Honda Jet Insurance Cost Examples
Honda Jet HA-420 - Owner Pilot Experienced
|HA-420 Physical Damage||$3,500,000 Agreed Value||$21,500|
|Aircraft Liability||$5,000,000 Per Occurrence||$5,500|
|Total Annual Premium||$27,000|
Honda Jet HA-420 Elite - Owner Pilot Experienced
|Elite Physical Damage||$4,500,000 Agreed Value||$28,000|
|Aircraft Liability||$5,000,000 Per Occurrence||$6,000|
|Total Annual Premium||$34,000|
Honda Jet HA-420 Elite S - Owner Pilot Experienced
|Elite S Physical Damage||$6,000,000 Agreed Value||$35,500|
|Aircraft Liability||$5,000,000 Per Occurrence||$6,500|
|Total Annual Premium||$42,000|
HondaJet is one of the newest and coolest light jets in the industry. Yes, Tom Cruise, owns and pilots a HondaJet. They are primarily owned and operated by owner pilots and professional pilots for Part 91 use, but there are some companies out there that have built a niche on chartering and marketing the HondaJet.
The HondaJet HA-420 was certified in December 2015. The Over-The-Wing Engine Mount was engineered and proven by Honda after more than 20 years of extensive research and development. The HondaJet’s overwing engine mount configuration was designed to maximize cabin space, and achieve lower wave drag at a high Mach number. The nose and wing are designed for laminar flow, and the main fuselage has a constant profile, making an eventual stretch easier. Honda began developing its own small turbofan engine, the HF118, in 1999. This led to the HF120, developed with GE Aviation under the GE-Honda partnership. The HF120 was test-flown on a Cessna Citation CJ1. The engine features a single fan, a two-stage compressor and a two-stage turbine. The GE Honda HF120 received FAA type certification on 13 December 2013, and production certification in 2015. The aircraft is equipped with a touchscreen 3-display Garmin G3000 glass cockpit system. Most of the cockpit readouts are presented on flat-panel displays. The HondaJet is the recipient of several awards, including Flying Magazine’s first Flying Innovation Award in 2017.
The insurance premium charged for a HondaJet depends on the hull value, liability limit, use of operations, and pilot qualifications. All HondaJets have the same seating configuration of 1 pilot plus 6 passengers. The liability premium for aircraft is based on the number of seats and liability limit. Liability premium is typically around 30% of the overall premium. The remaining 70% is from the hull value.
An easy way to estimate or visualize the premium for a HondaJet Aircraft is: 0.75%, 1%, and 1.5%
- 0.75% of the hull value for experienced pilots, hull value around $5,000,000, and lower liability limits like $3,000,000
- 1% of the hull value for an experienced pilot but new to the HondaJet and hull value around $5,000,000
- 1.5% of the hull value for lower time owner pilots that are transitioning into the HondaJet from something like a Diamond DA62
HondaJet has an owners club called HondaJet Owners & Pilots Association, which has been a great organization for operators to share articles and forums.
Models We Cover
HondaJets hold their value pretty well but they are a new aircraft manufacturer so the fleet is still very new.
The hardest flight operations to insure for HondaJets are pilots that are transitioning from a much smaller reciprocating multi-engine aircraft like a Diamond DA62 with less single pilot turbine time. Also another hard market area of aircraft insurance for all aircraft is pilots over 70 years old looking to fly single pilot. It’s important for pilots over 70 to be looking for an insurance relationship that they can use for the rest of their flying career.
HondaJets have had an excellent claims history particularly because pilots are so well trained during initial and recurrent simulator training. Also because the HondaJet is super user friendly aircraft to manage and fly. There are around 250 aircraft in operation worldwide which isn’t a lot compared to Citation but it’s enough for underwriters to properly rate the risk when looking at individual aircraft.
The newest HondaJet is the Elite S and it incorporates Advanced Steering Augmentation System (ASAS) to further enhance pilots safety and situational awareness especially when flying in IFR conditions. The Elite S has an increased takeoff and payload weight of 200 pounds. HondaJet has an ergonomic cockpit and Garmin G3000 avionics.
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!