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Aircraft Insurance Outlook – August 2024
Posted By Benjamin Peterson
Published September 4, 2024
Have things started to get volatile in aircraft insurance again?
- Nothing is given to you. You have to earn it. Same goes for aircraft insurance renewal premiums. Don’t just expect decreases because people have spoken about the “soft market.”
- Competition drives decreases and you need a broker with good relationships to get you at least two insurance companies to provide competitive quotes.
- Honda Jets are a prime example right now that have a very small market of aviation insurance companies available and/or interested in quoting. I think there’s 2-3 insurance companies depending on the day.
| Make | Model | Type of Pilot | Hull Value | Premium | % Move |
|---|---|---|---|---|---|
| Gulfstream | G650ER | Pro Pilots New to Gulfstream | $60,000,000 | $130,000 | NEW |
| Cirrus | SR22 | Private Pilot working on Instrument + Dry Lease to another Pilot | $865,000 | $16,000 | NEW |
| Daher | 960 | Owner Pilot with 1,500TT | $4,000,000 | $41,000 | 🔻68% |
| Piper | Meridian | Owner Pilot with 1,000TT | $1,080,000 | $13,000 | 🔻27% |
| Citation | V | Pro Pilot Experienced | $2,500,000 | $26,000 | 🔻14% |
| Diamond | DA62 | Airline PIlot; Second Year Ownership | $1,560,000 | $19,000 | 🔻10% |
| King Air | 350 | Pro Pilot Experienced | $3,500,000 | $30,000 | FLAT |
| Pilatus | PC-12 | Pro Pilot Experienced; 74 Years Old; Three Dry Leases | $3,000,000 | $42,000 | 🟢5% |
| King Air | 250 | Owner Pilot Experienced | $4,500,000 | $28,000 | 🟢5% |
| Piper | Malibu | Owner Pilot Experienced; 75 Years Old | $400,000 | $11,500 | 🟢6% |
| Honda Jet | HA-420 | Owner Pilot Experienced; 64 Years Old | $3,000,000 | $42,000 | 🟢27% |
Advice: The best way forward is to maintain a close relationship with your aviation insurance broker and underwriters so you get the best rates as things are changing.
Ben Peterson is a 15 year aviation insurance services professional, Commercial Pilot and Flight Instructor with over 1,000 hours instruction given, and former Cirrus Factory Instructor Pilot.
Benjamin Peterson
Graduated from the University of North Dakota with a degree in Commercial Aviation as a Pilot and Flight Instructor. My first professional job was working for Cirrus Aircraft as an instructor.