October 3, 2008
Great American Insurance Company (GAIC) announced November 27 it would withdraw from the aviation insurance market. The company cited unprofitable underwriting results and increased competition as the reasons. GAIC is currently the insurance carrier for the AOPA Aircraft, Renters, and CFI Insurance programs. However, all policies issued under these programs will continue uninterrupted until their expiration date.
In anticipation of this action by GAIC, the AOPA Insurance Agency has already been working with a number of other insurance companies to provide for a smooth transition of current GAIC customers to other insurance carriers upon the expiration of their current GAIC policies. Again, all current GAIC policies will continue uninterrupted until their expiration date.
Upon their renewal date, coverage for members currently insured with GAIC through the AOPA Insurance Agency will be moved to another major, A-rated aviation insurance carrier whenever possible. Insureds will be contacted prior to the expiration of their policy with the alternate quotations the AOPA Insurance Agency has obtained for them.
Members insured through the AOPA Insurance Agency with companies other than GAIC are not affected.
Members insured through the AOPA Insurance Agency may contact them with questions at 800/622-AOPA (2672). Members insured with GAIC through aviation insurance brokers other than the AOPA Insurance Agency should contact their agent with questions.
Q: Why did GAIC withdraw from the market? A: GAIC cited unprofitable underwriting results over the past three years and increased competition in the marketplace.
Q: Will I be able to obtain service/make changes necessary to my current GAIC policy? A: All in-force policies will continue to be serviced on an uninterrupted basis until their expiration date.
Q: What will happen at renewal time? A: Since GAIC will not be offering renewal terms, prior to your renewal date the AOPA Insurance Agency will send you a renewal application to obtain your updated pilot times, aircraft, and coverage information. Complete and return the application. Upon receipt of that application, the AOPA Insurance Agency will immediately contact several other insurance companies to obtain quotations for your renewal. The AOPA Insurance Agency will then contact you with the results of their marketing efforts.
Q: Which company will quote my renewal? A: Since each underwriting company has their own set of underwriting requirements and since insurance rates can vary from company to company, the AOPA Insurance Agency may obtain several quotations for your renewal. All quotes are from major A-rated insurance carriers including AIG Aviation, AAU, USAIG, HCC, and others.
Q: Am I guaranteed a renewal quotation? A: Since AOPA does not set underwriting standards (these are established by the individual insurance companies and they vary) there is no way to guarantee that every member will be able to obtain a quotation. For the great majority of members there will be a number of options for replacement carriers. The AOPA Insurance Agency will help you select the one that's right for you. Recent accidents, incidents, or violations, however, may make quotations difficult to obtain or result in increased premiums.
Q: Will my premium go up with another company? A: It may, but it may also go down. As noted in the GAIC announcement, the aviation insurance industry has been very competitive. As such, there are a number of companies who wish to insure good pilots. Each company has their own set of rates, however, and premiums and coverage can vary widely. Your AOPA Insurance Agency agent can help you determine which coverage/price combination is the best for you.
Q: Where can I get more questions answered? A: Contact the AOPA Insurance Agency at 800/622-AOPA (2672) and select "Policy Service" from the menu system.
Q: What if I'm not insured through AOPA Insurance Agency? A: Please contact your insurance agent with questions or concerns.
Q: What if I'm insured through the AOPA Insurance Agency but not with GAIC? A: Your coverage is unaffected.
November 30, 2000
April 18, 2014 ePilot Training Tip: The fly-in factor
ePilot Custom Content for April 18, 2014
April 18, 2014 Wild ride with Red Bull pilot; Google buys UAV maker
VOLUNTEER AT AN AOPA FLY-IN NEAR YOU!
SHARE YOUR PASSION. VOLUNTEER AT AN AOPA FLY-IN. CLICK TO LEARN MORE >>>
VOLUNTEER LOCALLY AT AOPA FLY-IN! CLICK TO LEARN MORE >>>
BE A PART OF THE FLY-IN VOLUNTEER CREW! CLICK TO LEARN MORE >>>