What’s going on with Aircraft Insurance?
- We’ve heard a lot about competition and the aviation insurance market turning towards a soft market, which is true, but it’s also a bit divided.
- Soft areas of the market: Low limits – sub $2,000,000 hull value and liability $2,000,000 is easy for all 20+ aviation insurance companies to quote.
- Flat areas of the market: Mid to High limits – $2,000,000 to $10,000,000 hull value and the number of insurance companies drops to 12.
- Hard areas of the market: High limits – $10,000,000 to $70,000,000 hull value and the number of insurance companies realistically drops to 6.
| Make | Model | Type of Pilot | Hull Value | Premium | % Move |
|---|---|---|---|---|---|
| Diamond | DA62 | Pro Pilot New to Diamond | $1,700,000 | $23,000 | NEW |
| Citation | Bravo | Dual Pro Pilots doing In-Aircraft Training | $1,000,000 | $20,000 | NEW |
| Daher | TBM 700 | Owner is Student Pilot excluded; Pro Pilot | $1,800,000 | $16,000 | NEW |
| Piper | Meridian | Owner Pilot New to Meridian and 70 Years Old | $950,000 | $30,000 | NEW |
| Cirrus | SR20 | Owner Pilot working on Inst. | $530,000 | $8,000 | 🔻50% |
| Piper | Meridian | Owner Pilot Experienced | $900,000 | $15,000 | 🔻8% |
| Bell | 206B | Owner Pilot Low Time But Building | $350,000 | $17,000 | 🔻10% |
| Daher | TBM 700 | Owner Pilot; Age 71 | $1,500,000 | $32,000 | 🔻12% |
| MD | 500 | Owner Pilot Low Time But Building | $1,000,000 | $31,000 | 🔻12% |
| Piper | Mirage | Owner Pilot Decent Time | $400,000 | $8,000 | FLAT |
| Cessna | T206H | Owner Pilot Experienced; Based in Panama | $857,000 | $13,000 | 🟢2% |
| Citation | CJ3+ | Pro and Owner Pilot (Owner is 76 and Dual) | $5,500,000 | $34,000 | 🟢4% |
| Citation | X+ | High Time Owner 73 Years Old and Pro Pilot | $12,000,000 | $49,000 | 🟢4% |
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.