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Aircraft Insurance Update – January 2023
Posted By Benjamin Peterson
Published December 27, 2022
Recent Aircraft Insurance Quotes
Quick market update for aircraft insurance in December.
- More insurance companies have been renewing their reinsurance; rates have been increasing significantly for insurance companies to purchase insurance for themselves; Likely to expect further rate increases in 2023
- Lately we have just been seeing increases for low value and older piston aircraft
- There’s still competition among insurance companies for high quality accounts with low to no losses within the past 5 years
- The HAI Aviation Insurance Working Group (AIWG); first meeting was 12/14. A lot of the talk was emphasized on how aviation insurance companies don’t share loss data as other insurance sectors – NBAA recently did a Insurance Claims Survey to try and get loss data from POPA, MMOPA, CJ, TBMOPA, and Vision Jet Owners COPA – We have yet to receive this survey data – TBD
| Make | Model | Type of Pilot | Hull Value | Premium |
| Cirrus | SR-22 | Owner Pilot 70 Years Old, PRIV and Basic Med | $550,000 | $15,000 |
| Robinson | R44 Raven II | Pro Pilot Experienced but new to R44 | $700,000 | $41,000 |
| Cessna | 210 | Experienced Pilot | $200,000 | $4,000 |
| Piper | Meridian | Owner Pilot Experienced; Retired Airline; 69 Years Old | $1,200,000 | $15,000 |
| Pilatus | PC-12 | Upgrading from a Cirrus SR22; Low Time Transition Pilot; Dual Pilot for 100 Hours | $4,800,000 | $37,000 |
| Citation | CJ4 | Pro Pilot Experienced | $4,400,000 | $27,000 |
| Cirrus | SR20 | PRIV working on INST | $400,000 | $9,600 |
| Piper | M600 | Owner Pilot Experienced | $2,500,000 | $29,000 |
| Pilatus | PC-24 | Pro Dual Pilots | $14,000,000 | $53,000 |
| Embraer | Phenom 300 | Pro Dual Pilots | $13,000,000 | $49,000 |
| Diamond | DA40 | Father 70 Years Old; Son is Student Pilot | $600,000 | $12,000 |
| Bell | 505 | Heli being put into a container out of LA and shipped to Turkey to be based on owners 180’ Yacht; Pro Pilots | Liability Only | $30,000 |
| Bell | 505 | Same Yacht rich guy with hull coverage | $1,250,000 | $125,000 |
What We’ve Learned from NBAA’s Top 5 Stories in 2022:
- FAA Makes Announcement at NBAA to Standardize Part 135 Training
- What Can We Learn from Aviation Accidents?
- Survey by NBAA About Increases in Salary Shows a 42% Increase from Last Year and 13% from Prior Year
- The Largest Increases Were Reported by the Smallest Companies
- Data from 3,092 Flight Department Employees
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.