Hawker Insurance Cost Examples
Hawker 800XP - Dual Pilot Typed Rated
|800XP Physical Damage||$4,500,000 Agreed Value||$22,500|
|Aircraft Liability||$50,000,000 Per Occurrence||$9,000|
|Total Annual Premium||$31,500|
Hawker 900XP - Dual Pilot Typed Rated
|900XP Physical Damage||$6,000,000 Agreed Value||$25,000|
|Aircraft Liability||$100,000,000 Per Occurrence||$13,000|
|Total Annual Premium||$38,000|
Hawker 900XP - Dual Pilot Typed Rated, Charter
|900XP Physical Damage||$6,000,000 Agreed Value||$30,000|
|Aircraft Liability||$250,000,000 Per Occurrence||$25,000|
|Total Annual Premium||$55,000|
Hawker aircraft began production in 1981 and ended in 2012. Hawker is a dual pilot mid size jet used for Part 91 corporate transpiration and Part 135 Charter. Chartered Hawker aircraft are managed on the fleet policy while Part 91 are on their own individual policy. The insurance for Hawker jets are underwritten by a handful of insurance companies that are capable of offering high limits for hull value and liability.
Liability premium typically accounts for around 30% of the overall premium. The liability premium is based on the number of seats, liability limit, and use and operations of aircraft. The remaining 70% of the premium is based on the hull value.
An easy way to estimate or visualize the premium for a Hawker Aircraft is: 0.5%, 1%, and 1.5%
- 0.5% of the hull value for experienced pilots and high hull value such as $7,000,000
- 1% of the hull value for experienced pilots,hull value around $3,000,000, high liability limit like $150,000,000
- 1.5% of the hull value for experienced pilots and high hull value such as $2,000,000 and Part 135 Charter and high liability limit
Aviation insurance underwriters are constantly competing for the best aircraft and aviation risks. The most exceptional risks are newer aircraft, owners that are well funded and have a good reputation, and a flight department that spares no expense when it comes to safety of the flight operations.
Models We Cover
Hawker jets hold their value very well, especially since the pandemic where demand to fly corporate has increased exponentially. Current owners have been looking to upgrade and first time buyers that had been sitting on the fence with the means to buy a Hawker or corporate jet now had the excuse they needed to pull the trigger.
The hardest Hawker jets to insure are the older aircraft and specifically the operators that are trying to save money by not sending both pilots to simulator school in the same make and model Hawker jet annually. The majority of the Hawker jet operators don’t have this problem, but sometimes with the lower purchase price of older Hawker jets, it brings out bargain hunters that think saving money on maintenance or pilots is a badge of honor when it comes to their frugality.
Hawker jets have had an amazing claims history. There’s also over 1,400 Hawker jets in operation worldwide so aviation underwriters have a lot of data to properly rate the risk. Hawker very rarely have total losses, but like the rest of the aircraft insurance industry the risk is a catastrophic loss that can wipe out a decade of insurance premiums collected from the insurance companies. Runway incursions, FOD, and hangar rash, are the most common claims.
Hawker jets are extremely safe to operate because they are so well manufactured and maintained, but also because the pilots that fly the Hawker are very well qualified. Pilots are required to complete recurrent training annually in the same make and model aircraft.
Pilots that fly the Hawker are either Named on the policy or fly under the Open Pilot Warranty, which will require a minimum of 3,000 hours total time, 100 hours in make and model, and annual training.
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!