Piper Cheyenne Insurance Cost Examples
Piper Cheyenne - Owner Pilot Experienced
|Cheyenne Physical Damage||$1,200,000 Agreed Value||$15,500|
|Aircraft Liability||$1,000,000 Per Occurrence||$4,000|
|Total Annual Premium||$19,500|
Piper Cheyenne - Owner Pilot with 700 Total Time
|Cheyenne Physical Damage||$700,000 Agreed Value||$13,500|
|Aircraft Liability||$1,000,000 Per Occurrence||$5,000|
|Total Annual Premium||$18,500|
The Piper Cheyenne was created in 1977 as a competitor to the Citation I and King Air. The Cheyenne is the largest aircraft ever made by Piper as they briefly dipped their toes into the corporate jet market. It has two Pratt & Whitney PT6 engines and up to 11 total seats. It’s is also referred to as PA-31. It looks very similar to the smaller reciprocating engine of the Piper Navajo.
They quit building the Cheyenne in 1987 but there’s still a strong market for it due to the low operating cost and versatility of the flight operation. A lot of people like that it’s a twin turbine with PT6 engines and availability of maintenance shops nationwide.
A good condition Cheyenne can cost around $1,200,000.
Liability premium is based on the number of seats, use of aircraft, and liability limit. Most insurance companies will limit the liability limit on a Piper Cheyenne, Navajo, or Seminole to $1,000,000 to $5,000,000 per occurrence. Liability premium typically accounts for around 30% of the overall premium and the remaining 70% is from the hull value.
An easy way to estimate or visualize the premium for a Cheyenne Aircraft is: 1.5%, 2%, and 2.5%
- 1.5% of the hull value for experienced pilots, no dry leases or fractional, annual pilot training
- 2% of the hull value for experienced pilots, with fractional ownership and more than 3 named pilots
- 2.5% of the hull value for less experienced pilots, more than 3 named pilots, dry leases, etc.
Any turbine powered aircraft insurance policy will require annual training including the Piper Cheyenne. Insurance companies have also started including physical damage deductibles such as $10,000 In Motion/Not In Motion.
Models We Cover
Cheyennes hold their value well because they were manufactured so long ago and they are still around in relatively high demand. The value depends on how well it has been maintained and the time between the next engine cycles.
The hardest Cheyenne flight operations to insure are either pilots over 70 years old looking for a new relationship with the underwriters, or pilots that are transitioning from a smaller aircraft like a Cessna 172 into a Cheyenne with less than 500 total hours and low multi engine time.
The Cheyenne has had a pretty good claims history. Most claims in flight are due to pilot error on takeoff and landing or during an instrument approach. Other frequent claims are hangar rash or runway incursions.
The Cheyenne is an older aircraft but many owners have upgraded the avionics to a Primary Flight Display (PFD) and Multi-Function Display (MFD) to help improve situational awareness, especially when flying instruments. Pratt & Whitney PT6 engines are some of the most reliable engines ever built. Cheyenne maintenance shops and mechanics are abundant and well experienced in maintaining the aircraft.
Flight Training Centers
See our complete list of approved flight schools for more information.