Lancair Evolution Insurance Cost Examples
Lancair IV-P - Owner Pilot Experienced
|Lancair IV-P Physical Damage||$300,000 Agreed Value||$5,500|
|Aircraft Liability||$1,000,000 Per Occurrence||$1,500|
|Total Annual Premium||$7,000|
Lancair IV-P - Owner Pilot Less Experience
|Lancair IV-P Physical Damage||$300,000 Agreed Value||$10,000|
|Aircraft Liability||$1,000,000 Per Occurrence||$2,000|
|Total Annual Premium||$12,000|
|Lancair Evolution Physical Damage||$1,100,000 Agreed Value||$45,000|
|Aircraft Liability||$1,000,000 Per Occurrence||$5,000|
|Total Annual Premium||$50,000|
Lancair is the manufacturer and they build many different piston powered experimental kit aircraft. These are high performance engines with a carbon fiber fuselage and wings. They are capable of cruise speeds similar to turbo-props.
The turbine models are called Evolution and typically cost in excess of $1,000,000. There’s also another manufacturing company that’s producing a similar aircraft called the LX7 by RDD Enterprises.
Lancair has a large exhibit every year at EAA Oshkosh where they display all the aircraft including the Evolutions.
There is also a Lancair Owners & Builders Organization to stay up to date and forum discussions. https://www.lancairowners.com/
The majority of Lanciar Evolutions are insured by Great American Insurance. There has been a big push to get additional carriers to quote. Epic Aircraft had a similar problem. They recently had over 10 insurance companies visit the Epic Aircraft manufacturing site and there has since been 3 additional carriers that are quoting. This increases competition and lowers the premium for operators.
The aircraft hull coverage is where the majority of aircraft insurance premium comes from and typically accounts for around 70% – 90% of the overall premium. The remaining premium is for the liability. Lancair’s typically don’t have high liability limits because they are experimental aircraft but a $5,000,000 liability limit is possible for some pilots. Most aircraft owners typically purchase $1,000,000 per occurrence.
An easy way to estimate or visualize the premium for a Lancair/ Evolution Aircraft is: 2.5%, 3%, 4% and sometimes in excess of 5%.
- 2.5% of the hull value for experienced pilots, no dry leases or fractional, pleasure & business operations by an owner pilot.
- 3% of the hull value for experienced pilots, with fractional ownership and more than 3 named pilots
- 4% of the hull value for less experienced pilots with less than 600 Total Time and new to Lancair
- 5% or 6% of the hull value for some Evolutions pilots with less than 750 Total Time and new to the Evolution
Models We Cover
Lancairs hold their value fairly well along with the rest of the like kind market, such as Cirrus and Cessna.
The hardest aircraft to insure for Lancair is either pilots with very little experience looking to purchase a high hull value aircraft or pilots over 70 years old that are purchasing a Lancair for the first time.
Lancair did have a lot of claims when they first started operating in the 1980s and 1990s. Since then there has been a big emphasis on safety and potential risk areas to ensure safety. Claims and loss ratios have since improved.
Most of the Lancairs have a Primary Flight Display (PFD) and Multi Function Display (MFD) glass cockpit by Garmin. This helps with enhanced situational awareness and instrument flying.
Flight Training Centers
Lancair Flight Training Centers are located throughout the US. https://www.lancairowners.com/find-an-instructor
See our complete list of approved flight schools for more information.
Parts Service Centers
Manufacturing for Lancairs is in Redmond, Oregon. Manufacturing for Evolutions is in Uvalde, Texas. Manufacturing for the LX7 Aircraft by RDD Enterprises is in Redmon, Oregon.