Current Insurance Quotes

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HeavyLoad
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Increase.

Post by HeavyLoad »

Must have been a lot of accidents in the last year? My renewal is coming up and they are doing a 70% increase.
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Stinger
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Post by Stinger »

FlyBall John wrote:Where is the threshold for time vs a reasonable rate? Is there a magic number like 50-hours, 100, etc? I’m low time (200 hours), 50 hours tailwheel and zero Maule time. Just curious how much time I will need before I see a rate get below $2k for $60k hull on a 4-seat Maule tail draggeer.

Thx
I purchased Maule insurance about two years ago for a 65k hull MX-7. 200 total hours and 5 hours of maule tailwheel time.
Little over $1400. Price has stayed the same for me over two renewals.

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HeavyLoad
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Post by HeavyLoad »

Stinger wrote: I purchased Maule insurance about two years ago for a 65k hull MX-7. 200 total hours and 5 hours of maule tailwheel time.
Little over $1400. Price has stayed the same for me over two renewals.
When was your last renewal? And who are you going through? I just a got a quote for $1800. And my last 2 years was $1200.
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DAT
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Post by DAT »

I renewed ours yesterday. Went from $1,601 to $1,964.
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andy
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Post by andy »

Just renewed mine with AIG. It went up from $1684 last year to $2191 this year for $1M/$100K liiability with $120K hull. AIG's premium was $1850. The rest was the broker's fee and credit card payment fee. Unfortunately, you can't go directly to AIG - only through a broker. I could have saved some money by mailing them a check instead of paying by credit card.
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Stinger
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Post by Stinger »

HeavyLoad wrote:
Stinger wrote: I purchased Maule insurance about two years ago for a 65k hull MX-7. 200 total hours and 5 hours of maule tailwheel time.
Little over $1400. Price has stayed the same for me over two renewals.
When was your last renewal? And who are you going through? I just a got a quote for $1800. And my last 2 years was $1200.
Last renewal was August or September I think.
Brokers that use US Specialty seem to be the lowest.

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merrymunks
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Post by merrymunks »

Mine went from 1500 to 1900 this year (March 2020), no accidents / incidents. This is what the rep said when I asked him about it:

"The increase is due to the market that has risen over the last 12 to 15 months. The companies have taken big losses and have responded with higher premiums. The next best quote was $2,884.00. Your current provider was the lowest by far this year."

Current provider is XL Specialty / XL Pegasus.
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JerseyJim
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Post by JerseyJim »

Merrymunks I also have XL and renewed in February. Within weeks of getting my policy binder I was sent a letter that they would not be renewing after this year.
See copy from my broker:

I know I just renewed your insurance but was unaware of this prior to today. We have been advised by your current insurance carrier, XL Specialty they will no longer be writing or renewing their Pleasure and Business Light Aircraft policies. You should be receiving a letter from them in short order and didn’t want you to be alarmed. They will continue to service the policy until your renewal date of 02/23/2021. Should you decide you wish to move your insurance prior to the renewal date just let me know and we can shop the markets now. They have agreed to a Pro-rate cancellation should you decide to go this route. This company is not going out of business so no worries with regard to the solvency, just not longer writing this sector of business.

Please let me know if you have any further questions or concerns.
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DAT
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Post by DAT »

Similar to JJ’s quote from his insurance company, the following is an excerpt from an email from our agent.

“We shopped the following:
AIG- $1962
Global- $2483
Hallmark Aerospace- $2167
Old Republic- $2194
The following carriers declined to quote for various reasons- U.S. Specialty Insurance Co., IAT, W.Brown, Acceleration, QBE

As you may have seen in various articles etc., the aviation insurance industry has seen an increase across the board and the market is hardening, unfortunately, with many carriers seeing premium increases up to 60% in some cases.â€￾
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DAT
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Post by DAT »

Similar to JJ’s quote from his insurance company, the following is an excerpt from an email from our agent.

“We shopped the following:
AIG- $1962
Global- $2483
Hallmark Aerospace- $2167
Old Republic- $2194
The following carriers declined to quote for various reasons- U.S. Specialty Insurance Co., IAT, W.Brown, Acceleration, QBE

As you may have seen in various articles etc., the aviation insurance industry has seen an increase across the board and the market is hardening, unfortunately, with many carriers seeing premium increases up to 60% in some cases.â€￾
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gdflys
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Post by gdflys »

Renewed in Sept 2019. Old Republic with 80K in hull value. $2409 Lots of Maule and tail wheel time under 60 years old. I was told everything was going up last renewal so hopefully it doesn't go up another 60%.
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Post by Dale Smith »

My insurance is coming up. Old Republic was still the best deal. Up about 10% compared to last year. Talking with the broker, the commercial operators are the ones that are seeing the worst hit. The private side is 10-25%, and that is still a big hit!
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merrymunks
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Post by merrymunks »

JerseyJim wrote:Merrymunks I also have XL and renewed in February. Within weeks of getting my policy binder I was sent a letter that they would not be renewing after this year.
See copy from my broker:

I know I just renewed your insurance but was unaware of this prior to today. We have been advised by your current insurance carrier, XL Specialty they will no longer be writing or renewing their Pleasure and Business Light Aircraft policies. You should be receiving a letter from them in short order and didn’t want you to be alarmed. They will continue to service the policy until your renewal date of 02/23/2021. Should you decide you wish to move your insurance prior to the renewal date just let me know and we can shop the markets now. They have agreed to a Pro-rate cancellation should you decide to go this route. This company is not going out of business so no worries with regard to the solvency, just not longer writing this sector of business.

Please let me know if you have any further questions or concerns.
Thanks Jim. My broker just confirmed, though I haven't seen a letter from XL as of yet.

-Heather
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Post by fly2all »

I'm embarrassed and sorry to say I helped contribute to the rate increase. I had an accident with my new to me Maule in October 2019. When I purchased the Maule in July 2019, XL was the cheapest quote. Having no knowledge or feedback about them I chose STARR for $3067 ('98 MX7-180a, $80k, 8hrs TL time). XL was $1786 or $2049 smooth.
At least I can say STARR was hassle free and quick to process the claim (Maule was the delay in providing the parts). Claim included a $16K- $20k recovery cost off a remote island. Getting it back in a few days.
There is more than just the lowest premium you can find. The second, less obvious is will they deliver when you have a claim. I just sent in my renewal. I just hope I don't get denied by all. Either way, I'll find a way to stay in the air. No new Kitchen this year!

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Post by Rezrider »

It's funny to see all the different quotes listed here and to compare them.
I was with USAIG last year and it was due to go up a bit, the broker found a lower price with Global and I pay around $1250 for $60k hull value.
They said that prices went up due to a contracting market and that age played a difference to the quotes too.
Don't get too old out there folks!
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