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Aircraft Insurance Outlook – January 2024
Posted By Benjamin Peterson
Published January 3, 2024
Happy New Year 2024. Problem, Solution, Repeat
- Aviation Insurance continues to stabilize with 4 new aviation insurance companies in 2023
- Toughest/Hardest/ Highest Rates Areas of the Market: 70+ Year Old Pilots, Old Aircraft Pre 1985, No Current or Previous Relationship with Aviation Underwriters
- What’s Changing? Lower Time Transition Pilots into Turbo Props or Turbo Jets is Getting Easier to Insure; ie) 800 Hours Total Time Pilot Transitioning from a Diamond DA62 into a Phenom 100
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.
| Make | Model | Type of Pilot | Hull Value | Premium | % Move |
| Citation | III | Two Qualified Pilots But Old Aircraft | $1,500,000 | $25,000 | NEW |
| Citation | CJ4 | Single Owner Pilot; High Liability Limit | $5,500,000 | $35,000 | 🔼8% |
| Citation | SII | Two Qualified Pilots But Old Aircraft | $1,100,000 | $24,000 | NEW |
| King Air | 260 | Owner Pilot Low Time; 800TT | $4,500,000 | $55,000 | NEW |
| King Air | F90 | Two Qualified Pilots But Old Aircraft | $1,350,000 | $23,000 | NEW |
| Embraer | Praetor 600 | Owner Pilot Transition From Phenom 300; Operates in Dubai; Lloyds of London Market | $22,500,000 | $91,000 | NEW |
| Pilatus | PC-24 | Pro Dual Pilots; Renewal | $12,000,000 | $45,000 | FLAT |
| Pilatus | PC-12 | Single Owner Pilot 73 Years Old | $2,700,000 | $40,000 | 🔼10% |
| Daher | TBM 930 | Owner Pilot Experienced | $3,500,000 | $34,000 | 🔻31% |
| Daher | TBM 850 | Owner Pilot Experienced | $2,250,000 | $30,000 | 🔻20% |
| Piper | M600 | Owner Pilot with 1,000TT | $3,464,000 | $34,000 | 🔻56% |
| Piper | M350 | New Pro Pilot; New Delivery | 1,735,000 | $20,850 | NEW |
| Cirrus | SR22 | Private Working on Instrument | $700,000 | $15,200 | 🔻8% |
| Cirrus | SR22 | Owner Pilot Experienced: Moved Companies | $350,000 | $5,000 | 🔻5% |
| Diamond | DA62 | Owner Pilot; 400TT; No Multi Engine Yet | $1,575,000 | $22,000 | NEW |
| Diamond | DA62 | Owner Pilot; Experienced | $1,540,000 | $20,000 | 🔻15% |
| Cessna | 182 Turbo | 19 Year Old Private Pilot; New Delivery | $825,000 | $14,500 | NEW |
| Bell | 206 | Single Ship Part 135; Moved to New Insurance Company; Competition | $600,000 | $55,000 | 🔻27% |
| Bell | 505 | Owner Pilot Low Time | $1,750,000 | $43,000 | 🔻17% |
| Bell | 407 | Owner Pilot Transition from Bell 505 | $4,500,000 | $115,000 | NEW |
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.