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Thread: Insurance Quote?

  1. #1

    Insurance Quote?

    Hello,

    I have a 1970 A24, 200 HP, Mouse, with 350 hours total time and 50 hours in
    type. My insurance renewal this year is $1,175 for a value of $50,000 with
    Aircraft & Marine. I have no accidents or other adverse indications on my
    license.

    As the industry locks you out from getting other independent quotes once
    someone asks for an insurance quote for your plane, I would like to hear
    from other MM owners if they feel this quote is reasonable.

    Thank you,

    Scott Flood
    N6146N


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  2. #2

    Insurance Quote?

    It's funny - things are all over the map...the whole lockout thing bites
    too. One thing you can do is request an agent only do quotes from
    particular underwriters - if nothing else talking to 2-3 people gives
    you a feel for responsiveness and customer service. I quoted AIG
    through Aircraft and Marine, Avemco directly and couple of others
    through USAA.

    As a PPSEL I just got myself a 1966 A23-24 - 260TT and 5 Hrs time in
    type with $40k in hull with both in and not in motion coverage and
    500/500 liability. I fly out of a controlled paved field but had
    endorsement for unpaved operations included (my sister in law's new next
    door neighbors are both A&Ps and semi-retiring, so they're putting in a
    2800' turf runway).

    I got quotes from $950 to $1200 with one odd ball at $1800 with the low
    with Aircraft and Marine through the BAC group plan. I think the
    oddball quote was confused and had me as an A24R maybe?

    Your quote seems a bit more than mine but not outside the normal limits
    of variance. Remember several variables come into play:

    * Coverage limits (obviously)
    * Paved versus Unpaved Fields
    * Hangered versus Not Hangared
    * Home Field

    * Overall Risk Rating and Controlled versus Uncontrolled

    * Pilot Rating
    * Total Time
    * Time in Last Year
    * (Some) Time in Last 90 Days
    * (Some) Dual Instruction in Last Year
    * Previous Incidents

    In general it seems like hangered versus unhangered and paved versus
    unpaved (for home field) push things a $100-$200 each on their own. For
    instance here in the midwest I suspect there are a lot more hull claims
    from hail then in-motion damage for planes parked outside. So when
    asking for comparison with other people it's important to also at least
    mention paved versus unpaved home field and hangared or not.

    I got varying answers from agents but I also know a couple of insurance
    types from the back office. The reality is that insurers are becoming
    more sophisticated and selective in rating their risks so they're
    starting to factor in more things, so bits like home field accident
    rates (similarly to how your home address affects auto coverage) can
    start to matter. As a renter at multiple FBOs up until I bought my
    plane I had an abormal amount of dual time from checkrides and such -
    plus as a renter and a semi-infrequent flyer I find I like to ride with
    someone in the right seat a couple of times a year to point out any bad
    habits any way, so I had a bit over 5 hours of dual the last 12 months
    which apparently helped a bit. Also there are really only 5-6 companies
    underwriting general aviation insurance so there is less and less
    competition.

    I'm going to work on my instrument rating next - in general higher
    ratings lowers your rates and some places give you a break if you've
    gotten a rating or otherwise completed an FAA official check ride in the
    last 12 months.

    Besides the usual sources many of us are formerly in the service. If
    you're ex Army officer or NCO or immediate family USAA's General Agency
    is an independent agent - their rates didn't match the group plan but
    beat the direct quote from Avemco - and I swear by USAA's overall
    customer service and financial stability (although they don't themselves
    underwrite aviation...).

    Good luck,
    --
    Mark



    > -----Original Message-----
    > From: bac-mail-bounces@beechaeroclub.org
    > [mailto:bac-mail-bounces@beechaeroclub.org
    <mailto:bac-mail-bounces@beechaeroclub.org> ] On Behalf Of Scott Flood
    > Sent: Thursday, December 15, 2005 5:46 PM
    > To: bac-mail@beechaeroclub.org
    > Subject: [BAC-Mail] Insurance Quote?
    >
    > Hello,
    >
    > I have a 1970 A24, 200 HP, Mouse, with 350 hours total time
    > and 50 hours in type. My insurance renewal this year is
    > $1,175 for a value of $50,000 with Aircraft & Marine. I have
    > no accidents or other adverse indications on my license.
    >
    > As the industry locks you out from getting other independent
    > quotes once someone asks for an insurance quote for your
    > plane, I would like to hear from other MM owners if they feel
    > this quote is reasonable.
    >
    > Thank you,
    >
    > Scott Flood
    > N6146N
    >
    >
    > _______________________________________________
    > BAC-Mail mailing list
    > BAC-Mail@beechaeroclub.org
    > http://www.beechaeroclub.org/mailman/listinfo/bac-mail
    <http://www.beechaeroclub.org/mailman/listinfo/bac-mail>
    >
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  3. #3

    Insurance Quote?

    The single thing you can do to reduce your insurance is

    GET INSTRUMENT RATED !!!

    >From $1034 to $898 every thing the same, just for me getting my INSTRUMENT.
    (plus a little more time in type of course).

    Dr Bill
    N9230S



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  4. #4

    Insurance Quote?

    In a message dated 15/12/2005 7:19:51 PM Eastern Standard Time, mark@jump.tc
    writes:

    As the industry locks you out from getting other independent
    > quotes once someone asks for an insurance quote for your
    > plane



    What is this lockout about? (other than sounds like a 1 shot deal & better
    not go there)

    Jon
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  5. #5
    aircraftandmarine at inte
    Guest

    Insurance Quote?

    Hi! Folks - This is Viviane from the BAC Insurance Program. It's true that
    the first agency to approach each insurance company gets the quote. The
    only exception is AIG. They will release a quote to any and all agents who
    approach them for a quote on an aircraft unless they are already writing the
    aircraft, and then they reserve the renewal quote for the writing agent
    only. What we do for all of our clients is shop the market every year with
    all available insurance companies. The rates have been going up and down
    with all companies. All of the markets we use are A+ rated, and the
    policies are all very similar. Flying is expensive, and our job is to offer
    the policy that best fits the needs of our clients for the best premium. We
    are not happy either about being locked out when we try to get quotes for
    our clients. Some of you may think that you have to shop to get all the
    quotes out there. There are only a few aviation companies, and we shop with
    all of them for you. For those of you with AIG, remember that if you're in
    the Beech Group Program with AIG, you will receive renewal credits that are
    not avilable outside the program. Please call us if you have any questions.
    800 466 4944. Thank you, Viviane
    ----- Original Message -----
    From: <Bigbajon@aol.com>
    To: <bac-mail@beechaeroclub.org>
    Sent: Friday, December 16, 2005 8:11 AM
    Subject: Re: [BAC-Mail] Insurance Quote?


    >
    > In a message dated 15/12/2005 7:19:51 PM Eastern Standard Time,
    > mark@jump.tc
    > writes:
    >
    > As the industry locks you out from getting other independent
    >> quotes once someone asks for an insurance quote for your
    >> plane
    >
    >
    >
    > What is this lockout about? (other than sounds like a 1 shot deal &
    > better
    > not go there)
    >
    > Jon
    > _______________________________________________
    > BAC-Mail mailing list
    > BAC-Mail@beechaeroclub.org
    > http://www.beechaeroclub.org/mailman/listinfo/bac-mail
    >
    >
    >


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