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Thread: Insurance Premiums

  1. #1

    Join Date
    Feb 2019
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    Chandler, AZ
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    17

    Default Insurance Premiums

    Now that Iím seriously considering buying a Kitfox, Iíve started looking at insurance costs and the quotes Iíve received so far are astronomical. Iím getting on the order of $3000/year for about $65k hull coverage (moving flight and ground). Iíve 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 Iím a relatively new pilot (170 hours total with 20 hours on tailwheel and more accumulating weekly), but it seems weird that itís 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?

  2. #2
    Senior Member
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    Dec 2017
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    Mapleton,UT
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    Default Re: Insurance Premiums

    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.
    Dustin Dickerson

    Building 7ss STI x 2
    Oratex
    29" shock monster
    EP912STI 155hp
    Garmin
    N33TF......FLYING!
    N53TF......Building

  3. #3
    Senior Member
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    Apr 2009
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    Chisholm Mn
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    1,008

    Default Re: Insurance Premiums

    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

  4. #4

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    Feb 2019
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    Chandler, AZ
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    Default Re: Insurance Premiums

    Quote Originally Posted by Shadowrider View Post
    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?

  5. #5
    Senior Member PapuaPilot's Avatar
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    Nov 2013
    Location
    Nampa, Idaho
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    801

    Default Re: Insurance Premiums

    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.
    Phil Nelson
    A&P-IA, Maintenance Instructor
    KF 5, Continental IO-240
    Flying

  6. #6
    Senior Member
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    Dec 2017
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    Mapleton,UT
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    553

    Default Re: Insurance Premiums

    They didnít care I had a lot of total time because I didnít 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 ďselfĒ insured until I got 50 hours then I went back and got more quotes.
    Dustin Dickerson

    Building 7ss STI x 2
    Oratex
    29" shock monster
    EP912STI 155hp
    Garmin
    N33TF......FLYING!
    N53TF......Building

  7. #7
    Senior Member efwd's Avatar
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    Jun 2015
    Location
    Yorba Linda, CA
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    2,135

    Default Re: Insurance Premiums

    AOPA recently published (23 Jan. 2020) WHY INSURANCE RATES ARE INCREASING 10 TO 100 PERCENT

    Q&A WITH CEO OF ASSUREDPARTNERS AEROSPACE

    Eddie Forward
    Building
    SS7, 912iS, Garmin G3X

  8. #8
    desertdave's Avatar
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    Jun 2019
    Location
    Scottsdale AZ
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    48

    Default Re: Insurance Premiums

    Rates are a simple ďrisk vs rewardĒ 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.
    Iím not saying to drop hull coverage or all insurance but itís a matter of finding your comfort zone.
    Dave
    KitFox 6 Taildragger
    912 ULS
    IVO IFA Prop
    Proudly rocking round dial gauges
    Follow my adventures
    IG @szmulewicz

  9. #9

    Join Date
    Feb 2019
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    Chandler, AZ
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    17

    Default Re: Insurance Premiums

    Quote Originally Posted by Shadowrider View Post
    They didnít care I had a lot of total time because I didnít 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 ďselfĒ 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.

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