Listen to a webinar last night by Mr. Smith who sells aircraft insurance for a living and he stated that pilots have difficulty getting their aircraft insurance renewed past age 79. Is that always true? Some states like Virginia require liability insurance.
Does the age restriction apply to an OPW? Have never seen one written with an age restriction. If I get to 75 and can't get insurance, I'll just have my wife purchase the policy in her name and fly under the OPW.Originally Posted by jimwomble
MHO, if the FAA approves a medical authorizing age 79 or greater individuals as fit to fly, then insurance companies practicing such age discrimination by refusing to write a policy could be guilty of grossly violating one's civil rights. The larger insurance companies have ombudsmen, call them for clarification of practices in this regard.
Insurance companies practice age discrimination in practically every policy that's written. They're allowed to adjust prices based on age, gender, zip code, profession, credit score, and more. Europe is well ahead of the US in this matter: http://en.wikipedia.org/wiki/Directive_2004/113/EC
Yes they do, but that's not the issue being discussed here. The issue is DENYING coverage, NOT writing or NOT RENEWING a policy solely based on age without any other applied considerations including the fitness and/or health of the insured.
It pretty much is the issue though. Insurance companies use statistics to back their reasoning and thus get away with not offering coverage to people beyond a certain age due to too high of a risk. State and federal government allow this to continue, although I'm not saying it's right. It's not like health insurance, which now must comply with Section 1557 of the ACA, which bans denial of coverage due to health status, eliminates discriminatory pricing, condition exclusions, and other limits. Aircraft and vehicle insurance is a different ballgame, and not likely to change anytime soon. It is definitely something that EAA and AOPA should be working on beyond eliminating the third class medical.
Insurance companies view 80+ as higher risk, and many opt not to insure pilots in that age group if they are also flying an aircraft they also deem to be higher risk (Fast experimental with a not-so-great record or high performance). That is not to say that you can't get insurance, because you can. But it may be more difficult and/or more expensive depending on the aircraft you wish to insure. You may find your insurance company doesn't want to cover you flying a high performance Experimental past 80, but is just fine if you are flying a Cub, Taylorcraft or 172.
I assume the insurance companies have statistics to bear our their choices as they generally are not in the business to turn away business, but are also not in the business to lose money. This is the same reason why insurance companies prefer not to insure your 16 year old son in your Corvette. Statistically, it's an accident looking for a place to happen. Many older pilots do not deserve to be labeled as such, but the statistics say their cognitive skills and reactions are not what they used to be. I know a number of elderly pilots that would fall on both sides of that argument.
Cub Builder
I just turned 75 and my insurance dropped few dollars again this year as it has for the past several. Granted I fly a pretty docile aircraft and tend not to tempt fate with winds and weather. Also, I've had the same insurance company for the past twenty or so years and no claims for over 30. Having said that, I think I'll know when it's time to hang it up or not fly PIC.
If God had intended man to fly He would have given us more money!
IMHO,
when insurance companies have no (and do not want) facts, they set policy and rates base on their biases and opinions. I doubt rates are set on research and facts. Another example is life insurance policies. I received an offer in the mail today. The exclusions included suicide, DUI, using weapons of mass destruction, and acting as a pilot. I sure would like to see the statistics that equate that list!
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