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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. 

MakeModelType of PilotHull ValuePremium% Move
CitationIIITwo Qualified Pilots But Old Aircraft$1,500,000$25,000NEW
CitationCJ4Single Owner Pilot; High Liability Limit$5,500,000$35,000πŸ”Ό8%
CitationSIITwo Qualified Pilots But Old Aircraft$1,100,000$24,000NEW
King Air260Owner Pilot Low Time; 800TT$4,500,000$55,000NEW
King AirF90Two Qualified Pilots But Old Aircraft$1,350,000$23,000NEW
EmbraerPraetor 600Owner Pilot Transition From Phenom 300; Operates in Dubai; Lloyds of London Market$22,500,000$91,000NEW
PilatusPC-24Pro Dual Pilots; Renewal$12,000,000$45,000FLAT
PilatusPC-12Single Owner Pilot 73 Years Old$2,700,000$40,000πŸ”Ό10%
DaherTBM 930Owner Pilot Experienced$3,500,000$34,000πŸ”»31%
DaherTBM 850Owner Pilot Experienced$2,250,000$30,000πŸ”»20%
PiperM600Owner Pilot with 1,000TT$3,464,000$34,000πŸ”»56%
PiperM350New Pro Pilot; New Delivery1,735,000$20,850  NEW
CirrusSR22Private Working on Instrument$700,000$15,200πŸ”»8%
CirrusSR22Owner Pilot Experienced: Moved Companies$350,000$5,000πŸ”»5%
DiamondDA62Owner Pilot; 400TT; No Multi Engine Yet$1,575,000$22,000NEW
DiamondDA62Owner Pilot; Experienced$1,540,000$20,000πŸ”»15%
Cessna182 Turbo19 Year Old Private Pilot; New Delivery$825,000$14,500NEW
Bell206Single Ship Part 135; Moved to New Insurance Company; Competition$600,000$55,000πŸ”»27%
Bell505Owner Pilot Low Time$1,750,000$43,000πŸ”»17%
Bell 407Owner Pilot Transition from Bell 505$4,500,000$115,000NEW

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.

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