Scott Flood:
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.
Mark Gooderum:
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 un-hangered 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 abnormal amount of dual time from check-rides 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…).
It’s also worth noting that most underwriters _will_ tell you their TT
cutoffs for each rating if you ask, so you can find out if you’re close
to a point that you’ll see a lower rate band.
The mid-low time is typically 250 or 350…reality is most of the actual
risk dropoff based on accident statistics comes by 400 hours (and there
is an interesting “spike” around 350…maybe insurers are picking up on
that).