Piper Insurance Cost Examples
Piper M600 - Owner Pilot retired airlines pilot high experience
|M600 Physical Damage||$3,000,000 Agreed Value||$18,500|
|Aircraft Liability||$2,000,000 Per Occurrence||$4,200|
|Total Annual Premium||$22,700|
Piper M600 - Owner Pilot with 2,200 total time and age 71 years old
|M600 Physical Damage||$2,500,000 Agreed Value||$20,900|
|Aircraft Liability||$5,000,000 Per Occurrence||$7,100|
|Total Annual Premium||$28,000|
Piper Meridian - Owner Pilot with 2,800 total time
|M2 Physical Damage||$900,000 Agreed Value||$11,000|
|Aircraft Liability||$2,000,000 Per Occurrence||$4,000|
|Total Annual Premium||$15,000|
It’s no surprise that new delivery Piper Aircraft like the M600 are sold out through 2023. The Piper Aircraft have been in high demand since the pandemic for owner flown Part 91 Pleasure & Business operations. Piper Aircraft’s main headquarters is in Vero Beach Florida and they distribute aircraft throughout the world.
Liability premium is based on the number of seats and use. All of the Piper M series aircraft have 1 pilot seat plus 5 passenger seats. Liability premium typically accounts for 15% – 30% and hull premium is 70% of the overall premium.
An easy way to estimate or visualize the premium for a Piper Aircraft is: 1%, 1.5%, and 2%
- 1% of the hull value for experienced pilots and less than 3 named pilots on the policy
- 1.5% for the hull value for pilots with less than 1,500 total time, dry leases, and over 3 named pilots on the policy
- 2% for the hull value for pilots over 70 years old and pilots transitioning from something like a Cirrus SR22 with less than 1,000 total time
The Malibu M-Class Owners and Pilots Association MMOPA is a good organization for pilots to share insight in the Piper market through the online forums and annual fly-in meetings. Each year they have the meeting at a different location to accommodate Piper pilots from around the country.
Models We Cover
The Piper Aircraft market is very competitive. Many motivated buyers look for months before finding the right aircraft to purchase. A good reference for properly valuing a Piper aircraft is Aircraft Bluebook, Controller.com, and your local aircraft sales broker.
The hardest aircraft to insure for Piper is typically pilots over 70 years old looking to develop a new relationship with an insurance company. Another difficult to insure operation is a very low time pilot transitioning into an expensive Piper M600. It’s typically recommended that the pilot have over 700 total time and place a strong emphasis on training and some dual pilot mentor hours prior to solo operations.
The Piper Aircraft have had a good claims history. There are also so many Piper aircraft out flying around in the market that insurance companies have a clear understanding of what the risk profile looks like. A typical claim for a Piper turboprop aircraft is a prop strike from a hard landing or taxiing too fast on poor surface area conditions. Prop strikes on turboprop aircraft require the engine to complete a complete overhaul which is expensive and time consuming.
The new Piper M series aircraft has an Autoland button in the cockpit which is coupled with the autopilot to safely land the aircraft if the pilot becomes incapacitated or disorientated in IFR flight conditions. The Autoland has been a big selling point for Piper. Most Piper pilots are owners and either the pilot or their significant other also need to be sold on the safety of the aircraft. The Autoland has helped solve this problem and save lives.
Flight Training Centers
See our complete list of approved flight schools for more information.