Home » Aircraft Insurance Outlook – May 2024

Aircraft Insurance Outlook – May 2024

Posted By Benjamin Peterson

Published May 31, 2024

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.
MakeModelType of PilotHull ValuePremium% Move
DiamondDA62Pro Pilot New to Diamond$1,700,000$23,000NEW
CitationBravoDual Pro Pilots doing In-Aircraft Training$1,000,000$20,000NEW
DaherTBM 700Owner is Student Pilot excluded; Pro Pilot$1,800,000$16,000NEW
PiperMeridianOwner Pilot New to Meridian and 70 Years Old$950,000$30,000NEW
Cirrus SR20Owner Pilot working on Inst.$530,000$8,000🔻50%
PiperMeridianOwner Pilot Experienced$900,000$15,000🔻8%
Bell206BOwner Pilot Low Time But Building$350,000$17,000🔻10%
DaherTBM 700Owner Pilot; Age 71$1,500,000$32,000🔻12%
MD500Owner Pilot Low Time But Building$1,000,000$31,000🔻12%
PiperMirageOwner Pilot Decent Time$400,000$8,000FLAT
CessnaT206HOwner Pilot Experienced; Based in Panama$857,000$13,000🟢2%
CitationCJ3+Pro and Owner Pilot (Owner is 76 and Dual)$5,500,000$34,000🟢4%
CitationX+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.

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