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Brian

Brian

Administrator
Joined
Sep 30, 2019
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15,863
Location
Queensbury, NY
My insurance policy for the plane and myself is expiring in a couple of weeks. My current carrier is AIG.

Before the turkey strike, I had a $1 million smooth policy for $1200. After the turkey strike, the same policy with the same limits went up to $1900 last year. This year's quote is the same. Out of curiosity, I checked with Avemco, mainly because I've never checked with them before.

They don't do smooth policies or $1MM liability, at least according to the guy I spoke to. For their standard policy and the same hull coverage, the quote is $1300.

I'm curious what you folks would do with these two choices and any recommendations, especially with regard to Avemco.

Thanks. :)
 
I use Avemco because it is easy and because the standard owned aircraft policy also provides renter insurance. I had AIG previously and that seemed fine but when I started looking at multiple different kinds of insurance Avemco was a one stop shop. However, they discontinued all the CFI policies in Alaska so now I have to go shopping again.
 
That depends on exactly what Avemco's "standard" policy is. I thought $1MM / $100K was standard in aviation. At least, it's common.

My broker shops around and for the past several years Old Republic always has the best deal. With $105k hull value the premium is $875. Add to that:
$1M / $100K: $211
$1M / $200K: $387
$1M smooth: $610
 
Personally, I wouldn't give up the $1M liability. But if you don't ever fly with passengers, you might consider it. I do a significant amount of charity flying with passengers, and would take higher liability if I could get it. Even $1M smooth limits your options for carriers.
 
After reading the Avemco policy regarding the limits on people on the ground etc. as well as not being able to get Smooth $1million, I have not used Avemco for a long time. I carry CFI Non-Owned Insurance through AIG even though I have policies on 5 other aircraft.
 
FWIW Avemco doesn't fire customers for birthdays. Requirements change - annual flight review, annual basic med but you can still get insurance. Ask your current insurer about age while you are considering insurance if you are approaching mid-70s.
 
Brian said:
My insurance policy for the plane and myself is expiring in a couple of weeks. My current carrier is AIG.

Before the turkey strike, I had a $1 million smooth policy for $1200. After the turkey strike, the same policy with the same limits went up to $1900 last year.
Click to expand...
Insurer acts like they had to cut a check to the turkey's heirs and survivors...
 
Once 75 the age thing becomes a real issue. Many underwriters will not insure you or the rates really go up.
 
I was about to renew the AIG policy for $2K when I got a call from Travers Insurance agency. They said that most of the insurers declined to quote because of the recent prop strike claim but Starr Aviation quoted $1300 for $1 million smooth/$100K per passenger. Same limits all around as the AIG quote.

AIG treated me well and the adjustor is a great guy but $2K vs $1300 is a 30% difference.

I've never heard of Starr Aviation before and I don't want to be someone who is shopping for insurance every year but I felt this was worth asking about. Anyone have any experience with Starr??

Thanks! :)
 
Brian said:
I was about to renew the AIG policy for $2K when I got a call from Travers Insurance agency. They said that most of the insurers declined to quote because of the recent prop strike claim but Starr Aviation quoted $1300 for $1 million smooth/$100K per passenger. Same limits all around as the AIG quote.
Click to expand...
I'm confused. $1M smooth means no passenger sublimit.
 
You're absolutely correct. I missed that and had a brain fart because I was out pulling down vines that had crawled all over the veggie garden's fence.

That's the reason for the difference in price. I'll renew the AIG policy tomorrow.

Thanks for pointing out my lapse in thinking!
 
I just bound the AIG policy. Thanks for all of the advice above. :)
 
Clearly, the price increase was due to your claim. Since it wasn't really your fault, I hope they get over that and your rates go back to normal soon. Meanwhile, though, despite the rate increase you're still way ahead considering the size of the claim.
 
Yup.

The insurance rep said the increases usually last around 3 or 4 years.
 
Brian said:
I was about to renew the AIG policy for $2K when I got a call from Travers Insurance agency. They said that most of the insurers declined to quote because of the recent prop strike claim but Starr Aviation quoted $1300 for $1 million smooth/$100K per passenger. Same limits all around as the AIG quote.

AIG treated me well and the adjustor is a great guy but $2K vs $1300 is a 30% difference.

I've never heard of Starr Aviation before and I don't want to be someone who is shopping for insurance every year but I felt this was worth asking about. Anyone have any experience with Starr??

Thanks! :)
Click to expand...
I go through AOPA insurance, because it is easy. In all my airplane owning life I have had no problems with them
They shop for the best policy every year.
I had Starr several years ago and I can't say anything bad about them, but then I never had a claim against them. And at the time I wasn't 70+yrs old.
But AOPA recommended a different company on renewal that had similar limits and a lower premium. So I switched, but it was painless.
 
JohnH said:
I go through AOPA insurance, because it is easy. In all my airplane owning life I have had no problems with them
They shop for the best policy every year.
I had Starr several years ago and I can't say anything bad about them, but then I never had a claim against them. And at the time I wasn't 70+yrs old.
But AOPA recommended a different company on renewal that had similar limits and a lower premium. So I switched, but it was painless.
Click to expand...
I havee compared AOPA's quotes to the ones I get from Costello, an agency in Arizona. Everything you say about AOPA applies to Costello, except Costello gave me cheaper quotes, even from the same companies. I have been with them for over 20 years. My claim years ago was handled promptly and with no issues. Renewing usually involves a letter from them and a phone call to secure coverage. A friend who had just bought another plane a few years ago called to get coverage, a few days before a windstorm destroyed the plane. He got the check for the totaled plane before he got the bill. (The premium was subtracted from the payout because he'd never sent the check.)
 
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There is a guy, a former FedEx pilot, here who has four or so airplanes, singles plus two Piper Apache twins. He is in his 80s now and has been told by his broker that there is no longer an insurer who will cover him in them, even for liability only.

He flies quite frequently, and his flying has never appeared dubious to me.

Anyway, this is fair warning: Don't get old!

Also, there may be a couple of inexpensive, underpowered twins on the market soon.
 
Even Avemco? They say that they don't pay attention to age ...
 
But they don't work with brokers...
 
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