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I was quoted $5,200 per year for insurance, what are you paying?

If it makes anybody feel better, I just got a quote for a Pitts S-1T (single seater, factory built) - $3200 yr. 61, ATP, 25K plus total, 550 TW in RVs. And, I'd have t spend $4000 to get the mandated 10 hours dual in a S-2.
 
69 years old, 700 TT, instrument rating, 100K hull, RV-7A, 8 hrs make/model (transition training) $1823.
 
Insurance Costs

So I got my quote for insurance renewal this week. A 44% increase ove last year, and this is for the basic $1mil liability insurance only, no hull. It went from $350/Yr to $505/yr (for liability only)!

I'm 72 years old. If I didn't need the coverage to be in a municipal hanger, I'd drop all coverage!

To date, I have about 4800 Hrs in RV's, and over 6000 hr's total time, IFR, commercial ratings.

What the heck is going on here? Renters insurance for the same coverage is only $195/Yr. Are the insurance company's that desperate?
 
So I got my quote for insurance renewal this week. A 44% increase ove last year, and this is for the basic $1mil liability insurance only, no hull. It went from $350/Yr to $505/yr (for liability only)!

I'm 72 years old. If I didn't need the coverage to be in a municipal hanger, I'd drop all coverage!

To date, I have about 4800 Hrs in RV's, and over 6000 hr's total time, IFR, commercial ratings.

What the heck is going on here? Renters insurance for the same coverage is only $195/Yr. Are the insurance company's that desperate?

Sent you a PM.
 
Insurance

Gulfstream 650 and BBJ both around 65 million. Embraer 300 9,5 million. 3.5 for a single engine turboprop. 1Mil property damage seems a bit inadequate even for a fender bender with those or similar aircraft.
 
If it makes anybody feel better, I just got a quote for a Pitts S-1T (single seater, factory built) - $3200 yr. 61, ATP, 25K plus total, 550 TW in RVs. And, I'd have t spend $4000 to get the mandated 10 hours dual in a S-2.

I had occasion some years back to get some dual in a Pitts S-2A. It requires a whole lot more skill than an RV, and at that point I had maybe 400 hours of RV tailwheel time.

The Pitts flies great, no problem there, but it's the landings. Total time and other flying experience is basically irrelevant to landing a Pitts.
 
if you want to keep your insurance rates as low a possible, go for a 9A. I believe the insurance costs are only going to go up. I believe it is the side effect of going experimental. Every time someone makes a claim for doing something stupid we all pay for it.
 
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I had occasion some years back to get some dual in a Pitts S-2A. It requires a whole lot more skill than an RV, and at that point I had maybe 400 hours of RV tailwheel time.

The Pitts flies great, no problem there, but it's the landings. Total time and other flying experience is basically irrelevant to landing a Pitts.
A person with average skills with a proper instructor should take no more than 15 hours for a Pitts checkout including basic acro and all the spins.
Even though it is very different the Cessna 180 is a good interim step for the Pitts.
 
$5200/yr

The joys of living in Canada ... Mine was over the top. I was only able to get one quote, all others refused to bid on a experimental that hadn't done first flight. RV-14A $200K hull in motion. Hoping at renewal time the rate will come down dramatically. I'm seeing a few Owners around my way electing to go with liability only.

Background:

61 YO, ATPL with current CFI credentials, 20K+ hours including 50 hrs in the last year on small stuff, no accidents or violations.
 
I’m curious what moespeeds, the original poster, ended up paying for insurance. He has since purchased a flying RV8. Got some helpful advice to contact different brokers to see if he could do better than $5200 per year. Wonder how it all worked out.
 
$5200/yr

The joys of living in Canada ... Mine was over the top. I was only able to get one quote, all others refused to bid on a experimental that hadn't done first flight. RV-14A $200K hull in motion. Hoping at renewal time the rate will come down dramatically. I'm seeing a few Owners around my way electing to go with liability only.

Background:

61 YO, ATPL with current CFI credentials, 20K+ hours including 50 hrs in the last year on small stuff, no accidents or violations.

Wow that's expensive! I just insured my new RV-4 with Marsh Wings Gold for $1500/yr with full coverage 2M liability (only $70K value though). EAA Canada (Nacora) quoted slightly less with Old Republic but would only quote for 1M liability. Just finished flying the 25 hrs off.

I also have an RV-7 with about 535 hrs now which is a couple hundred more. It was insured with Global for the first 2 years for about $1300/yr before they went crazy. The last 2 yrs were with Nacora at about the same price until this year.

I have not been asked for the hours on a plane before, only the year of mfg.

66YO, Rec Permit, 1400 TT, 120 past year and no accidents/violations.
 
Are those quoted numbers for $1 or $2M liability with no sub-limits? Pretty much impossible to find in the US.
 
Part of my problem was two Insurance companies insisted on 5-10 hrs on type prior to first flight. At the time (Jan ‘21) COVID had the borders closed and there were only a few RV14 flying in Canada and I didnt know the owners. I figure when I renew the rate should drop to around 3k. Fingers crossed!
 
