sandpiper Posted November 29, 2020 Report Share Posted November 29, 2020 Darrell - thank you. Agree that staying long term with a carrier is a good strategy. I got two quotes from my broker (Falcon) this year. Even though staying with the same carrier bumped me up by $500 to $1700, the only other quote was $2900. This is for $89K hull which is more than the plane is worth. Will look at a more realistic hull value next renewal. Quote Link to comment Share on other sites More sharing options...
GrassStripFlyBoy Posted November 29, 2020 Report Share Posted November 29, 2020 I wonder how difficult it would be to structure a self insured pool of CT owners, liability insurance is cheap - it's the hull values on this type that drives the costs. 50 pilots throw 2k in a pot, and that would cover 1 hull write off per year, invest the holdings in Bitcoin and we'll all be flying F2's next year! Quote Link to comment Share on other sites More sharing options...
Anticept Posted June 6, 2022 Report Share Posted June 6, 2022 On 11/28/2020 at 8:15 AM, GrassStripFlyBoy said: I shopped around this Sept expecting to see the price increase so many others have reported. Besides my agent of past 20 years I submitted details online at A I R, next day Chris called and talked over a few more details (me being based at grass strip limits options as some won't write policies). When I shared who I was with, and being written by AIG he said he'd likely not be able to compete as he'd be going to AIG as well, but would quote and advise back. Never heard from him again. My policy was renewed with AIG again this year, and price went down, likely because I flew the plane 130 hours in past year, and now renewing a policy instead of being a new owner with practically zero hours? I've been with Avinsure for the last 20 years, Candy Eichenberger, she has knowledge of CT's as has insured several owners and a university flight school in OH that fly CT's Avinsure Agency, Inc. Bringing back an old thread! I am currently shopping for insurance, it seems difficult to get anything lower than 2000 while a pilot is on the policy without an instrument rating. That flight school you are talking about is actually the one I ran, and Candy consults me from time to time for information. Her husband, Jerry, has been an aviation lawyer for decades. Quote Link to comment Share on other sites More sharing options...
sandpiper Posted June 6, 2022 Report Share Posted June 6, 2022 Commercial, Multi, instrument, Rotorcraft: Helicopter, CFII, seaplane, most ratings except ATP, glider. Extensive tail wheel time, 6,000 hours, etc. No accidents. None of this helped because of my age - 77. Insured with Falcon for years. They assured me I have the lowest rate possible. Carrying $89K hull. Just renewed in May for almost $2200. That's up from $1200 four years ago. They said they would probably never drop me, just price me out of the market. According to Falcon they don't like the CTSW. It's accident rate and fatality rate is apparently 4X that of a C-172. They said my premium for a C-182 would be half what I pay for same hull value. Problem is any C-182 I like would cost double that and burn over 12gph. Can't win. Quote Link to comment Share on other sites More sharing options...
GrassStripFlyBoy Posted June 6, 2022 Report Share Posted June 6, 2022 Avinsure Agency, Inc. Candi is the only agent i've used since starting off in '99. She knows CT's, and shops several of the good big name carriers - AIG, etc. I paid ~ $1500 end of last year, and that is with the couple hundred dollar adder for being on my home shorter grass strip. Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 6, 2022 Report Share Posted June 6, 2022 My insurance has bounced between $1250 and $1450 on a $75k hull value since 2013. I use Chris Wolbert at Aviation Insurance Resources (air-pros.com) as a broker. I have been with AIG the whole time. I get renewed sometime this month, I'll let ya'll know how much pain it causes. Quote Link to comment Share on other sites More sharing options...
Anticept Posted June 6, 2022 Report Share Posted June 6, 2022 A big part of the insurance premium is going to be the deductible, we should probably be stating that too. Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 6, 2022 Report Share Posted June 6, 2022 My deductible is $250 for everything IIRC. EDIT: I just looked it up my deductible is zero and premium was $1393 last time around. Quote Link to comment Share on other sites More sharing options...
Warmi Posted June 7, 2022 Report Share Posted June 7, 2022 $2425 this year for $80 K hull at AIG - big jump from last year( physical damage coverage price went up from $1484 to $2000 ) This policy has Open Pilot Clause with 300 hours/5 in type. I am 51 years old with no history of any claims and 454 hours ( most of them in my plane) 2017 - $2064 2018 - $1704 2019 - $1700 2020 - $1495 2021 - $1790 2022 - $2425 Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 7, 2022 Report Share Posted June 7, 2022 8 hours ago, Warmi said: $2425 this year for $80 K hull at AIG - big jump from last year( physical damage coverage price went up from $1484 to $2000 ) This policy has Open Pilot Clause with 300 hours/5 in type. I am 51 years old with no history of any claims and 454 hours ( most of them in my plane) 2017 - $2064 2018 - $1704 2019 - $1700 2020 - $1495 2021 - $1790 2022 - $2425 I also have the 300/5 terms in my policy. We are roughly the same age (I'm 55). I wonder why your policy was over a thousand dollars more than mine with the same company and terms... I do have more hours than you (about 850) but not that many more. Maybe it's down to what airport you're based at, or there may be hidden state fees in different locations. Quote Link to comment Share on other sites More sharing options...
Warmi Posted June 7, 2022 Report Share Posted June 7, 2022 1 hour ago, FlyingMonkey said: I also have the 300/5 terms in my policy. We are roughly the same age (I'm 55). I wonder why your policy was over a thousand dollars more than mine with the same company and terms... I do have more hours than you (about 850) but not that many more. Maybe it's down to what airport you're based at, or there may be hidden state fees in different locations. Well, do you have your insurance quote for 2022 ? My premiums were relatively low until 2022 … something changed and not on my side. Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 7, 2022 Report Share Posted June 7, 2022 37 minutes ago, Warmi said: Well, do you have your insurance quote for 2022 ? My premiums were relatively low until 2022 … something changed and not on my side. Not yet, I'll let you know. Quote Link to comment Share on other sites More sharing options...
