Insurance Premiums

[AMK53]

Now that I’m seriously considering buying a Kitfox, I’ve started looking at insurance costs and the quotes I’ve received so far are astronomical. I’m getting on the order of $3000/year for about $65k hull coverage (moving flight and ground). I’ve done some reading through the forums and other websites and it seems most people are getting quotes in the range of $1200-$1700. I know I’m a relatively new pilot (170 hours total with 20 hours on tailwheel and more accumulating weekly), but it seems weird that it’s so drastically higher than most.

Is it simply the hours or did I just get an unfavorable quote? Or is this just another way GA is becoming less affordable? Has anyone had any luck with specific insurance brokers\providers?

[Shadowrider]

I was getting 3-5k rates. Most underwriters told me no thanks. I joined EAA and had falcon give me a quote. 1800 for 110k hull with 40 hours tailwheel. Biggest reason I joined EAA is you get a license to solid works. I have been watching lots of Youtube. :)

[avidflyer]

I used Falcon for years, with the Avid, and the Chief. Last year I went shopping, and ended up switching to Avemco on the Avid for about a 25% less rate. Went with Butler Brown on the Chief, and it was about 40% less then Falcon. Not sure that Butler Brown does experimentals though. I had the Avemco on the Avid in effect before I learned about Butler Brown, and never tried to get the Avid insured through them. I should call them up and see, I just sent in my last years hours to Avemco today for next year's quote. JImChuk

[AMK53]

I was getting 3-5k rates. Most underwriters told me no thanks. I joined EAA and had falcon give me a quote. 1800 for 110k hull with 40 hours tailwheel. Biggest reason I joined EAA is you get a license to solid works. I have been watching lots of Youtube. :)

My quote was from falcon as well. When did you get your quote? I wonder if the rates have gone up recently. Or do you have a lot of additional hours and ratings?

[PapuaPilot]

Yes, rates have gone up significantly in the last year. Mine went up over 25%. Low hours and lack of tailwheel time is going to drive it up even more.

There has already be lots of discussion on this topic. Try doing a search on the forum.

[Shadowrider]

They didn’t care I had a lot of total time because I didn’t have any tailwheel time or kitfox time. They said they would not insure me until I had 10 hours in MM and it would be 5k. I “self” insured until I got 50 hours then I went back and got more quotes.

[efwd]

AOPA recently published (23 Jan. 2020) WHY INSURANCE RATES ARE INCREASING 10 TO 100 PERCENTQ&A WITH CEO OF ASSUREDPARTNERS AEROSPACE

[desertdave]

Rates are a simple “risk vs reward” math problem for the insurance companies as with the consumers.
As more and more Kitfox pilots make claims against their insurance the more the risk to the insurance companies so the more they charge. If all Kitfoxs were trike gear and only landed on paved runways the average rate would be a fraction of what they are.
As for the customers, if you choose to carry liability only your rate will plummet. You accept the risk and collect the financial reward.
I’m not saying to drop hull coverage or all insurance but it’s a matter of finding your comfort zone.

[AMK53]

They didn’t care I had a lot of total time because I didn’t have any tailwheel time or kitfox time. They said they would not insure me until I had 10 hours in MM and it would be 5k. I “self” insured until I got 50 hours then I went back and got more quotes.

I spoke to them and they said they are looking for 100+ hours in the type to get a decent price break. They also told me that I'd have to fly the plane a lot just to keep up with the yearly insurance hikes.

[efwd]

Great news for me. Just got my insurance doc. today. My premium dropped $500. I guess going from 15 hours in type and tailwheel to 170 in type and tailwheel helped. I guess its likely they consider the airplane has now got 170 hours without damage as well vs. Zero hours.

[avidflyer]

Just got my insurance bill for the Avid Flyer yesterday. I had Avemco last year, they came in about 1/3 less then Falcon. We had switched the Chief to Butler Brown, and they were about 1/3 less then Falcon as well. The policies come due about 6 months apart. The Chief has 22,000 hull insurance on it for $775, the Avid is just liability. Couple weeks ago, I got a quote from Butler Brown for the Avid, and they quoted me $735 for just liability. I was expecting a big increase when I opened the bill yesterday from Avemco, but it actually had gone down from $435 to $396. I made out the check pretty quick before they change their mind. It seems there is no rhyme or reason to what the going rates are. JImChuk

[SNOW JW]

Just curious what the price difference is with no hull insurance & just liability vs hull insurance & liability.

[Delta Whisky]

Getting concise quotes and clear limits is a study in insurance to say the least. The short version of my story is: I found the most reasonable process and pricing by going thru USAA - if you happen to have home or auto with them, I'd start there. If not, disregard all since good morning.

[alexM]

Just curious what the price difference is with no hull insurance & just liability vs hull insurance & liability.

Hull insurance is most of your premium, as I found out insuring a Warbird. Fifteen years of paying premiums would buy another aircraft.

People who pad their hull value are not doing themselves any favor

[109JB]

Just curious what the price difference is with no hull insurance & just liability vs hull insurance & liability.

That all depends on the agreed value of the airplane. In my case I have an agreed value of $20,000 on my Kitfox IV and 2 of the quotes I received last year were :

Quote #1 - total premium (Hull + liability) $1332, Liability $442
Quote #2 - total premium (Hull + liability) $1004, Liability $325

[PapuaPilot]

I was thinking that the liability was only 1/3 of the total. This seems to be the case.

[109JB]

I was thinking that the liability was only 1/3 of the total. This seems to be the case.

But that is for a $20k agreed value on a kitfox IV. I wouldn't expect the liability portion to change if the agreed value was $40k since it would still be a kitfox IV, but I would expect the hull coverage to increase significantly.

Now take a new build Kitfox 7. Still about the same liability exposure, but a whole lot more risk in the hull coverage.

[jrevens]

I'm paying $256 (18% of my total policy cost for the "standard" $1,000,000 liability coverage). I'm only insured for $60,000 hull coverage. I don't know if it would be the same without the hull coverage... I suspect not.