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Aircraft Insurance Outlook – November 2024
Posted By Benjamin Peterson
Published November 4, 2024
What is the new max age for single pilot turbine powered aircraft?
- In 2020 – 2022 the max age for single pilot turbine powered aircraft was 75 years old. In 2023 that age started to trend up to 78. Now in 2024 it’s topped out at 80 years old. I don’t see how it can go much higher.
- One way we’ve seen the insurance companies absorb high hull turbine aircraft (ie. Piper M700, Daher TBM 960, Pilatus PC-12, Phenom 100/300, Citation 525, Honda Jets) flown single pilot with 75+ year olds is by doing quota share and splitting the risk 50/50%. This can extend the age limit for pilots to 80 years old.
When do you switch insurance companies and when to stay?
- The answer to this question, of course, depends.
- How much do you need to value your aviation insurance company’s relationship?
- Most companies aren’t looking for short term relationships but you don’t want to leave money on the table.
- Are you a flight operation that generates a lot of competition from insurance companies?
- Are you planning on upgrading into a bigger aircraft and need an insurance company that can quote higher limits?
- How much does your age factor into the relationship?
- All good questions and worth a discussion.
- A lot of the increases we’re seeing in the market is from areas of less competition which is mainly from very low time pilots that are transitioning or working on ratings.
| Make | Model | Type of Pilot | Hull Value | Premium | % Move |
|---|---|---|---|---|---|
| Cirrus | SR22T | Owner Student Pilot | $1,300,000$ | $26,000 | NEW |
| Diamond | DA62 | Owner Student Pilot | $1,600,000 | $78,000 | NEW |
| Piper | M700 | Owner Pilot 73 Years Old | $4,000,000 | $43,000 | NEW |
| Bell | 206B | Single Ship Part 135 Operation; In House Training | $600,000 | $28,000 | 🔻50% |
| Piper | Meridian | Owner Pilot with 1,100TT | $1,000,000 | $12,000 | 🔻17% |
| Daher | TBM 960 | Owner Pilot with 1,750 Total Time | $4,000,000 | $36,000 | 🔻15% |
| Bell | 505 | Owner Pilot with 1,000 hours total; 500 RW | $2,000,000 | $42,000 | 🔻12% |
| Airbus | H125 | Owner Pilot Experienced | $1,400,000 | $34,000 | 🔻5% |
| Cirrus | SR22 | Owner Pilot Experienced | $350,000 | $5,000 | FLAT |
| Gulfstream | G280 | Pro Pilots | $17,000,000 | $56,000 | FLAT |
| Pilatus | PC-12 | Pro Pilots | $4,100,000 | $28,000 | FLAT |
| Citation | CJ4 | Pro Pilot 70 years old | $4,400,000 | $31,000 | 🟢7% |
| Cirrus | ST22T | Owner with a long history of being a Student Pilot lol | $1,100,000 | $22,000 | 🟢13% |
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.