LRingeisen
Well Known Member
With the continuing changes to the aviation insurance market, we have been receiving more and more questions from our clients. The main question has been, ?How much will my rate increase??. The answer isn?t as simple as it seems. We only know what the rates are going to be for the next 60 days or so. At any point, the insurance companies can come back with a rate adjustment. So if you are looking for renewal quotes on a policy over 60 days from now, all we can tell you is what we are seeing the market do AT THIS TIME. With that being said, we are seeing increases up to 25% for Vans aircraft. The hardest hit seem to be the Vans RV-10, RV-12, and the RV-8. The insurance companies are becoming more strict on these aircraft.
We still shop our renewals to all of our companies, but we no longer have as many competitive companies for Vans. This especially goes for pilots over the age of 70. If you are getting close to this age, make sure you get with a company that works well for older pilots prior to it being too late. Another thing to keep in mind is, as long as the insurance brokers are provided the same information, all brokers get the same quotes. With some companies, they will only release one quote and then all other brokers get blocked. Gallagher works with all companies that write Vans so we have a good understanding of which companies work best with individual situations. Remember that finding the best price may not be the same as finding the best value.
We still shop our renewals to all of our companies, but we no longer have as many competitive companies for Vans. This especially goes for pilots over the age of 70. If you are getting close to this age, make sure you get with a company that works well for older pilots prior to it being too late. Another thing to keep in mind is, as long as the insurance brokers are provided the same information, all brokers get the same quotes. With some companies, they will only release one quote and then all other brokers get blocked. Gallagher works with all companies that write Vans so we have a good understanding of which companies work best with individual situations. Remember that finding the best price may not be the same as finding the best value.