AIG


#1

Anybody have AIG airplane insurance through AOPA?

Just wondering what fallout will come from the AIG crisis? Should one be concerned?

AOPA didn’t have any answers and I am up for renewel in November. AIG had the best plan quoted for my situation.

Up until now, I had no reason to change “what worked” but with the crisis unfolding, hate to be left out in a lurch.


#2

Looks like “we the people” will be bailing out AIG, so looks like you’ll be okay through the current term of your policy. I would be looking for a new insurer in November though.


#3

Yeah, nothing like having to pay “twice” once through my pocket and then again through my income :astonished:

Only problem is that the other quotes through AOPA I got increase my deductuble during hurrince season to between 5 and 10 percent of hull value if I don’t evacuate my plane out of the storms path

And it gets even better. One quote from an insurance company that AOPA got for me said for another pilot to fly my plane must have 25 hours in make and model (not type rating, as I called AOPA on this).

Sooo, my brother in law who has his commercial and multi engine is not allowed to fly my plane until I measily ole me with just an IA rating, no complex or high performance rating check him out. Something radically wrong with that picture. We are talking a Sundowner here with a C172 performance.

AIG gave me a quote of 950 and the other insurance company gave me a quote of 890 for 60K hull value. So even though it was cheaper with the other company, I wanted the flexibility of allowing another pilot fly my plane.

AIG didn’t have the hurricane clause or this bizarre 25 hours in make or model. Like you say, I need to keep my eyes wide open on this, as I haven’t paid yet for the next year, but I don’t want to chance of any lapse in coverage either.


#4

We the people also took 80% of AIG and their hard assets. “We” loaned them $80billion and avoided a bigger disaster. “We” gained about $120billion in equity. Under the circumstances, good move IMHO.


#5

I hope this bailout option is the best because that is a lot of our money going to them.


#6

It’s an investment, might not be a good one, but it might payoff in a big way. Time will tell.


#7

What about thoughts on where I sit on the other side of the table?

Yeah or nay for continuing insurance coverage through AIG? Will the fed takeover guarantee coverage now that they “loaned” money to the company. As I posted earlier, AIG wasn’t the cheapest, but they fit my situation the best with options offered.

To my knowledge, no other precedent to even compare or research for decision making process on my side of the table.

One thing I do know is Nationwide doesn’t insure planes :smiley:


#8

Now that we own 80% of the company I suspect they will be around for a while. Of course shopping around can’t hurt anyway.

John


#9

Think we will get “dividend” checks as “shareholders” to infuse more money to the economy like those “rebate checks” a couple of months ago ? :wink:


#10

lol. about as much chance of that as there is of Alaska returning the bridge to nowhere money.


#11

I don’t have any first hand experience with ins cos that go belly up. I would go in another direction for myself, just for the peace of mind.


#12

Sundowner Type Rating???

Complex/HP Rating???

Private Pilot giving a “check out”

I’m confused… :open_mouth: