The first year we had $240,000 hull, $1,000,000 smooth, and $3,000,000 excess liability. It cost $5,400. The second year the same coverage went to $9,600. As far as the recurrent training and IPC, we found a local CFI (Harry Kraemer) who was acceptable to USAIG for recurrent training. So that only cost $400.
I have the least experience with 400 hours, 105 in type, CPL, instrument, and phase 4 of Wings.
In reply to:
I’m holding my breath to see what this year’s insurance premium will be. If it also doubles, like it has for Art and others, I may also be looking around for a cheaper plane…
OK, Now it’s time to retitle this thread from “Insurance Issues” to “Insurance Crisis!” It could cost us our beloved Webmaster!! [;)]
right - thanks for that rather scary data point. Talking to insurance agents they seemed to indicate that finding a company to do the no sublimits insurance was hard, was that what put your premium up so much? Or was that really the lowest quote on any basis? I suspect that the only workable quotes I’ll find are going to have sublimits and that scares me a bit.
The price with sublimit would have been about $4,500. The base policy was about $1,000 less and no excess liability would have been available.
I just called AOPA insurance, I am a PPL working on my IR with 100 hours. I asked them for a quote based on me getting my IR before delivery of the plane.
I was seriously considering purchasing a new 2003 PFD sr20 and taking delivery in September.
Quote was over 10,000. I am paying $2600 for 1mil on my 1999 Piper Archer and that was insured when I was a student pilot with 6 hours. I was told it will drop atleast 20% upon renewing.
Looks like I’ll be sticking to the archer for a while.
Rick
I disagree with Scott Prinz (which I rarely do). The insurance can very well be a deal breaker because it is a recurrent cost
Awww Sh*T ! I want EVERYONE AGREEING WITH ME FROM NOW ON !!!
I will pay any for any additional insurance costs which are above the value everyone considers reasonable - this offer is extended to the whole fleet and those considering the purchase of an SR20 or SR22. I just want everyone to be happy !
I will be posting my Santa Barbara, CA address shortly. Please send all invoices to me there and I will promptly process them.
Love, Scott
Rols,
This quote just doesn’t make sense to me, especially as projected for the second year. My plane & pilot profile is very similar to yours and I renewed in January around $3500 for $1MM smooth!
The renewal premium was quite similar to my first year (with sublimits). Why the huge discrepancy?
In reply to:
This quote just doesn’t make sense to me, especially as projected for the second year. My plane & pilot profile is very similar to yours and I renewed in January around $3500 for $1MM smooth!
The renewal premium was quite similar to my first year (with sublimits). Why the huge discrepancy?
Michael,
At the end of January, the insurnace rates went up dramatically because of the two fatal accidents within a 1 week span.
Those of us (me too) who renewed in January of this year were the last ones to receive the good rates…
Hi Michael, thank you for the reply. I think the operative word in your post was ‘January’. My guess is that you are insured with Global because your rate, and the mill smooth looks like the kind of quotes they were making at that time. Shortly afterwards, after two big cirrus crashes, they jacked up the rates about 2x and stopped writing smooth coverage. The rate I got was perhaps a little higher than I was really expecting (I had guessed around 5.5K) but seems approximately in line with what other people have reported.
I hope that cirruses (cirri?) stay in the air for a while and when you come to renew you find your insurance premiums don’t jump too much.
Steve/Rols,
No, it wasn’t the January effect. I’ve been following this issue closely long before/since the accidents. IIRC, the accidents had already occurred and Global had pulled back when I renewed.
My carrier, USAIG, actually added $1MM smooth to my coverage thereafter, and for about the same premium…
Steve - I take my hat off to your broker for that one then. There is another post here from another guy with USAIG who has more hours than I can add up and they put his premium up 2x and then some. I think you were pretty lucky, I hope I run into the same good piece of fortune.
Rols,
I do have a fine agent, known to many members for his assistance with Cirrus underwriting issues, J.T. Helms of NationAir.
I also know that your agent should have access to many/all of the same carriers; were you offered a USAIG quote (not to be confused with AIG)?
–Michael (not Steve)
Oops - sorry Mike, shouldn’t drink and drive a keyboard, hic. I got my quote through nation too and I believe they called everyone who is anyone in the insurance game and only global would touch me with a 10 foot pole. I’m kinda resigned to sucking it up this year, flying the wheel pants off the plane in the first 12 months and taking every course known to man to get my insurance down.
Good luck, Rols. Remember you are starting in an adverse market with a suspect pilot profile (time-in-type).
It will get better!
–Michael (not Mike either [;)])
ack - I’m even MORE sorry - Michael
I think I’ll quit whilst I’m only a little way behind.
Rick,
From what I’ve read, SR2X quotes start getting reasonable at >300 hours.
You could be there with IFR this time next year, and imagine the enhancements Cirrus will have announced by then!
So much for the grand Cirrus plane of marketing to “entry” pilots. This is a perfect example of how few people will buy a Cirrus as a “new” pilot until they have accumulated hundreds of hours of experience. I cannot see how the “VFR” only SR20 will ever fly in this market unless Scott Prinz extends his insurance plan!
In reply to:
this offer is extended to the whole fleet and those considering the purchase of an SR20 or SR22.
I can’t believe you are actually going to exclude the prospective purchasers of SR2V’s! Aren’t we all doing whatever we can to grow the COPA membership? Seems to me that if Cirrus is willing to make it, you should be willing to insure it!
C’mon, Scott. A little more broad-mindedness, please!
By the way, I don’t think you’ll actually need to post your “Santa Barbara” address. Members can find a photo of it here, fly into SBA, then simply drop off their bills, night and day… [;)]
–Michael
Brian,
I think the issue is even worse than many imagine. I got my plane in July 2001. The first year insurance was 3200. Renewal (300,000 airframe and 1 million smooth) was 3400 in 2002. Now it has risen to 6200/year. I’ve got 4500 hours/400 Cirrus etc. etc. and I’ve used the same broker (who gets quotes from virtually everyone) for at least the last 20 years.
Until we have a better statistical safety record insurance is going to be very expensive.
By the way, I agree with you that insurance costs can be a deal killer.
Jerry, to add data from someone who started with little experience, here is my insurance quote track record:
Dec 2001: SR22, PPL, 65 hr TT, 0 hr TIT, $330,000 hull, $1M/$100K sublimit, $8,300 (London)
May 2002: SR22, PPL+IFR, 200 hr TT, 135 hr TIT, $330,000 hull, $1M/$100K sublimit, $5,400 (London*)
Dec 2002: SR22, PPL+IFR, 550 hr TT, 485 hr TIT, $330,000 hull, $1M smooth, $3,700 (Global)
Dec 2003: SR22, PPL+IFR, ~750 hr TT, 685 hr TIT, $330,000 hull, ??? liability, ??? ( ???)
This was going in the right direction until the losses in January 2003 and Global’s repricing.
Cheers
Rick