Insurance Quotes for Light a/c
Thread Starter
Joined: Jun 2002
Posts: 359
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From: Cloud Nine
Insurance Quotes for Light a/c
Has anyone got any recent (ie. since 11Sep) idea on how much insurance has gone up ? Our policy is due for renewal and we are expecting a raise from £2500pa to £3300 - anyone else getting similar trouble ?
It seems to me that there is a bit of a cartel going on in the limited market of ac insurance. I hear there are only 3 companies that offer it, and they will only quote to the first broker that calls them. So if you are ringing around brokers, every one but the first to call get brushed off (as they have to quote the registration then the insurance co's know exactly how 'competitive' they need to be).
Does this strike anyone as worthy of a complaint to the insurance ombudsman or monopolies commission ?
Perhaps any insurers online could calm my conspiratorial instincts and assure me we ain't being ripped off in a limited market. It also strikes me that it is safer to fly light ac since Sept 11th due to all the security that is now in place - so why ain't premiums coming down ?
It seems to me that there is a bit of a cartel going on in the limited market of ac insurance. I hear there are only 3 companies that offer it, and they will only quote to the first broker that calls them. So if you are ringing around brokers, every one but the first to call get brushed off (as they have to quote the registration then the insurance co's know exactly how 'competitive' they need to be).
Does this strike anyone as worthy of a complaint to the insurance ombudsman or monopolies commission ?
Perhaps any insurers online could calm my conspiratorial instincts and assure me we ain't being ripped off in a limited market. It also strikes me that it is safer to fly light ac since Sept 11th due to all the security that is now in place - so why ain't premiums coming down ?
Joined: May 2002
Posts: 347
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From: New Zealand
I cant say how much it would go up by - But it does make me curious why light a/c insurance would go up (although I know it does) when there were no light a/c lost in Sept. 11th.
Airliner insurance increases is understandable, but isint putting the premuim rise on light a/c due to Sept 11th about as relevant as increasing motor viechle insurance for the same reason???
Airliner insurance increases is understandable, but isint putting the premuim rise on light a/c due to Sept 11th about as relevant as increasing motor viechle insurance for the same reason???
Joined: Oct 2000
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From: Brighton. UK. (Via Liverpool).
Try doing a SEARCH for INSURANCE Look for the search button above and click on it. When the new screen comes up type in 'Insurance' then click on the Private Flying bit at the bottom. You may find some usufull threads there.
Joined: Aug 1999
Aviation Qualifications: ATPL
Posts: 1,136
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From: UK
What are you flying to be paying £3000?????????????
Sounds like a brand new PPL in a Malibu!
To give you an idea, we bought and insured a Jodel at the end of March. Both of us have 3000+hours and 100+ tail wheel but NO TIME ON TYPE and the quote was only £50 more than the previous owner (also many 1000's total and 100's on type).
Try making an insurer that might have something to do with Man U (if you get my drift!) your first call.
Sounds like a brand new PPL in a Malibu!
To give you an idea, we bought and insured a Jodel at the end of March. Both of us have 3000+hours and 100+ tail wheel but NO TIME ON TYPE and the quote was only £50 more than the previous owner (also many 1000's total and 100's on type).
Try making an insurer that might have something to do with Man U (if you get my drift!) your first call.
Joined: Nov 2001
Posts: 70
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From: UK
25-35% increases since "the events of 11/9"
I've recently re-insured three. Part of my problem is aircraft mortgage companies insisting on hijack insurance and the like.
Post you email address if you like and I'll email the brokers we've ended up with. They did a pretty good job and they are a fair-sized, well-known bunch.
I've recently re-insured three. Part of my problem is aircraft mortgage companies insisting on hijack insurance and the like.
Post you email address if you like and I'll email the brokers we've ended up with. They did a pretty good job and they are a fair-sized, well-known bunch.
Thread Starter
Joined: Jun 2002
Posts: 359
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From: Cloud Nine
Flaps40 - it's only a PA28, flown by group members and rented out to others in the flying club, but no ab initio and minimum 100hrs/25P1. Seems particularly steep, especially with 6 years of no claims.
Joined: Mar 2002
Posts: 605
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From: Midlands
Insurance
I have been with the same broker for years. I shopped around at renewal, quoting just one - my most valuable aircraft. I just wanted to know that my loyalty was being repaid by the most competitive premiums.
I encountered some indignation when I went back to my existing brokers. They told me that 'the underwriters had already quoted another broker'.
Surely the underwriters have a duty to keep matters confidential? Brokers commissions will invariably differ thus affecting the premium, even though the same underwriter has quoted.
So - if you shop around, your broker will know about it.
Seems wierd to me.
I encountered some indignation when I went back to my existing brokers. They told me that 'the underwriters had already quoted another broker'.
Surely the underwriters have a duty to keep matters confidential? Brokers commissions will invariably differ thus affecting the premium, even though the same underwriter has quoted.
So - if you shop around, your broker will know about it.
Seems wierd to me.
Joined: Mar 2000
Posts: 5,197
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From: UK
Joined: May 2002
Posts: 99
Likes: 0
From: Hampshire, UK
I just renewed my insurance with the same broker who sent me three quotes from different underwriters. I paid £2400 last year.
One quote was for just short of £5000 which went immediately in the bin. The quote from the previous underwriter was just short of £3000 with the same terms as before and the one I went for was £3300 but that included an extra £1m third party liability cover (to £3m) and a different type of excess. Whereas before I had a £750 excess on claims arising while under rental and £500 if I was flying, I now have a limit of £750 below which I cannot claim but no excess for any claim above that. So.... if I do £1000 of damage I get £1000 back. That struck me as being a good idea. I also seem to have got my AVN(whatever number it is) clause back giving me cover against war risk etc which was removed last year. Nevertheless, I have had an increase from £2500 to £3300 as well which is a fair old jump!
Quite where the guys with the £5000 quote were coming from I don't know!
One quote was for just short of £5000 which went immediately in the bin. The quote from the previous underwriter was just short of £3000 with the same terms as before and the one I went for was £3300 but that included an extra £1m third party liability cover (to £3m) and a different type of excess. Whereas before I had a £750 excess on claims arising while under rental and £500 if I was flying, I now have a limit of £750 below which I cannot claim but no excess for any claim above that. So.... if I do £1000 of damage I get £1000 back. That struck me as being a good idea. I also seem to have got my AVN(whatever number it is) clause back giving me cover against war risk etc which was removed last year. Nevertheless, I have had an increase from £2500 to £3300 as well which is a fair old jump!
Quite where the guys with the £5000 quote were coming from I don't know!
