Insurance

I recently had my first flight in my 601 following the B modification.  All is going well and I am beginning to appreciate what a great design it is.

My question to all of you concerns my insurance policy.  I have currently a policy in effect from Starr Companies.  I purchased this policy while I was still finishing the changes to the plane because liability insurance is required by airport where it is hangered.  This policy is about to runout and I just received a couple quotes for the next year.  One of the quotes is for the same Starr policy that I currently have and is approximately $1500, about the same as last years policy.  The second quote was a policy from Global Aerospace Insurance with the same limits and payouts as the Stall policy.  However it is at a cost of $700.

I am an experience pilot with a fair number of hours, but like a lot of builders my flight currency suffered, but I received the required 5 hours of transition dual and have now flown my 601 about an additional 20 hours.  I understand that these few hours do not minimize the insurance risk much, but I stated them here to try to define my situation clearly.

I am currently 73 years old, in good health and intend to continue flying for several more years.

Now, after all the above information my questions are:

Do any of you have any experience with either of these companies?

Further do any of you have any experience concerning either of these companies cancelling or drastically increasing the cost based on age?

The lower prices policy is obviously attractive to me, but I don’t want to get into the issue of thying to find a new carrier at age 75 or worse.

Thanks for reading all this and also thank in advance for any input/advice you may offer.

Dave G

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Permalink Reply by Dave Gardea on October 7, 2021 at 2:15pm

Hi Dave,

I've been with Global Aerospace for the past 10 years and they seem fine. Of course I've never had a claim in that time. I'm 69 years old and the rate has gone up in the past few years likely due to age even though I have been flying this aircraft over 530 hours without incident. So to answer your question, yes I think age is a major factor for aviation insurance companies these days in defining rates. I currently pay $1200 for liability and hull insurance. If you're being quoted $700 for both, that's a great deal.

Regards,

Dave

Permalink Reply by Dave Geiling on October 7, 2021 at 3:18pm

I should have noted that both quotes were for liability only, no hull insurance.  Thanks for your feedback, I may give Global a try.

Permalink Reply by David Krakowsky on October 7, 2021 at 2:35pm

$700 is a great price. Does that include hull?

I am paying about $1200 for a million liability and $40K hull

I use Wink Aircraft Insurance brokers near Chicago.

They shop all the companies for you for the best deal.

Dave

Permalink Reply by Dave Geiling on October 7, 2021 at 3:21pm

I used falcon insurance, affiliated with EAA, supposed to include a discount for EAA and AOPA membership.

Thanks for your feedback!

Permalink Reply by Don Morrisey on October 7, 2021 at 3:38pm

I did have a claim with Global Aerospace on a previous plane that I totaled.  They were actually great to deal with and I was very happy with the settlement.

Permalink Reply by Dave Geiling on October 7, 2021 at 4:13pm

Well, that is two positive comments for Global, I may give them a try.  Thanks for your feedback!

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