Insurance rate shocker

Bob Mackey, Vice President of Falcon Insurance Agency (the official insurance agency for the EAA's Aircraft Insurance Plan), has graciously agreed to moderate this forum and answer your aircraft insurance questions. Thanks Bob!

Moderators: drseti, Bob Mackey

User avatar
drseti
Posts: 7227
Joined: Sat Nov 28, 2009 6:42 pm
Location: Lock Haven PA
Contact:

Re: Insurance rate shocker

Post by drseti »

Be glad you're not in commercial service, Stan. Your premium would be five times that amount.
The opinions posted are those of one CFI, and do not necessarily represent the FAA or its lawyers.
Prof H Paul Shuch
PhD CFII DPE LSRM-A/GL/WS/PPC iRMT
AvSport LLC, KLHV
[email protected]
AvSport.org
facebook.com/SportFlying
SportPilotExaminer.US
3Dreaming
Posts: 3107
Joined: Sun Jan 10, 2010 6:13 pm
Location: noble, IL USA

Re: Insurance rate shocker

Post by 3Dreaming »

Aviation insurance companies were complaining about operating at a loss. At least 2 have left the marker because of that. Recent storms have hit some airport with fairly heavy losses. This all adds up to increased rates. My commercial insurance went up 15% for this year.
User avatar
Scooper
Posts: 397
Joined: Sun Jul 08, 2007 12:29 pm
Location: Santa Rosa, CA

Re: Insurance rate shocker

Post by Scooper »

drseti wrote:Be glad you're not in commercial service, Stan. Your premium would be five times that amount.
Paul, you're right of course; I should count my blessings.
3Dreaming wrote:Aviation insurance companies were complaining about operating at a loss. At least 2 have left the marker because of that. Recent storms have hit some airport with fairly heavy losses. This all adds up to increased rates. My commercial insurance went up 15% for this year.
I guess I shouldn't complain. As long as I can afford the premium I'll just continue to pay.
Stan Cooper (K4DRD)
Private Pilot ASEL LSRI
Image
Experimental AMD CH601XLi-B Zodiac LSA N601KE (KSTS)
3Dreaming
Posts: 3107
Joined: Sun Jan 10, 2010 6:13 pm
Location: noble, IL USA

Re: Insurance rate shocker

Post by 3Dreaming »

Scooper wrote:I guess I shouldn't complain. As long as I can afford the premium I'll just continue to pay.
I'm pretty sure my increase was more than your new annual premium.
User avatar
drseti
Posts: 7227
Joined: Sat Nov 28, 2009 6:42 pm
Location: Lock Haven PA
Contact:

Re: Insurance rate shocker

Post by drseti »

3Dreaming wrote: I'm pretty sure my increase was more than your new annual premium.
Yep, mine certainly was.
The opinions posted are those of one CFI, and do not necessarily represent the FAA or its lawyers.
Prof H Paul Shuch
PhD CFII DPE LSRM-A/GL/WS/PPC iRMT
AvSport LLC, KLHV
[email protected]
AvSport.org
facebook.com/SportFlying
SportPilotExaminer.US
User avatar
foresterpoole
Posts: 307
Joined: Thu Sep 22, 2016 12:28 pm
Location: Alexandria, LA

Re: Insurance rate shocker

Post by foresterpoole »

I was talking with a few pilots on Facebook. In the past few months three airports in this area suffered losses from tornadoes: Pineville, Monroe, and now Bunkie is a total loss. They are expecting insurance for this area to skyrocket because of this. I'm not due for a while, I guess we shall see....
Ed
User avatar
MrMorden
Posts: 2184
Joined: Fri Aug 17, 2012 7:28 am
Location: Athens, GA