Towner Posted June 7, 2022 Report Share Posted June 7, 2022 Policy in Nov 2021 was $1453. I’m 54, 1400+ TT, 150 in type. Policy does allow other pilots with 500TT and 10 in type. Plane is only insured for $60k Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 7, 2022 Report Share Posted June 7, 2022 I just got my quote back. Everything the same as last year, $1521. Quote Link to comment Share on other sites More sharing options...
Warmi Posted June 7, 2022 Report Share Posted June 7, 2022 5 minutes ago, FlyingMonkey said: I just got my quote back. Everything the same as last year, $1521. That is odd …. for me it just went up this year out of blue. Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 7, 2022 Report Share Posted June 7, 2022 1 hour ago, Warmi said: That is odd …. for me it just went up this year out of blue. Mine went up about $125, but less than I was fearing. I bet a lot of it has to do with your home airport and what state you're in. Quote Link to comment Share on other sites More sharing options...
Warmi Posted June 7, 2022 Report Share Posted June 7, 2022 36 minutes ago, FlyingMonkey said: Mine went up about $125, but less than I was fearing. I bet a lot of it has to do with your home airport and what state you're in. I guess … living in IL seems to be the gift that just keeps on giving …. Ps Do you have to include your airport in “additional insured “ ? I need to include the airport and Illinois Department of Transportation and their consulting company running the airport etc … Quote Link to comment Share on other sites More sharing options...
Towner Posted June 7, 2022 Report Share Posted June 7, 2022 I do wonder how much difference the home airport makes. I’m at a government owned, uncontrolled airport, little traffic, with a very nice 5200 paved runway. I’m guessing it’s close to ideal for insurance companies. Quote Link to comment Share on other sites More sharing options...
Warmi Posted June 8, 2022 Report Share Posted June 8, 2022 1 hour ago, Towner said: I do wonder how much difference the home airport makes. I’m at a government owned, uncontrolled airport, little traffic, with a very nice 5200 paved runway. I’m guessing it’s close to ideal for insurance companies. I am on government owned , 5000 feet paved runway and frankly my premium was around $1400 in 2020 , then it went up to $1700 last year so it is not the airport - I almost think it is regional …certain regions get hit with increases at certain times. Quote Link to comment Share on other sites More sharing options...
GlennM Posted June 8, 2022 Report Share Posted June 8, 2022 Mine is $2058 with Falcon on a 2006 CTSW. I am 51 with 1550 TT and 850 hours in type. The biggest cost is my hull value, which is $127k and no deductible, since I haven't changed it from new. I guess I should look at revising that next year. I have to include the hangar lessor, Sheltair, every year. Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 8, 2022 Report Share Posted June 8, 2022 13 hours ago, Towner said: I do wonder how much difference the home airport makes. I’m at a government owned, uncontrolled airport, little traffic, with a very nice 5200 paved runway. I’m guessing it’s close to ideal for insurance companies. Same here, county owned and no tower. I have two long well-paved runways (5200ft and 3600ft). I even have a busy flight school. Not sure if that's a plus or a minus to an insurance company... Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 8, 2022 Report Share Posted June 8, 2022 On 11/28/2020 at 8:03 PM, sandpiper said: Don't under insure. They just might give you a check and leave you without enough to replace what you have. I doubt they would spend more to repair a broken plane than what it's insured for. My dad was an insurance executive for 40 years, and I heard him talk about risk and insurance the way we talk about airplanes. Definitely good advice here. It sucks that we need insurance, but when we need it we really need it. Especially on the CTs which are much more prone to be totaled out than repaired due to the cost of composite work. I don't have the kind of money to be able to just shrug and write off a $70k+ airplane. Some people do, and can afford to "self insure" on hull. Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 8, 2022 Report Share Posted June 8, 2022 9 hours ago, GlennM said: Mine is $2058 with Falcon on a 2006 CTSW. I am 51 with 1550 TT and 850 hours in type. The biggest cost is my hull value, which is $127k and no deductible, since I haven't changed it from new. I guess I should look at revising that next year. I have to include the hangar lessor, Sheltair, every year. The nice thing about keeping your hull value high is that if you have a total loss you can afford to get a similar airplane to replace it with no pain, and you might even put a few dollars in your pocket or at least have enough to cover the expenses of finding and transporting a new airplane. Plus airplane costs are rising across the board. A few years ago my CT would probably fetch $60k, now I bet it's closer to the $75k I have it insured for. Quote Link to comment Share on other sites More sharing options...
FlyingMonkey Posted June 29, 2022 Report Share Posted June 29, 2022 On 6/7/2022 at 3:05 PM, FlyingMonkey said: I just got my quote back. Everything the same as last year, $1521. FYI, after watching what's happening to airplane prices, I bumped up my hull value from $75k to $85k. My premium went from $1521 to $1682 with everything else the same. I think the $13 a month is worth it. My insurance goal has always been to be able to buy an equivalent CT without money out of my pocket in the event of a total loss. Looking on Barnstormers, right now I'm not confident $75k would get that done. That is kind of shocking since a few years ago my rather spartan CTSW was worth about $60k - $65k. Times they are a-changin'... Quote Link to comment Share on other sites More sharing options...
Anticept Posted June 29, 2022 Report Share Posted June 29, 2022 Inflation and a HOT market! Quote Link to comment Share on other sites More sharing options...
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