Daher Insurance Cost Examples
Daher TBM 930 - Owner Pilot with 4,000 Total Time and 2,000 in TBM
|TBM 930 Physical Damage||$3,300,000 Agreed Value||$20,000|
|Aircraft Liability||$5,000,000 Per Occurrence||$7,000|
|Total Annual Premium||$27,000|
Daher TBM 850 - Owner Pilot with 1,200 Total Time
|TBM 850 Physical Damage||$2,400,000 Agreed Value||$26,500|
|Aircraft Liability||$1,000,000 Per Occurrence||$1,500|
|Total Annual Premium||$28,000|
Daher TBM 850 - Owner Pilot 1,000 Total Time and 0 Make and Model
|TBM 700 Physical Damage||$2,000,000 Agreed Value||$33,000|
|Aircraft Liability||$1,000,000 Per Occurrence||$4,000|
|Total Annual Premium||$37,000|
*15 hours dual with a mentor pilot prior to solo
The TBMs are the world’s fastest single engine turboprops and have won several awards for around the world trips. The fleet of TBM has changed manufacturing holding companies a few times. It used to be owned by Socata and in 2009 Daher had announced it had acquired 70% of Socata and changed the name. The TBMs started with the 700 in the 1990s and now we’re on the TBM 960 which is set to start delivering in 2023. The TBM aircraft is a very hot market. New delivery 960s are sold out until 2024. A new TBM 960 cost over $5,000,000 as a single pilot aircraft that is predominantly used for owner flown Part 91 operations. The typical TBM owner is a wealthy businessman who has sold his company.
Liability premium is based on the number of seats, but all TBMs have the same seating capacity of 1 pilot plus 5 passenger seats. Liability premium typically accounts for 15% to 30% of the overall premium. The hull value is the remaining 70% of the premium. For high hull value aircraft, it is not common to see 90% of the premium from the hull value.
In an aviation insurance market with rates on the risk it’s important to look at your overall premium as a percentage of the hull value rather than a percentage of increase from previous years.
An easy way to estimate or visualize the premium for a Daher TBM Aircraft is: 1%, 1.5%, and 2%
- 0.8% for experienced TBM pilots who have time in the TBM, one or two named pilots, no dry leases or non owned exposure, and age is less than 70 years old.
- 1.5% for pilots with a little less experience like 1,500 total time or a few dry leases and 3-4 named pilots
- 2% for pilots that have less than 1,500 total time and transitioning into the TBM from something like a Cirrus SR22
The TBM Owners and Pilots Association TBMOPA is a very valuable membership association with pilot forums and annual fly in events which includes 4 days at a luxury resort with instruction and discussion about safety and the TBM market, including topics like the ever changing insurance market.
Models We Cover
TBMs hold their value pretty well, but every time they come out with a new version of the TBM, like the 960, owners with the means want to upgrade to the latest and greatest TBM aircraft. This does slightly affect the resale value of the older TBM models, but with demand being so high for single pilot and single engine turbine aircraft, there always seems to be another buyer ready to take advantage of the smallest discount in price.
The hardest operations to insure for TBM owners is either pilots over 70 years old looking for a new insurance company relationship or pilots with low experience and transitioning into an expensive TBM from something like a Cirrus SR22. An example of this would be a Cirrus pilot with 700 total time and buying a TBM 930 with a hull value of $3,500,000. For the first year the insurance is going to be expensive and there will be 15 to 25 hours dual with a mentor pilot prior to solo operations.
Insurance companies that are writing policies for TBMsare very limited. It;s important to have a good relationship with your broker and insurance company and convey that you have a strong emphasis on training and safety.
The TBMs have a decent claims history but it's a small marketplace for insurance companies that are writing policies for the TBM. Due to the aircraft predominantly being flown by owner pilots and the high value to the TBMs creates a big risk for the insurance carriers.
Currently the main insurance companies are: Starr Aviation, W Brown, Old Republic, and London Aviation Underwriters.
The new TBM 940s have included a system called HomeSafe which is an autoland button in the cockpit passengers can use if the pilot becomes incapacitated. This is based on the Emergency Auto Land system and it will basically take control of the aircraft via the autopilot system and shoot an instrument approach and safely land the aircraft. For TBM owners this is a big selling point since most owners need their wives or significant others approval and comfort towards safety.
See our complete list of approved flight schools for more information.