Are there any benefits to stay with one insurance underwriter?

[liuk]

I'm about to go into my 2nd year of owning my RV. I'm relatively low time (220 hr with IFR, 0 hr in the RV) but got a reasonable quote from my insurance agency at about $1.4k provided by Old Republic for my first year.

I just talked with my insurance agent to get a renewal quote and it's very nice to know the premium decreased a bit to $1.3k. My agent mentioned they also got another quote this time from Global Aerospace for just under $1k with exactly the same coverage, and asked my how I want to proceed.

It would certainly be really nice to pay $300 less, but the difference is not really huge. So my questions are: 1. Are there any potential concerns or problems I should be aware of? 2. Are there any potential benefit to stick with one insurance provider, or downside to switch insurance on a yearly basis? Thanks!

 

[BobTurner]

These questions should be directed to your agent. It's their job to answer these, explain options, etc. That said, I'll answer with my uninformed opinion: In most cases the answer is, if coverage and other things (insurance company financial strength, general policies, etc) are really exactly the same, why not choose the less expensive one? But sometimes there are issues. For example, my agent (Gallagher) explained that in the near future, I will need to make a choice, as I approach age 75. There is a certain company that they recommend for older pilots, but, that company will not accept new clients after age 75; but they will continue to renew existing clients, with good coverage/features. So as I approach 75, I may want to be insured by that company, even if it costs a few dollars more.