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  1. Username Protected
    Marcus Adolfsson's Avatar
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       #1  

    Insurance Market

    What is everyone seeing for insurance recently?

    I am paying almost $12k for $1m liability ($100k sub-limit) and a $359k hull. 10% deductible in motion. The policy doesn't break out the premium between hull and liability.

    Not a fair comparison, but on my Phenom 300 I pay $20.5k for $10m liability and $5.25m hull. So 10x the liability and 15x the hull for 2x the cost.

    Not much we can do about driving the rates down other than flying safely...
    St Petersburg, FL - N1BA #140 Icon G3x & N329MC Phenom 300
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    Jason Depew's Avatar
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    #2  
    I might have a better insurance option:

    Joe Ryan
    Aviation Insurance Broker
    CML, ATP, CFII
    Direct: 612-294-7215

    Wings Insurance
    Flying Cloud Airport
    14871 Pioneer Trail
    Eden Prairie, MN 55347
    tel: 952-942-8800 fax: 952-942-8700 www.wingsinsurance.com

    Background. I've been under contract to buy a used A5 for a few weeks, but I'm afraid the deal is going to fall through because I can't get the insurance I need. (Among other issues, the policy specifically forbids any human being not named on the policy from ever touching the controls.) Those quotes were through Marsh and Travers, and the prices were even more outrageous than the terms.

    Joe Ryan tried to negotiate for me, but since I already got bad quotes I'm out of luck for at least a few months, maybe longer.

    Joe says that he has relationships with specific underwriters, and that he approaches every single quote as an individual situation in which he negotiates for the best possible rates. He believes he could do better for most A5 owners than they're currently getting.

    He says that if an owner wanted, he could take over servicing of your policy now, and be in a good position to negotiate for something better when it's time to renew. I don't know him personally other than some phone conversations, but it seems like it'd at least be worth talking to him.

    It may be worth having him do a group pitch via zoom or something.
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    Tommy Woycik's Avatar
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    #3  
    Similar story here, but slightly worse.

    I'm paying $12k/year on my A5 for a $230k hull value and $1mm liability. Recommendations? I'm ready to move.

    I also own a Vision Jet with a $2.4mm hull value and pay $24k annually. So 10X the coverage for 2x the cost.
  4. Username Protected
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    #4  
    With premiums this high, self insuring starts getting quite compelling.
  5. Username Protected
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    #5  
    Just an FYI, but there are two of us owning the plane in an LLC, and our rate is about the same, $12K/yr for $280K on the hull and $1M. And I would participate in a Zoom call as mentioned by Jason.
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    #6  
    Just renewed. It went down! Am Ihallucinating?
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    Tommy Woycik's Avatar
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    #7  
    Thanks for the update, Steve. I am going out to bid now and hope to have a similar story to share.
  8. Username Protected
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    #8  
    I realized my original quote was a bit high. But last renewal was $10.5K.
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    Michael Himes's Avatar
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    #9  
    $8100 is my renewal quote for $260 hull and $1M liability. Still seems crazy high when I have over 250 hrs experience in the A5 and over 14000 hrs in complex multi-engine - and that's aside from military time. I had been told from the start that my rates would go down significantly at the 100 hr and 200 hr experience in-type milestones. THAT didn't really happen.
  10. Username Protected
    Marcus Adolfsson's Avatar
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       #10  
    On a $359k hull $1M liability my premium quote this year is $11,706. I asked for a liability only quote and it come back at $1,433. The in-motion deductible is 10%, so not likely to use insurance for anything small. Need to decide in the next few days...
    St Petersburg, FL - N1BA #140 Icon G3x & N329MC Phenom 300
  11. Username Protected
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    #11  
    Thanks Marcus! And here I thought most of the high cost came from the potential of having to salvage a plane sitting at the bottom of a lake. I'll be discussing this with my partner.
  12. Username Protected
    Michael Himes's Avatar
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    #12  
    I should have mentioned in my previous posting that I insure the hull for $260K - about what I figure I can find a used A5 in decent shape.

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