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Just got the yearly quote and was pleasantly surprised. The price to insure my RV7 was down again this year. I'm still not happy about the price but it could be worse.

Had to switch policy holders again this year but that seems to happen every few years. This time went from AIG back to Global. 125K Hull went down from 1550 to 1300. This will be year #3 you dont want to know what year #1 cost.
 
$670 Canadian/ year

Well, no place would touch me for Hull in Motion coverage because I had zero hours on type. I had problems finding dual instruction in an RV4 so I did the next best thing, I flew a bunch of hours in a Citabria to prepare myself for the RV4.

I’ve now owned the RV4 for just over a month and put 12 hours on the aircraft. I find the RV4 is easier to land than the Citabria.

Anyways, the only reason my insurance is only $670 Canadian dollars per year is because it’s 2 million liability only, no hull insurance at all.

I actually think I will probably upgrade to hull not in motion for an extra couple hundred dollars per year but I don’t think I’ll waste money on the exorbitant amounts that insurance companies want for hull in motion these days.

I needed the Hull in motion insurance most during those first few hours while I was learning the plane, that’s exactly when insurance companies won’t touch you because you are too much risk… go figure.
 
I am shocked. SHOCKED.

My premium just came up for renewal and it went DOWN. Way down.

Getting 100 hours in type over the year helped, I guess.
 
I had used SkySmith 11 years ago, hadn't even flown for 19 years when I started out in the RV's. I only had 118 hours tricycle gear, and about 20 hours of tailwheel, 15 of that was in a RV-6 that I was training in. Only insured it for 40k back in 2011. It was just a little over $1,000. Eventually it came down to just a little over $800 a year, until about four years ago, they decided to bump it up to over $1,300 a year. No reason given.

Flying about 30 hours a year, that came out to about $45.00 an hour for insurance, more than the fuel costs per hour. Never had an accident, they just told me that's the direction that aviation insurance is going. I have over 400 hours now, nearly all tailwheel in my RV-6. Have self insured every since that last quote.

If there is a chance I could get 55k of hull coverage from another company again for about $1,000, I'd consider it. I'd never consider SkySmith ever again.
 
I was also shocked last week when my insurance premium went down to $917 from $1200 the previous year from the same company; Global Aerospace. I fly an Rv-7, $90K value, zero deductible and 1M liability.
Private pilot, instrument rated with about 1200 hrs in type.

Now I pay more to the state of California in annual taxes than insurance premium!
 
My insurance went down this year to ~$1k for an RV-7 with full coverage. But, I'm a former military pilot with all the ratings, etc. I've seen an abnormal amount of wrecks this year. Personally witnessed two and saw the wreckage of four others... Which is insane! it should be one every few years. All of them were in your demographic – older dudes with professional experience outside aviation, low-ish time, etc.

My guess is it's the cliche doctor/attorney/engineer/whatever expert in their field jumps into an aircraft and thinks they've got this because they are so well respected, competent, and proficient in their professional field. But, they don't take the training and flying as seriously as they should. They are right at the peak of Mt Stupid on the Dunning-Kruger effect curve.

Rant aside, if I was an actuary, I'd place people in your demo at the very highest point on the risk curve. Way higher than the 24 y/o building time. But I'm not, this is just me speculating on a forum :).
 
I was also shocked last week when my insurance premium went down to $917 from $1200 the previous year from the same company; Global Aerospace. I fly an Rv-7, $90K value, zero deductible and 1M liability.
Private pilot, instrument rated with about 1200 hrs in type.

Now I pay more to the state of California in annual taxes than insurance premium!

I was able to bump up my coverage from $60K to $80K....and it only increased my premium $70. :) Also Global.

I am a CFI/CFII/MEI w/ 1200-ish hours and 100+ in type now.

And I use SkySmith. <shrug>
 
I had used SkySmith 11 years ago, hadn't even flown for 19 years when I started out in the RV's. I only had 118 hours tricycle gear, and about 20 hours of tailwheel, 15 of that was in a RV-6 that I was training in. Only insured it for 40k back in 2011. It was just a little over $1,000. Eventually it came down to just a little over $800 a year, until about four years ago, they decided to bump it up to over $1,300 a year. No reason given.

Flying about 30 hours a year, that came out to about $45.00 an hour for insurance, more than the fuel costs per hour. Never had an accident, they just told me that's the direction that aviation insurance is going. I have over 400 hours now, nearly all tailwheel in my RV-6. Have self insured every since that last quote.

If there is a chance I could get 55k of hull coverage from another company again for about $1,000, I'd consider it. I'd never consider SkySmith ever again.

Your expectations are unrealistic....this isn't 2011..... ;)

Skysmith and other brokers don't set the rates, they only shop carriers for you. I've found Skysmith to be responsive and professional for the twenty-five years I've used them as a broker. And my rates went down this year (Global, GNIM). :)
 
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Back in 2006 I called Avemco and asked for a quote on the 2005 Husky I suddenly owned. It was on amphib floats. Since I had exactly zero amphib time, or any float time at all for that matter, the quote was (wait for it...)

$16,500.