Re: Insurance rate shocker

Post by MrMorden »

drseti wrote:
3Dreaming wrote: I'm pretty sure my increase was more than your new annual premium.
Yep, mine certainly was.
But it's a little different when your airplane *makes* money, instead of just burning it. :D
Andy Walker
Athens, GA
Sport Pilot ASEL, LSRI
2007 Flight Design CTSW E-LSA
User avatar
drseti
Posts: 7227
Joined: Sat Nov 28, 2009 6:42 pm
Location: Lock Haven PA
Contact:

Re: Insurance rate shocker

Post by drseti »

MrMorden wrote:
But it's a little different when your airplane *makes* money, instead of just burning it. :D
Believe me, Andy, it hasn't been making money these past two months!
The opinions posted are those of one CFI, and do not necessarily represent the FAA or its lawyers.
Prof H Paul Shuch
PhD CFII DPE LSRM-A/GL/WS/PPC iRMT
AvSport LLC, KLHV
[email protected]
AvSport.org
facebook.com/SportFlying
SportPilotExaminer.US
3Dreaming
Posts: 3107
Joined: Sun Jan 10, 2010 6:13 pm
Location: noble, IL USA

Re: Insurance rate shocker

Post by 3Dreaming »

drseti wrote:
MrMorden wrote:
But it's a little different when your airplane *makes* money, instead of just burning it. :D
Believe me, Andy, it hasn't been making money these past two months!
My insurance agent called and offered to put mine on non flying status. I thought I would be flying with my older son some, but he has been to busy with school work. It has rented a few times though. Certainly not making enough money to pay the insurance.
User avatar
Warmi
Posts: 1230
Joined: Sun Oct 16, 2016 5:35 pm
Location: Frankfort, IL

Re: Insurance rate shocker

Post by Warmi »

Just got my quote for this year from Greg at Aviation Insurance Resources.

We are pleased to present the attached quotation of $1,760 from your current carrier. Other quotes came in at $2,522 to $4,144.

Last year I paid $1704 so it is about $56 more - not to bad imho (97k hull )
Flying Sting S4 ( N184WA ) out of Illinois
User avatar
drseti
Posts: 7227
Joined: Sat Nov 28, 2009 6:42 pm
Location: Lock Haven PA
Contact:

Re: Insurance rate shocker

Post by drseti »

Who is your carrier, Warmi?
The opinions posted are those of one CFI, and do not necessarily represent the FAA or its lawyers.
Prof H Paul Shuch
PhD CFII DPE LSRM-A/GL/WS/PPC iRMT
AvSport LLC, KLHV
[email protected]
AvSport.org
facebook.com/SportFlying
SportPilotExaminer.US
User avatar
Warmi
Posts: 1230
Joined: Sun Oct 16, 2016 5:35 pm
Location: Frankfort, IL

Re: Insurance rate shocker

Post by Warmi »

drseti wrote:Who is your carrier, Warmi?
USAIG
Flying Sting S4 ( N184WA ) out of Illinois
Nomore767
Posts: 929
Joined: Fri Jan 18, 2013 8:30 pm

Re: Insurance rate shocker

Post by Nomore767 »

FYI
I just got my quote through AOPA for my 2014 RV-12 SLSA . Full coverage including $126k replacement (price new) for $989, up from $805 each of last two years.
User avatar
drseti
Posts: 7227
Joined: Sat Nov 28, 2009 6:42 pm
Location: Lock Haven PA
Contact:

Re: Insurance rate shocker

Post by drseti »

That looks like a 23% increase, which is about what other folks are seeing.
The opinions posted are those of one CFI, and do not necessarily represent the FAA or its lawyers.
Prof H Paul Shuch
PhD CFII DPE LSRM-A/GL/WS/PPC iRMT
AvSport LLC, KLHV
[email protected]
AvSport.org
facebook.com/SportFlying
SportPilotExaminer.US
Sling 2 Pilot
Posts: 317
Joined: Wed Jan 17, 2018 4:53 pm

Re: Insurance rate shocker

Post by Sling 2 Pilot »

AVEMCO, raised only my hull insurance by $35. Liability remains the same. I had expected it to be more , based on what has been posted by AOPA and other forums.
Post Reply