Get Cheaper Aviation Insurance! Tips from Jerry Clemens

[@JustPlaneSilly]

JERRY!!! Jerry got me the lowest rate on my Comanche by a significant margin.

[@chags9307]

As a pricing actuary who prices property and casualty insurance (though not aviation), I disagree that the 737 Max had much to do with insurance costs at all. The biggest issue is one he didn’t even mention: rising replacement and hull values. That along with the increase in mechanic pricing is the biggest reason insurance is going up. You used to be able to insure a 172 for 40k, now to get a similar 172, you need a $100k. To repair a prop strike, it was $4k with engine inspection. Now it’s double that. All of that cost inflation drives up insurance prices as well.

[@deansiracusa3966]

Jerry Clemens is the absolute best insurance specialist in the industry!!!

[@marlinweekley51]

Hint: you guys mentioned a 210. Ive owned a 210 for 27 years. Its an M model. The back bench seat is virtually unusable for passengers. I removed the back bench, redid the W/B and now insure a 4 passenger plane vs 6. Reduced my rate significantly.

[@KevinSmithAviation]

Excellent episode Dan and Christy, thank you. Thank you Jerry for shedding some light on things that will help us with aviation insurance. Keep up the excellent work as always. Safe skies 🇺🇸🛩️

[@ecossearthur]

As always great information. I have a buddy who is a broker here in Arizona! He insures clients all over the country!

[@patrickheavirland3599]

Good morning from Minnesota! Great information!!

[@backcountyrpilot]

I just got my IFR rating after 10 years and 1550 hours PIC, 750 hrs x-country, 695 hrs tailwheel. My RV8 is an IFR tailwheel and my Aerotrek is a Light-Sport VFR tailwheel. To my surprise, getting my IFR made very little difference. It’s $3500 for the pair at a total of $320k hull value. Hearing your guest say that a Cessna 210 requires an IFR rating aligns with my agent saying that the IFR rating matters different amounts for different planes. She also pointed out that when you hit 70 years of age, rates go way up.

[@jeffbridges666]

Thanks all for the great content

[@tedstriker754]

A lot of money could be saved if insurance companies would just sell the customer what he wanted. I analyzed one of their quotes, and all I wanted was liability coverage. But they threw in all this non-movement coverage I really didn't need. And the liability portion was only $300 a year. I asked my agent if I could buy only that part of it. He told me probably not, as the underwriters won't make enough money selling just that part of it. So they don't really want our business if they can't gouge us.

[@BumbleBee55R]

I have always used an insurance broker for my aviation insurance. I have also talked with lots of aircraft owners... What I have found is that AOPA Insurance Services offer great rates for those owners who shop around themselves. However, most everyone I talk with that use insurance brokers, they can beat the rates offered by AOPA by a pretty good amount.

[@susansticazsky9787]

Great segment invite knowledgeable people!!

[@pppeeettteeerrr]

Hull values, parts & labor probably doubled in the last 5 years... The more insurance needs to pay out, the more they need to charge. I even heard on another video that ~20% of a new 172 goes toward an insurance policy to protect the MFR from liabilities so its all pretty mind blowing.

[@zappatx]

I remember in Dallas in the early 80's there was the "Aero-Trader" and the average plane then was about $15k.. And my brother worked at Millionair Aviation making big bucks at $17- hr..

[@patrickbrunner8174]

It would have been helpful if he would have commented on potential savings if you had a commercial ticket or a multi-engine rating. Knowing the savings of an instrument rating was helpful but he could have addressed other ratings and endorsements. It didn’t really feel like he was prepared for the interview.

[@cmritchie04]

is it a different policy when the Pilot is exercising commercial or above? and it comes out of the business expense? What happens when a ground agent steals an airplane did we as general aviation get dinged? What September 11? What about colgan air? What about networking example aopa, eaa, wia? what about when someone gets a tail wheel? sail planes? ground instructor add ons,

[@keithhoward9238]

Amazing information!!!

[@clarencewiles963]

Thumbs up 👍 you’re buying by selling your self. Good job 😊

[@Vyasvyas8]

question about experimental Aircraft insurance how does that work ?

[@johnclark5148]

Outstanding!

[@lisaleedavidson]

Why not quote high deductible policies. Say $20k deductible and normal liability coverage for low or no time pilots?

[@stevenhorney7735]

Good info. Thanks!

[@bjornmclir5015]

Aircraft insurance in alaska is beyond expensive, and avgas is $7.25 per gal, so like most aircraft owners i dont have a lot of money so its insurance or avgas cant afford both.

[@ZaPilot]

So insurance companies took risks with Boeing, and that cost gets covered by GA pilots.

[@jonathanmorgan611]

The more I learn about how awful the aviation insurance industry is, the more I think I just don't want to have insurance on my airplanes.

[@sigbauer9782]

I am in my early 50's , have 126 total hours, almost all in a 172, I just won the lottery, and now I want to buy a VisionJet. How much is my premium?

[@TakingOff]

Huge- the hull value is what drives that significantly north first. Then since you won the lottery, you take intensive training which gives you a bunch of time in type.

[@prussiaaero1802]

How many people do not insure, at all?

[@chriscard3424v]

Dan, if you are doing this video subject manner you really should not be shy about giving the audience real $$ from your experience. i.e. "cutting in half" or "better pricing" on the C210. I do not understand the big secret? Even Christy should talk through her recent experience with her airplane ownership regarding insurance etc.

[@TakingOff]

It’s not that I’m being secretive, it’s more about being accurate. In the moment, I might not have the exact recall and certainly don’t want to profligate misinformation. My insurance was $5400 right before I moved to Jerry. He was able to reduce it to $4200 and some change.

[@chriscard3424v]

Very good - helpful information on real insurance costs thanks. I have experienced the liability moving above the $100k to $200k or to $1M smooth quotes are the largest % move in price these days.@@TakingOff

[@1shARyn3]

Sounds like excuses rather than reasons

[@wilzboyz]

No insurance company is looking to make a 'little' amount of money.

[@chags9307]

They really are though. It’s a competitive market, if you’re taking too big of a profit, someone will undercut your price. Most insurance companies make 1-5% in profit. I’d call that little.

[@jimml1938]

@@chags9307 "It's a competitive market" - um, does that mean other markets like selling cars, food, etc, aren't competitive?? And 1 to 5% profit is pretty standard for a lot of markets. Competition doesn't drive asking prices up - just the opposite. Now collusion will, as will any government meddling or regulations that inhibit new market entrants. If there aren't that many underwriters I'd wager it is due to the market not being a free one.

[@Hedgeflexlfz]

Too many idiots crashing

[@f14flyer11]

ok, then why is my premiums at 25,000 hours, no incidents, no cert action, perfect record, ex airline pilot, F14 pilot in the Navy, blah blah blah,.... the same as someone with 5000 hours ?... that is a complete rip off and quite frankly BS and a racket...

[@chags9307]

Because once you get to a certain level, experience doesn’t mean as much and complacency sets in and risk appetite increases for a pilot. I’d bet someone with 5k hours in type really doesn’t have much of a quantifiable increase in risk over someone with 25k. It’s diminishing returns.

[@Hedgeflexlfz]

@@chags9307 Especially 25k hours on auto pilot in a jet

[@f14flyer11]

@@Hedgeflexlfz nice try

[@Hedgeflexlfz]

@@f14flyer11Are you denying that flying GA is a lot different? I would trust a freight pilot who is used to flying small GA in horrible weather than a jet pilot on auto pilot 98% of the flight even if their TT is half yours.

[@zappatx]

That's why you start an insurance company.