That is pretty much true. Travers and AOPA are brokers. In theory, any good broker will check all of the “markets” (insurers/underwriters) that write Cirrus coverage. An insurer/underwriter will issue a quote only to the first underwriter that comes to them so as to respect all their brokers. If you want to change brokers, you have to either do it just before policy expiration so you start a new policy “fresh” with a new broker OR you have to sign a Broker of Record letter with the new broker, who can use it to notify all markets that now he/she represents you rather than the first guy.
So if you went to a new broker, in theory he could only obtain quotes from insurers/underwriters the first broker never approached. If that happened and the second broker got a better deal for you with an underwriter the first broker never approached, that would be a serious reason to question the quality of the first broker!
An exception to all this is AVEMCO who is a direct-writer and does not go through brokers. Historically, AVEMCO has not been very competitive on Cirrus coverage, although that may have changed.
Starr is one of the highest now given all their losses last year. My Starr quote last month was 15% higher than previous year, yet others were lower by a decent margin. Starr also required me or someone with greater than 500 hours to be in the plane if my son was flying. I ended up with W. Brown for enhanced smooth limits though since I have a 19 year old flying my plane around with passengers.
Nitin,
Welcome to COPA.
Your best path is to go to a broker that will research the market and present you the various coverage trade-offs and prices. I have used NationAir for a number of years and multiple airplanes for both commercial and private policies and they have always done a good job for me. IMO, the quote you have is high but its hard for me to compare. My initial policy was less with 0 time in type but I had a more extensive experience base and ownership history which probably helped.
most of the aviation market is held by one Underwriter in our region - I have observed them to be very fair in the way they deal with claims,however, I have also observed how much difference it makes having a broker to go in to bat for you. There is nothing wrong with going back to the Underwriters and arguing your case, and a broker with a good share of the market can have considerable sway.
Ask your broker to explain the various interpretations and how they may affect you or your potential claim.
At the end of the day, buying insurance is like buying oats…if you want some really good stuff, it does cost more - but if you can live with what has already gone through the horse , that comes a little cheaper.
I’m shocked at these low numbers… I was just quoted $2900 for a $100k per (not smooth) for a 2002 SR22 with a hull of $140k. I have about 700 hours–mostly in retracts, instrument rated, no accidents/incidents.
Obviously I have almost no time in type, and the broker explained that was the problem, and I should expect a decent reduction next year, blah blah.
The underwriter was Starr. They were hundreds less than the handful of other quotes the broker brought me.
thanks everyone for the tons of information. My initial quote was from Speciality, after 200 hours in type and make, the prices dropped from 3870 to 2800. No one in the market is offering 1M smooth, only after 500 hours total. Starr also offered slightly less than 3k. I finally got mine from London aviation who quoted at 2450. So I guess majority of the market revolves around 2500-3000k after IFR.
i just ordered a new Cirrus SR22T G-5, i currently own a Cessna T206H i bought new in 2008, I have 1150 Hours, 1050 in this aircraft, 500K hull value, insurance was $3200 i renewed in June, no instrument rating (yet) working on it…second year (2010) with $550K hull value, 230 hours, non instrument pilot it was $5200
I am considering buying a 2001 Cirrus SR20 or SR22. What insurance company will cover a new pilot with 140 hours total time and will insurance be sky high? I called Falcom Insurance a broker and they told me that less than 300 hours, nobody will insure me. Is this true?
I got a 2003 Cirrus last year with 120 hours only and no instrument rating. The insurance market was limited but got 2 offers, the price was 3875. The rates should fall once you have time in the type and make, say 1/3rd to half. I just renewed, the rates dropped with few, while others were still high.
Not true. I added my son to the policy when he had less than 100 total time and only about 8 hours (factory transition training) in type. We also promised an instrument rating within six months. Cost a bit, but not horrible. Used Travers.
Ben, There are many good insurance brokers out there. I also used travers when I bought my SR20. They actually got me a better rate (with the same insurer) than my broker at that time was offering. The cost of insurance for a Cirrus is all over the board and it’s hard to compare sometimes. Give them a call and let them (or another broker) do the searching for you. www.traversaviation.com.
I’ve got a nice 2002 G1 SR20 that I would let go of for the right price…so I can move up to a 22!![:P]
Cool thats good to hear! After I pass my PPL checkride hopefully by end of the month, I will get checked out in one of the local FBO SR20 and see if I like it as much as the TB20 and Bonanza I have flown. If I like it better, then I will join COPA and become a happy new Cirrus pilot
One thing is to find one that does not need the BRS chute repacked as thats very expensive!
Anything from 2002 and now most of 2003 should have already had it done. Mine is not do again until March of 2022!
The SR20/22 is a joy to fly. It is intuitive and almost acts as an extension of your body. If you are looking at a 2002 you will have a 6 pack with an MFD. There are many variables when shopping for one so be sure to join to get the information that you need.
For $65 (less than an hours rental!) I recommend joining COPA now. The wealth of information that you will find, both positive and negative, is honestly worth thousands of dollars in the long run, no matter what type of plane you buy. We have many non-owner members.
COPA is the best type club around. I don’t own a Cirrus–haven’t flown one as PIC in six years–and I still get far more value from it each year than $65. I recommend you join no matter what you eventually buy.