See, it can be worse ;)
 
$1100 for $135k hull, $1M liability; 500 hours in type, 277 hours last 12 months- the insurance companies pay attention to how much flying you do in a year.
 
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I am 75 YOA, I have about 1,200 hours, 180 hours in my 2007 RV 7A, Hull value is $155,000. I am insured through EAA [Falcon Insurance Agency] Live in Arizona, hangared aircraft. My yearly is $2,404.00
 
I'll have to settle

I find this thread invaluable and an eye opener for someone considering a build. Here I am at 55 yrs old with about 80 hours on a PPL I got back in 2003 and haven't flown since 05. About to start a 7A despite how incredibly sexy I find the Tail Wheel versions. If money was no object a -14 would be on order and signing up for TW instruction. But I have to do this frugally so the 7A is my best option considering I have little time in the log books let alone zero TW time, and from what I gather the TW versions can be hefty on insurance premiums with no experience. I would have never known(in time) those premiums were so high if it wasn't for these fine forums. Thank you all for saving me that high dollar disappointment come airworthiness time because I was considering a TW7.
Now I feel like I recouped my VAF donation many times over. :D
 
I too find these posts interesting, to keep on top of what’s going on. That said, be careful not to generalize too much. This is very much an individual service industry, everyone’s different. Some personal factors that are important but often omitted: age, experience in last 12 months, accident history. And my favorite, ‘$1 million liability’ (almost everyone only has $100K on their passenger, where most of the risk is).
 
Your expectations are unrealistic....this isn't 2011..... ;)

Skysmith and other brokers don't set the rates, they only shop carriers for you. I've found Skysmith to be responsive and professional for the twenty-five years I've used them as a broker. And my rates went down this year (Global, GNIM). :)

That last quote was for year, 2017 or 2018; not 2011. And just $40k hull. I've looked at others hours from pilots that are similar to mine, many have double and more with the hull insurance and are getting it around that quote of $1,000. A 60% increase is unreasonable; at least to me. I'm sure I could get it from another insurer for that price, just got comfortable self insuring.
 
Wife has 1700+ hrs all conventional gear, I have 6600+, 2600 Conventional gear. RV7 $112K hull $1400/year (next year I'm increasing hull to $135K).
 
67 year old retired airline pilot, 16,0000+ TT ATP, over 6,000 SEL with 95 Tail Wheel.

Looking at a RV8, Called Avemco and was quoted $5,800 with $100,000 hull and liability.
Liability only, $689.

I guess I need to look at some of the other brokers/companies mentioned here.


Ron
 
67 year old retired airline pilot, 16,0000+ TT ATP, over 6,000 SEL with 95 Tail Wheel.

Looking at a RV8, Called Avemco and was quoted $5,800 with $100,000 hull and liability.
Liability only, $689.

I guess I need to look at some of the other brokers/companies mentioned here.


Ron
That is almost the same price I am paying and I am a student pilot learning in the plane I just finished. I would look around if I was you. Gallagher is the company I use and have always received good service and advice. I’m glad they were able to get me covered as a student.
 
67 year old retired airline pilot, 16,0000+ TT ATP, over 6,000 SEL with 95 Tail Wheel.

Looking at a RV8, Called Avemco and was quoted $5,800 with $100,000 hull and liability.
Liability only, $689.

I guess I need to look at some of the other brokers/companies mentioned here.


Ron

Sadly, lots of folks coming into experimentals straight from the certified world go to Avemco because that is what they are used to doing. It is definitely worth finding a good broker who will shop the entire underwriting market for you! I found Avemco to be quite high for RV’s the one time they quoted for me for a magazine report.

On the other hand, Avemco is the ONLY company that will give me insurance (liability only) on the little jet, and they had no questions at all about it! So shop the entire field, always.

Paul
 
67 year old retired airline pilot, 16,0000+ TT ATP, over 6,000 SEL with 95 Tail Wheel.

Looking at a RV8, Called Avemco and was quoted $5,800 with $100,000 hull and liability.
Liability only, $689.

I guess I need to look at some of the other brokers/companies mentioned here.


Ron

Avemco! They were ridiculous. Their quote wasn't even in the same galaxy at AIG or Global. Find a broker.
 
Ladd Gardner

As previously mentioned, Contact Ladd Gardner. He is great and they got me 3 quotes very quickly. He specializes in experimentals and warbirds and has been around them his entire life. I think he owns an F1. Getting quotes doesn't cost you anything so the worst thing that could happen is you still have your crazy quote.

https://lgainsurance.com

hope this helps!
Flash
 
Update on my RV14A insurance, second year of operation, 85 hrs on airframe. Rate dropped from $5200 to $3350 and I increased hull from 200k to 250k, 2M liability.

Liittle more reasonable.

Original post …..

5200/yr

The joys of living in Canada ... Mine was over the top. I was only able to get one quote, all others refused to bid on a experimental that hadn't done first flight. RV-14A $200K hull in motion. Hoping at renewal time the rate will come down dramatically. I'm seeing a few Owners around my way electing to go with liability only.

Background:

61 YO, ATPL with current CFI credentials, 20K+ hours including 50 hrs in the last year on small stuff, no accidents or violations.
 
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