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Cessna Caravan 208 Airplane Insurance

Cessna Caravan 208 Insurance Cost Examples

Cessna Caravan 208 - Pro Pilot

Coverage Limits Premium
Physical Damage $2,500,000 $23,000
Aircraft Liability $5,000,000 per occurrence $7,000
Total Premium $30,000

Cessna Caravan 208 - Owner Pilot Experienced

Coverage Limits Premium
Physical Damage $2,200,000 $29,000
Aircraft Liability $5,000,000 per occurrence $7,000
Total Premium $36,000

Cessna Caravan 208 - Owner Pilot, Aircraft on Amphibs

Coverage Limits Premium
Physical Damage $3,300,000 $50,000
Aircraft Liability $2,000,000 per occurrence $7,000
Total Premium $57,000

Aircraft Summary

The Cessna 208 is an impressive high-winged aircraft with a braced cabin. It is powered by a single Pratt & Whitney Canada PT6A turboprop and has a tricycle landing gear, though it can be outfitted with floats or skis depending on the terrain. The cabin can comfortably seat nine passengers and two crew members, and features four doors: one for each crew member, an airstair door on the right side of the cabin, and a cargo door on the left. Additionally, this aircraft can be fitted with an underslung cargo pod for added versatility. The Cessna 208’s ability to operate in various environments makes it incredibly useful for many different types of operations.
Caravan 208B
Between 1986 and 1989, Caravan models were made known as Super Cargomasters. These aircrafts (serial numbers 208B0001 – 208B0229) were initially constructed with no windows and a PT6A-114 engine. Over time, some have had windows added, or the engine upgraded to a PT6A-114A during Hot Section Inspection. A significant feature of all 208B Super Cargomasters is that they come equipped with a cargo pod as standard factory-installed equipment. This makes them ideal for freight transport operations, due to their increased carrying capacity.

Models We Cover

Cessna Caravan 208 Caravan
Cessna Caravan 208B Caravan

Valuation

As of February, 2023, the general market range for Cessna Caravan 208 aircraft ranges between $750,000 – $2,525,000. A lot of the value depends on the year, engine TBO, avionics, and additions such as floats or amphibious landing gear. A brand new Cessna 206 B is $2,600,000. The lead time for new orders from the Textron factory is over a year.

The Cessna 208 Caravan is still in production today. Since the beginning of development in 1985 there have been a total of 3,026 Caravans and Grand Caravans produced and 2,611 currently in operation.

Risk Areas

The reason Caravans are looked at very closely by insurance underwriters is because of the number of seats. Liability premium is based on the number of seats and the potential number of people that could be aboard. A lot of Caravans also have amphibious or float landing gear which increases the rates and requires more qualified pilots.

Claim History

The Cessna 208 Caravan and Grand Caravan have a good claims history. The aircraft are flown for many different purposes from Part 91 Pleasure & Business, Cargo, Alaska operations, backcountry, and the list goes on. The typical claims are engine FOD, hangar rash, hard landings, and runway incursions.

Safety Features

The biggest safety feature for the Cessna 208 Caravan is the Pratt & Whitney PT6 turboprop engine which is extremely reliable. It’s also a high wing design which allows for great visibility from the cockpit. It isn’t a particularly fast aircraft and pilots say it’s easy to fly because of the stability and relation to the smaller Cessna 182 or 206. The newer Caravans have the Garmin G1000 NXi avionics.

Insurance rates for the Cessna 208 Caravan start around 1.5% of the hull value for well qualified pilots and go up with more risk like less qualified pilots, backcountry Alaska, and amphibious landing gear.

Aircraft Insurance Cost Guide

Learn more about the cost of insurance for private pilots based on your aircraft type and the various factors that affect premium rates. Whether you’re seeking owner aircraft insurance or commercial aircraft insurance, this valuable information will help to make an informed decision about the best coverage for you. If you have any additional questions, please don’t hesitate to reach out!

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