Insurance Renewal
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Join Date: Jun 2004
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Insurance Renewal
Renewal time again. Premium is up on last year as expected with existing insurer and Traffords declined to quote stating that "Your enquiry does not fit our Underwriter's current new business risk appetite." whatever that is meant to mean? OK I know, it's a polite way of saying Bu**er off.
Looking around the market I was wondering if anybody has experience of another on line insurer - Fly Covered (they could perhaps have chosen a better name) who are underwritten by Tokio Marine Kiln (TMK) insurance.
I have had an on-line quote from them and they are substantially lower than my current insurer like for like but to me they are as yet an unknown quantity.
Any experiences or opinion greatly appreciated.
SRD
Looking around the market I was wondering if anybody has experience of another on line insurer - Fly Covered (they could perhaps have chosen a better name) who are underwritten by Tokio Marine Kiln (TMK) insurance.
I have had an on-line quote from them and they are substantially lower than my current insurer like for like but to me they are as yet an unknown quantity.
Any experiences or opinion greatly appreciated.
SRD
Join Date: Jan 1999
Location: north of barlu
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I have always used Hayward’s who seem to get me a good deal both for my private aircraft and when I had three aircraft working on a flying club.
If something is substantially lower in would be wise it take a very careful look at the small print to check exactly what you are getting.
The people recommended by haywards paid up when one of the club aircraft had a prop shock load and did not increase the price, but you will not be surprised that the price went up after the second shock load !
I would also recommend that you have a very good look at the true replacement value of your aircraft as this may differ from the market value, I have seen people substantially out of pocket when they have tried to replace a well maintained aircraft with good avionics and low time engine when the hull value was based on a market price gleaned from the prices of old dogs advertised on the internet with a view to a quick sale to an unsuspecting buyer.
If something is substantially lower in would be wise it take a very careful look at the small print to check exactly what you are getting.
The people recommended by haywards paid up when one of the club aircraft had a prop shock load and did not increase the price, but you will not be surprised that the price went up after the second shock load !
I would also recommend that you have a very good look at the true replacement value of your aircraft as this may differ from the market value, I have seen people substantially out of pocket when they have tried to replace a well maintained aircraft with good avionics and low time engine when the hull value was based on a market price gleaned from the prices of old dogs advertised on the internet with a view to a quick sale to an unsuspecting buyer.
Last I had an aeroplane to insure myself, I used Visicover, I couldn't fault them on price or service. I did however thankfully have no reasons to make any claims, so can't comment on that aspect of their service.
G
G
Join Date: Oct 2006
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We had a hangar fire eight or nine years ago which led to 26 aircraft being written off. So people dealt with every aircraft insurer and their agents in the UK - and all of them paid up, in a pretty straightforward manner.
Some were worried that a cut-price operator - who i believe has now moved out the business - might have difficulties. But they were one of the first to pay out!
I have to say we have been very pleased with CSP - but one year got a 6k quote, up from 4k, per aircraft. A quick call saw almost a price match.
So if you are happy with your current insurers, perhaps give them a call and explain when you are tempted to leave?
Some were worried that a cut-price operator - who i believe has now moved out the business - might have difficulties. But they were one of the first to pay out!
I have to say we have been very pleased with CSP - but one year got a 6k quote, up from 4k, per aircraft. A quick call saw almost a price match.
So if you are happy with your current insurers, perhaps give them a call and explain when you are tempted to leave?
The two aircraft I've shares in are one with Visicover, the other with Haywards.
No problems, but no claims so far, fortunately.
It's 20 years since a syndicate I'm in had a claim, but the 3 claims (2'writeoffs) in the 90s were met without question.
No problems, but no claims so far, fortunately.
It's 20 years since a syndicate I'm in had a claim, but the 3 claims (2'writeoffs) in the 90s were met without question.
Join Date: Jul 2012
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I live in the Eastern Caribbean - US registered airplane notionally based at GAIA in Barbados but I spend most of the year in Dominica (not the Dominican Republic) where the airplane is based at the dreaded Canefield Airport.
As with the rest of the Eastern Caribbean, getting airplanes insured here is a nightmare - there is in effect only one firm that does it based out of Nevis.
I believe, after years of asking why, that other firms are "not licenced to sell insurance to persons not resident in our country" - some persons use an accommodation address in the US and end up paying a premium less that half the Nevis route, but my fear is that a sharp loss adjuster could invalidate the insurance. For a couple of years I was with a firm direct from Lloyds in London who insured big jets and then my PA28 - but that ended when it turned out that paperword/admin on my planes was the same as a 747 so too much hassle for them.
Does anyone know of an insurance company that would insure a PA28 in the Eastern Caribbean - I fly VFR only have about 380 hours, fly about 40-50 hours per year and am getting a bit tired of paying $5,000+ for insurance (agreed hull at $65,000) - yes! I know divide the insurance by the hours and it's hardly worth owning - add to that the $650 I have to pay if I want to fly at the weekend (I do, it's the only time I fly) and it would be cheaper to rent, but there are no airplanes to rent. Not too sure if it is the low volume of business that the companies would get from the region, or something else but if one has a legit US address (I know a few people that do - their airplanes are down here, all the flying is done here, but the premiums are half what mine is) the cost is much lower.
Anyone know of a solution or do I just keep on sucking it up? Never had a claim - but this year marks me having paid out more in premiums that I paid for my airplane and it is getting just a little bit silly - still going to keep doing it but rather annoying.
As with the rest of the Eastern Caribbean, getting airplanes insured here is a nightmare - there is in effect only one firm that does it based out of Nevis.
I believe, after years of asking why, that other firms are "not licenced to sell insurance to persons not resident in our country" - some persons use an accommodation address in the US and end up paying a premium less that half the Nevis route, but my fear is that a sharp loss adjuster could invalidate the insurance. For a couple of years I was with a firm direct from Lloyds in London who insured big jets and then my PA28 - but that ended when it turned out that paperword/admin on my planes was the same as a 747 so too much hassle for them.
Does anyone know of an insurance company that would insure a PA28 in the Eastern Caribbean - I fly VFR only have about 380 hours, fly about 40-50 hours per year and am getting a bit tired of paying $5,000+ for insurance (agreed hull at $65,000) - yes! I know divide the insurance by the hours and it's hardly worth owning - add to that the $650 I have to pay if I want to fly at the weekend (I do, it's the only time I fly) and it would be cheaper to rent, but there are no airplanes to rent. Not too sure if it is the low volume of business that the companies would get from the region, or something else but if one has a legit US address (I know a few people that do - their airplanes are down here, all the flying is done here, but the premiums are half what mine is) the cost is much lower.
Anyone know of a solution or do I just keep on sucking it up? Never had a claim - but this year marks me having paid out more in premiums that I paid for my airplane and it is getting just a little bit silly - still going to keep doing it but rather annoying.
