Here's a live query - I own a PA28-181 Archer II and operate it on a non-citizen trust in the Eastern Caribbean, primarily out of Barabdos.
During Covid I had the airplane in storage with my A&P on Guadeloupe for a year getting in back in late July of 2021.
When I went to insure it - the premium had doubled and they insisted on valuing it at half what it would cost to replace (it has 650 on a new engine, 4600 total time, new bare metal repaint, interior, glass and all external plastics in the past six years, full IFR with ILS autopilot, a separate STEC altitude hold AP too) so not a beater.
The astonishing thing is that to fly it they insist on 1,000 hours minimum total time and 50 hours on type - seems excessive to say the least - for a bundle of cash on a pilot by pilot basis they will “consider” pilots with lower times.
Now here is the kicker, they just told me that if they were to be insuring it now de novo (three months after the last quote) that the premium would be double that of three months ago - but so long as it does not lapse it will be the same staggering US$13,000 that I paid this year.
I should say as well that the major problem is that one cannot shop around as no companies in the US are able to sell insurance here - I can understand that as why spend tens of thousands of dollars to be licensed in Barbados to sell insurance to the few airplanes here.
Previously I had managed to get my airplane covered direct with a syndicate at Lloyds in London but they dropped out deciding that my tiny PA28 was a bit anomalous in the mix of Antanov and Boeing cargo planes they cover.
Anyone got any ideas on how to get more reasonable priced insurance?
Is your plane registered in the US or Barbados?
I have an FAA PPL (not a piggy-back 61.75)
Had the airplane since July 2012.
Insurance has just gone mad - OK double the premium but then conditions of 1000hrs and 50hrs on type means that 95% of those who have flown it in the past now cannot do so - down here a 500 hour PPL is considered high time.