My insurance went up about 20percent. I'm 69 and dreading age 70 next year. You may have just hit that target year. Have you gotten alternative quotes? If not, contact our association insurance guy, Sky Smith at ins@ skysmith.com. Here's a quote from him:
***Aviation insurance rates are increasing across the market. Some types of aircraft are seeing large increases in premiums, from 5% to 100% increases. Underwriting is also tightening up, meaning underwriters are not as lenient regarding pilots’ age and hours, year of the aircraft, and gear configuration! We quote all applicable markets, except Avemco! ***
Wright Brothers Master Pilot, FAA Commercial Pilot
Aviation Director, Cessna Owners Organization Forum Moderator and Cessna Owners Author.
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Just renewed through AOPA company. Not much increase.. I have 900 hours, non instrument rated.
Good to know, thanks Kent!
Was anticipating a big increase. At least good for another year...
I fly a low time Cessna-C150l, for the last three years I've paid approximately
$400 for what I consider full coverage through Falcon Insurance which offers a policy through"Global Aerospace." This year, I'm told because I've reached the "too old to fly safely age of 71, my premiums are now over $680!!!
Decision time. I'm 69 and anticipating the same thing in the next couple of years. I would shop around and see what other companies are charging. In all honesty, 680 still seems pretty cheap for a plane worth $30 to $40k. My $35000 car insurance is about $600 / year. The insurance on my $130k retract went from 1200 to 1400. Good luck.
My rate actually went down this year, from 800 to 600. I was told that it was because I had more hours in this C-172A, and had reached some kind of tipping point. I was warned that rates were unstable, mostly because all of aviation will be paying for the Boeing problem. I'm 69 now, and like others here, a little skittish about what's going to happen. My insurance guy (in the business for over 40 Years), said he honestly didn't know. He said most of the old tips and tricks were going out the window because of the multi-billions insurance companies are going to spend on Boeing.
Thanks for your comments. Much appreciated.
Just renewed my policy for a 172N with no changes to coverage. Increase in premium was 19%. I'm 68, instrument rated, and fly 75 hours a year. Been with same broker for almost 30 years. Given some of the reports I've heard and seen, I guess this is within reason. Just $250 more than what I pay to insure my SUV.
Ok, thanks Jack for the update.