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Thread: Cost of Insurance, How much are people paying?

  1. #11
    Super Moderator Av8r3400's Avatar
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    Default Re: Cost of Insurance, How much are people paying?

    I just renewed again with Falcon. They switched me to another carrier this year (forget which, sorry).

    I have about 1000 hours in type, tailwheel, of my Kitfox IV. For $60k hull, $1M liability, my premium was about $1100 for the year.

    I did have an interesting follow up with them this year. I had checked on the information request (as I always do) that I operate off "unpaved" airstrips. They emailed me back asking for a list of the unpaved strips I use. Needless to say, that is a very loaded question. I emailed back saying that I operate off strips ranging from Johnson Creek Idaho (and listed several others in the Frank Church I visited this summer) to several of the local "private" strips in my home area, along with potentially thousands of other strips both listed and unlisted with the FAA. I commented that my airplane is a bush plane, designed for "off airport" operations and wanted direct comment if this is going to be a problem with coverage.

    This is the response I received:

    Good morning Mr. Wenning,

    Most of the times the underwriter will want to know what airports you will be using if they are not paved. I will just let them know that you advised that there could be a lot of airports you may use that aren’t paved, and then reference 3U2 and W23, I think they will be satisfied with that answer.

    Regards,
    Mary Corbin


    I have not received any further requests for information and consider the matter closed.
    Av8r3400
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  2. #12
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    Default Re: Cost of Insurance, How much are people paying?

    Larry , Your quote is the best I've seen , any chance you can find out who your specific carrier is? I will give Falcon a call. Thanks Bruce N199CL

  3. #13
    Super Moderator Av8r3400's Avatar
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    Default Re: Cost of Insurance, How much are people paying?

    Old Republic Aerospace, $1089.
    Av8r3400
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  4. #14
    Senior Member jrevens's Avatar
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    Default Re: Cost of Insurance, How much are people paying?

    Previously I had Old Republic ,through Falcon, also, and requested the exact same coverage limits as you have, Larry. The quote was about $300 dollars more than that (Old Republic also). Sometimes I wonder how the insurance game really works. Maybe the difference was because I had much less time in the specific make/model, or maybe my age? Anyway, BWI was better for me (National Union).
    John Evens
    Arvada, CO
    Kitfox SS7 N27JE
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  5. #15
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    Default Re: Cost of Insurance, How much are people paying?

    Thanks Larry , and John I am seeing the same thing with the inconsistencies in quotes from one guy to the other for what appears to be identical coverage. Bruce N199CL

  6. #16
    Super Moderator Av8r3400's Avatar
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    Default Re: Cost of Insurance, How much are people paying?

    There are hundreds if not thousands of variables that go into setting insurance premium rates. Trying to match rates with another person is mostly impossible. I deal with insurance and agents on a daily basis in my day job.

    Age, location, experience, hair color, type of shoes you wear, all go into this racket...
    Av8r3400
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  7. #17
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    Default Re: Cost of Insurance, How much are people paying?

    In that case I'm gonna dye my hair from grey to bleach blonde! Bruce N199CL

  8. #18

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    Default Re: Cost of Insurance, How much are people paying?

    Wow and I thought I could save a few bucks dumping my Mooney for a KF. Anyone here have a tricycle KF - what are you paying?
    My insurance went up 19% for my $50k Mooney from last year and up over 40% compared to my rate three years ago. It’s at the point I serious considered dumping the hull cost (74% of the overall premium). If I survive the wreck I could come back and pull the radios which are probably most of the value of the ship. If I don’t survive then too bad so sad.


    Sent from my iPhone using Tapatalk

  9. #19

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    Default Re: Cost of Insurance, How much are people paying?

    Quote Originally Posted by Jerrytex View Post
    Same boat. I used Falcon. I used to have full coverage 2011-2013 (30K hull) which was $1500 ish. I dropped that to not in motion and it went down to $800ish. My last renewal for the same "not in motion went up to $1000. So now I am only going to have liability only which is $175 ish. If I went back to full coverage, even with more tailwheel time now, my premium would be $1800ish which is crazy expensive.

    The cost of insurance for airplanes is ridiculous. I have an offshore boat that I can load up 9 people on, go offshore up to 100 miles, without a captains license, or any kind of inspections, or ratings, and it costs $400 a year for full coverage and 50K hull value. I understand that there are alot more boats than airplanes so the cost is spread out more, but most people that have airplanes are a lot more meticulous with maintenance and careful about conditions so much less of a liability to insurance company than recreational airplanes. I just think they gouge becasue they can.
    That sounds similar to my experience except that my liability only went up to 600 or so after being 300 for the previous 5 years. I was about to bind and I asked BWI, to ask the company I was binding with, if they had the EAA exemption for skis and they came back almost immediately and retracted their quote. That left me with one option and I didn't dare ask about skis.

    BTW: Anyone interested in some Airedale Wheel Penetration Skis for 6x6.00 wheels?

    Mike

  10. #20
    Senior Member 109JB's Avatar
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    Default Re: Cost of Insurance, How much are people paying?

    Keep in mind that it is the hull coverage that pays for the removal of the airplane from the accident site, not the liability portion. Without hull, you or your estate are responsible for paying for recovery. If the accident happens lets say somewhere like a road where the road has to be opened up quickly, the local authorities are going to make it happen and you will be sent the bill. With hull coverage the insurance company would have to pay this. Without, you do, or your estate.
    John Brannen
    Morris, IL
    Sonerai IIL (Single Seat)
    Kitfox 3/4 1050 - Rotax 582 (Back Flying and sold)
    Kitfox IV 1050 - Rotax 582 (sold)
    Kitfox IV 1200 Speedster - Rotax 912 UL (project)
    Piper Twin Comanche (Sold)
    Glasair 1 FT (Waiting to start)

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