Piper M500 Insurance Cost Examples
Owner Pilot and Experienced
| Coverage | Limits | Premium |
|---|---|---|
| Physical Damage | $2,500,000 Agreed Value | $18,000 |
| Aircraft Liability | $5,000,000 Per Occurrence | $6,000 |
| Total Annual Premium | $24,000 |
Owner Pilot and Experienced but less than 1,100TT
| Coverage | Limits | Premium |
|---|---|---|
| Physical Damage | $2,500,000 Agreed Value | $23,000 |
| Aircraft Liability | $2,000,000 Per Occurrence | $5,000 |
| Total Annual Premium | $28,000 |
Owner Pilot and Experienced but less than 600TT
| Coverage | Limits | Premium |
|---|---|---|
| Physical Damage | $2,500,000 Agreed Value | $28,000 |
| Aircraft Liability | $1,000,000 Per Occurrence | $4,000 |
| Total Annual Premium | $32,000 |
Aircraft Summary
The M500 – Fourth in the Piper Line of PA-46’s and Second with a Pratt & Whitney PT6A- Turboprop Motor. Redesigned in 2015 as part of the M Class Series, the Meridian Model is Now the M500 with a G1000 NXi Avionics Suite and Enhanced Airstair Door.
Models We Cover
Valuation
The current price range of the Piper M500 falls between $1,505,500 and $2,575,000. Piper Aircraft commenced production of the M500 in 2015 and the aircraft is still being produced today. 113 M500s have been built, 109 are in operation while 4 are with the manufacturer.
Risk Areas
The hardest Piper M500 to insure are those flown by pilots that are over 75 years old looking to create a new relationship with an insurance company.
Insurance companies consider qualified pilots to have at least a Private License and IFR Rating, with 1,000 total hours, and flight training within 12 months of the flight.
It is recommended that a pilot has over 500 total hours. It’s also expected that a pilot/owner has dual pilot mentor hours before solo operations.
For pilots with no turboprop time, the insurance company will require a mentor pilot who meets the minimum standards of the Open Pilot Warranty for the first 10 – 25 hours. The pilot/owner would have to attend the company approved school for initial training and annual recurrent training.
Claim History
The Piper M500 Aircraft has had a good claims history. Its turboprop engine provides added safety. A typical claim for the Piper 500 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 an expensive and time-consuming overhaul.
Piper has a long history, and there are many Piper aircraft flying. Hence, insurance companies have sufficient information on the risk profile of a Piper M500.
Safety Features
The Piper M500 was designed with safety as a foremost priority. It comes with the state-of-the-art Garmin G1000 NXi avionic suite that features Synthetic Vision (SVT) to enhance situational awareness at all times. It is also equipped with a class-B TAWS terrain alerting, four-color digital weather radar, and a Three-axis digital Automatic Flight Control System (GFC 700).
A Hypoxia Recognition System (HRS) detects if a pilot is incapacitated. If there’s a pressurization anomaly and no interaction is detected within a specified period, the system engages in Emergency Descent Mode. This brings the airplane to a lower altitude to help the pilot recover from hypoxia.
The aircraft also maintains a speed above stall warning, automatically adjusting pitch altitude during coupled go-arounds. When pilots experience spatial disorientation, they can push the blue Automatic Level Mode button. This will engage the GFC700 autopilot to return the aircraft to straight-and-level flight. The Electronic Stability Protection also protects against under-speed and over-speed conditions.
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!
Flight Training Centers
Piper Flight Training Centers are located throughout the US and throughout the world. Here’s a link to Piper Training Centers https://www.piper.com/flight-schools/ or https://sunsetais.com/wp-content/uploads/Approved-Schools.pdf
See our complete list of approved flight schools and Part 141 flight schools for more information.
Parts Service Centers
Piper Authorized Service Centers are located throughout the US and throughout the world. Here’s a link to Piper Authorized Service Centers https://www.piper.com/find-a-service-center/