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rgmwa

Aviation Insurance

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It's aircraft insurance time again and my normal insurer has increased their premiums pretty steeply in the last couple of years, citing an increase in claims as the main reason,

This year I decided to shop around. The cheapest quote I received was from 360 Aviation, but apparently they are new to the Australia market. Has anyone here heard of or dealt with them?

rgmwa

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Our flying club has been advised by our brokers that Swiss Re (our current insurers) will be pulling out of the market, but they assure us "nothing to worry about".  AIG and Allianz have already withdrawn from underwriting aviation in the Australian market.  The Club uses Aviation Insurance Australia and have been happy with them (but have not made a claim, only payments....)

 

There are less & less players in the industry.  Less choice, less competition, usually equals lesser value to consumers.

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Posted (edited)

Aviation Insurance Australia got me the quotes. They advised that Swiss Re was "not currently quoting any new business".

The other quotes they got were from Agile Aviation, HDI Global and 360 Aviation. I'm currently with QBE who are the second cheapest but still about 25% more than 360.

Edited by rgmwa
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There are fewer players in the Aviation Insurance market every year. Our Hangar keepers PL insurance premium has been increasing steadily at about 6 - 7 times the CPI in recent years & we have never made a claim. We are currently with Agile. I self insure my aircraft & so far I am ahead about $12,500.

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 Anyone who's ahead with their insurance is Part of the reason most  "companies" are getting out of it.  They aren't there to lose money and go broke. Paying for the Peace of mind and the worst outcome is why you insure. You find out how good your insurer is when you are unlucky to have to find out, but clearly how trustworthy they are is the important part. Just insure what you must to allow you to keep your house, not necessarily fix your plane as well. Nev

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You can survive without insurance on the mechanised items you own, if you're prepared to wear the loss you incur with a prang.

It's a calculated bet - if you're confident you can avoid major damage and cost, because you don't take dangerous risks and you're skilled at handling what you own.

As a rule of thumb, crash risk increases with the number of people near you - so if you operate in relatively isolated areas, your loss risk is much lower than operating amongst large numbers of others.

But PL is one thing you cannot do without. A PL claim can break you, the eventual costs of a PL claim can run into millions, so you can't afford not to have it.

I run any low-value vehicles (under $10,000) without comprehensive insurance (just 3rd party damage insurance), and it's economic to do so. 

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 IF you don't have PL you are denying innocent people a source of capital to rectify their loss which was not caused by their negligence.. On the road it's compulsory, and arguably, should be in the air also  " Sue me I have nothing . It's all in the wife's name", might be clever (Unless she does a runner with it) but it's NOT ethical or a responsible approach . Nev

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Posted (edited)

Be very careful when you shop around for cover. Several years ago a company stormed onto the Australian market and undercut the existing insurers, they didn’t last too long. When people were knocked back for very minor technicalities, aircraft owners switched back to their old insurers. You’d be a bit cocky to be sure you’re operating 100% technically correct on every flight. Also take a few minutes to think about why so many companies have pulled out of the market and how a new player would come along with lower premiums and expect to provide the same cover. It doesn’t add up. 

Edited by Roundsounds

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I was with Agile, but went with the deal that RA Aus have going on, and saved me $1000 for the same cover.

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