It is that time of the year - insurance renewal time. In case you haven't noticed, prices on 170s/180s/185s have gone stupid crazy right now. I feel I am grossly underinsured for hull coverage. Basically, in the event of a total loss maybe I could buy a 152 with the insurance check. Note that every year when we go through renewal all the broker does is take my check. They do not make any comment on coverage, state of the market, etc. (My homeowners/auto insurance company takes a look at my coverage every six months.) So, I commented that I feel my hull coverage is way too low and they said they won't do anything unless I can show an increase in value due to improvements to the plane (like new avionics, paint, etc). I haven't done anything to plane, it is the market that went nuts. Any thoughts?

Go shopping

Mapleflt wrote:Go shopping

That is my thought as well. Can you make a recommendation?

I would drop that broker. Try Avemco.

Kurt

Mapleflt wrote:Go shopping

Yep, this. I've been treated well by both BWI and Avemco. The costs are higher than I'd like, but both companies have been a pleasure to work with.

Brian M wrote:

Mapleflt wrote:Go shopping

Yep, this. I've been treated well by both BWI and Avemco. The costs are higher than I'd like, but both companies have been a pleasure to work with.

It is BWI that is being less than helpful in this case.

Call AVEMCO. I’ve “over-ridden” their value “suggestion” in past, and all it took was a very brief explanation of why. They’ve never argued. My current ride they squirmed a little on my suggested hill. I asked if the e been watching prices lately. No further discussion.

MTV

Sounds like they don’t want your business

Try these guys
https://www.assuredpartners.com/Phoenix

I used them back when they were AirPower and had good luck.


Also of the mindset that if the insurance isn’t going to properly pay out in the event of something bad happening, I don’t see the need in having it in the first place.

A question to others regarding hull value increases vs. insurance rates - in general, how much does a 10k or 20k hull value increase rates? Or more generally, does a 10% increase in hull value typically mean a 10% increase in premium costs? Or is there little rhyme or reason to that?

I have a 1978 PA-18-150 that I currently insure at 100k hull value, but at current market prices I doubt I could come close to replacing it for that amount. Just thinking out loud here...

My broker (Wings) actually sent me an email encouraging upping my hull value on my 185 due to market conditions.

I just upped the value on my SR22 by $100k like 2 days ago and no questions asked. (Did new paint and new engine) but they didn’t even ask what I did to it and just wanted $400 more bucks.

C180_guy wrote:It is BWI that is being less than helpful in this case.

That’s disappointing. I was planning to use them this year.

Brian M wrote:A question to others regarding hull value increases vs. insurance rates - in general, how much does a 10k or 20k hull value increase rates? Or more generally, does a 10% increase in hull value typically mean a 10% increase in premium costs? Or is there little rhyme or reason to that?

I have a 1978 PA-18-150 that I currently insure at 100k hull value, but at current market prices I doubt I could come close to replacing it for that amount. Just thinking out loud here...

I'm not sure how much rhyme or reason there is. I increased, my hull value $5,000 last year and my premium was within $20 of the previous year.

Pete

C180_guy wrote:

Brian M wrote:

Mapleflt wrote:Go shopping

Yep, this. I've been treated well by both BWI and Avemco. The costs are higher than I'd like, but both companies have been a pleasure to work with.

It is BWI that is being less than helpful in this case.

I insure with BWI, and was less than impressed with my "account manager" the last time around.
Not an issue with premium or coverage, just poor at responding to me.
I did have a premium issue a few years ago, Bill White himself got ahold of me to resolve it.
Pretty sure he's retired from day-to-day operations,
but is or at least was still lurking around the office.
Maybe ask to talk to him.

I'm curious what your current hull value is, and what you want to change it to.
I bumped mine up last time around, they didn't have any problem at all with that.

I took Barnstormer's advice and went with Ladd Gardner when I got the 180K.He was quite a bit cheaper than Avemco for apples to apples. I ended up spending a little more for "smooth" with the initial savings.

hotrod180 wrote:I'm curious what your current hull value is, and what you want to change it to.
I bumped mine up last time around, they didn't have any problem at all with that.

Currently it is $80K. I think it should be at least $100K.

C180_guy wrote:Currently it is $80K. I think it should be at least $100K.

Hard to believe they wouldn't approve that. It would be pretty difficult to find a decent 180 for $80K these days to say the least. I'm with Falcon and upped my hull quite a bit this year, both due to the market and due to a major panel redo. They didn't have any issues with it at all. I would definitely ask around.

'I love Avemco. I have a friend who is in his mid 80's and been flying for 50 yrs. He bought a tailwheel airplane and was first told they wouldn't insure him. Then mid conversation the Avemco rep said hold on a minute, I see you've been a long time customer. Left him on hold a few minutes and returned and said we will insure you. It was at the same rate with no increase.

I left BWI for Ladd Gardner. I cover my 185 at a high amount for hull etc. They have been very good and considering the hull value I'm insuring at I feel they are very competitive.


https://lgainsurance.com

JC

I have used Avemco for years, (I am their perfect customer. I pay on time and have made no claims.) With a 2 minute conversation they bumped my hull from 65K to 75K; no change in premium. $65K seemed about right 10 years ago. Not now. Could NOT replace what I have for $75K. Said they would go higher with an appraisal.

I fly a 1977 C180 on wheels, I spoke to Matt White (BWI) on December 30, 2020 who has taken over for his dad. I reached out to Matt after my renewal rate quote went from $1608 in 2020 to $1870 for 2021 (100K hull) It bugged me, so I called and asked for Matt and we discussed the insurance market hardening and several reasons why. He was very friendly and looked up my account while we were on the phone. He said Bruce, you are way under insured, I replied, I have had 100K hull for 13 years, why more? He said you should be around 175K, the values of these aircraft have gone way up. Whaaat? I said I will renew but stay at 100K. He was ok with that but cautioned me.
I suggest you speak directly with Matt and I expect you will have a nice discussion. Bruce