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Will Someone Please Explain the Airplane Insurance Market?

By Bob Mackey, Vice President, Falcon Insurance Agency, Inc.

January 30, 2004 - Anyone can walk into an appliance store and get a price quote on a popular refrigerator model. In fact, most of us will shop around and use the various prices we get as bargaining chips to seek the best deal we can. So why is it so different when trying to get quotes on airplane insurance?

The reason, you see, is because airplane insurance companies will quote a particular airplane and owner one time only, and that quote will go to the first agent that submits the application. So if you call Agent "A" and ask him to quote your plane, and then try to "shop around" by asking Agent "B" to do the same, the various companies submitted to will "block" the second agent's request for a quote since they've already quoted the airplane with agent "A". Doesn't seem fair, does it?

Why do the airplane insurance companies quote an airplane and owner only once? Mainly because airplane insurance companies, unlike car insurance companies, are not required to file their rates so they can change at any time based on the information presented to them. This actually guards against the company generating different numbers for the same person and plane when receiving different (or inaccurate) information from different agents.

Insurance underwriters can and do vary their quotes based on the agent that contacts them and the information they are presented. If the agent has a good reputation for always being professional and trustworthy, the underwriter is more likely to provide him with a better quote.

The solution is to use the best agent right away when obtaining a quote for your aviation insurance. If you are an EAA member, that means a call to the EAA Aircraft Insurance Plan. EAA has worked very hard to ensure that the right agent, Falcon Insurance Agency, administers its member plan.

Before calling, make sure to get all your pertinent information ready so your Falcon agent can submit the most complete and accurate information for a quote. And if you are already insured through another agent, don't wait until a couple weeks before renewal time because by this time all the companies may already be "blocked."
There are currently only eight companies in the United States that offer airplane insurance Some of these companies will not insure certain types of airplanes, or they may not do business in certain states. EAA Aircraft Insurance Plan administrator Falcon Insurance Agency is the largest independent insurance agent that specializes in airplane insurance for individual airplane owners. Plus Falcon has been in the airplane insurance business for over 25 years and has a sterling reputation throughout the marketplace.

Don't let the limited size of the airplane insurance market scare you. You can still get the best airplane insurance coverage available at a very competitive price, along with outstanding service. Just remember to contact the EAA Insurance Plan FIRST by calling toll-free 866-647-4EAA (4322) visiting

If you would like to know more about EAA Insurance Solutions, or find the right insurance for the type of flying you do, call 866-647-4EAA (4322), or complete an online quote request form. When you insure your airplane through EAA Insurance Solutions you’re helping support EAA member programs for safety, advocacy and youth education.

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