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Post by cole505 on Aug 6, 2016 22:41:34 GMT
Hi Guys,
I was wondering if any of you can give some inputs on the best choice when choosing Aviation Insurance? I currently have Falcon Insurance........ I am coming up on my renewal date and have been shopping..... As of now what a I have works $1600.00 full coverage $120,000 hull 0 deductible ...... Annually and have about 250 hours 80 in the p-2008 wanted to find out what you guys are using an any recommendations.....
Ray😎👍🏻🇺🇸✈️🐾
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Post by mackattack on Aug 6, 2016 23:09:15 GMT
I'm not the best choice as I am low time so pay almost twice that ... but I got good service from Wendy Calcutt at Falcon on an AIG policy, but also from Chris Fostiak at Hays Companies (cfostiak@hayscompanies.com) on an Old Republic policy. These brokers were recommended by Shannon Yeager and Mark Gregor, respectively...
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timb
Full Member
Posts: 117
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Post by timb on Aug 7, 2016 0:25:48 GMT
This will be my third year with Falcon and I flew 140 hours last year, I'm paying $1880 for this coming year (all risk basis $155,000.) meaning full coverage.
I now have nearly 300 hours in the P2008. Just wondering how many hours you've flown yours with that quote?
Yes I do have the original brakes and they work OK, Sometimes I get the chatter but after putting a drop of oil on the bolts that the brake disks slide on it went away.
Tim
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Post by geobuff on Aug 7, 2016 3:27:58 GMT
Hi Guys, I was wondering if any of you can give some inputs on the best choice when choosing Aviation Insurance? I currently have Falcon Insurance........ I am coming up on my renewal date and have been shopping..... As of now what a I have works $1600.00 full coverage 0 deductible ...... Just wanted to find out you you guys are using an any recommendations..... Ray😎👍🏻🇺🇸✈️🐾 That is a very good rate. Folks with few hours and new planes pay MUCH more. Aircraft insurance fees are risk-based also. It first I thought airplane rates were outrageous, but then if you do the math, they are not so bad. If a 50k automobile cost $1000/year, then a 150k airplane should cost $3000/year. Well, OK. Think what it would cost for a new $800K SR22..... Yep! |
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Post by cole505 on Aug 7, 2016 4:18:06 GMT
Hi All,
Yes! All very good points..... I have to submit a new application this year .... Hoping it drops a little with more hours? Keep those inputs coming for all of us..... Much appreciated!
Ray🇺🇸👍🏻😎✈️🐾
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Post by garyfrick on Aug 7, 2016 5:02:27 GMT
I agree with mackattack, I'm low low time and the best rates I got was $3200 with the AOPA. Unfortunately, Chris Fostiac's rates were higher. AIG doesn't have a limit on hull insurance for LSAs and some do. More hours and more ratings usually means your rates go down
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Post by geobuff on Aug 8, 2016 3:44:35 GMT
I found AOPA to be a little higher than Falcon. I dropped Falcon last year because I found another company even cheaper than Falcon. Astore is a little harder to insure than P2008 because insurance companies are familiar the P2008 but unfamiliar with Astore. If they are unfamiliar, they cannot access risk and just gravitate to higher rates. Yea GaryFrick" you just have to tough out that first year. But do check around and don't accept the first rate which company #1 gives you. Insurance companies are competitive and some are lower. Unfortunately they operate differently than auto insurance companies. If you 'bind' to company #1 rate, you are a 'captive' of that company and other companies will not give you a quote. In order to switch agents, I had to sign a "Agent of Record" statement, which I have attached below. All this seems weird and NON COMPETITIVE, which is troublesome. Anyone else been hampered by this non-competitive practice?  |
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Post by mackattack on Aug 9, 2016 14:23:20 GMT
Roger that's interesting ... There is a lot about the insurance markets that is anti-competitive but that's usually authorized by statute. Still I did not encounter that when getting my Astore insured
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Post by geobuff on Aug 9, 2016 21:29:39 GMT
Did you try and get competitive bids from several companies? As per the note, my agent could not 'bind my contract' until she got my "agent of Record" release. My previous insurance company could have blocked it as I was their client and could only insure from them. Perhaps this applies when you have insurance and want to switch  I do know when I asked more than one company for a bid, they told my they could not do it because I was bound to another company. Don't really understand it, and it is totally weird. Perhaps we have an insurance specialist in the group who can explain all this. |
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Post by cole505 on Oct 3, 2016 5:10:13 GMT
Hi Guys,
Premium update just renewed my annual policy October 1-2016 new rate $1400.00 droped a couple hundred from last year! Falcon Insurance.....✈️🇺🇸👍🏻😎😎🐾
Ray
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Post by Cluemeister on Oct 3, 2016 10:22:01 GMT
I forgot how many hours do you have Ray?
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Post by cole505 on Oct 3, 2016 17:36:21 GMT
Right now about 350 total but that will change daily .....
Ray🇺🇸👍🏻👍🏻😎✈️🐾
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Post by mackattack on Oct 3, 2016 21:52:47 GMT
Roger that guys ... I'm just over 100 hours myself so expect fairly high rates for another year or two ...
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Post by Glenn on Apr 20, 2023 15:19:03 GMT
It's been a while since anyone posted about insurance.
I just renewed my P2008 policy with Global.
Approaching age 75 (in 5 months) and premium went up only ~ $200 (9%) so I can't complain.
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Post by Ed Midgley on Apr 21, 2023 2:02:46 GMT
I payed $2,900 last year for full coverage with $175K hull.
I have over 6000 hours but, will be 79 in June.
Forty years ago I had 300 hrs and was paying $ 2,800 for full coverage on a Bonanza. Adjusted for inflation that would probably be close to $8,000.
Ed
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