean the rates will spike overnight and it doesn?t mean the insurance companies will start with a ?take it or leave it? attitude towards their policy guidelines. It means, back to our roller coaster scenario, the insurance cart is going to start slowly (click, click, click, click) moving up the hill again. It doesn?t happen fast and once you reach the top, we?re going to head right back down the hill toward another soft market.
Now what do you do when you?re heading into a hard market? Find a broker that is working for you! Here?s where I?m going to start tooting our horn again.
Shanna, Katie, Kim and I do not make commission off of your accounts. We work as a team and are here to find you the best option for your situation. Besides the price, we look at the companies we place you with and the coverages they offer to make sure you are with the best fit for you. Just so there is a clear understanding of how brokerages get paid, let me explain that the insurance companies have their own set commission rates for what they pay each broker. The insurance companies cannot give different brokers different premium amounts, as long as the insurance companies receive the same information from each broker. This means no matter what broker you decide to go with, you pay the same.
Other reasons to choose Gallagher Aviation:
We specialize in light aircraft only.
We have access to all major markets.
We have a claim liaison dedicated to helping you through your claim process.
We have a great rapport with all of the underwriters.
We are the 3rd largest aviation broker and we have a large portfolio of other services to offer.
And most of all, how many other insurance companies can say they were named World?s Most Ethical Companies not only once, but seven times over? (Toot! Toot!)