I have found one offer for this 300 hour, private, IFR rated pilot and for only $1,000,000.00.
Has anyone done any better?
I am told that only one company offers coverage. I know some 30 planes are flying around and I can’t imagine only one company has provided all this ocerage.
Can someone help me out with info and advice?
Thanks
Harrell
I have found one offer for this 300 hour, private, IFR rated pilot and for only $1,000,000.00.
Has anyone done any better?
I am told that only one company offers coverage. I know some 30 planes are flying around and I can’t imagine only one company has provided all this ocerage.
Can someone help me out with info and advice?
Thanks
This seems to be an increasing problem across the board with airplanes. My current flying club has been turned down by 4 companies as uninsurable because one plane had an accident a year ago. We are waiting for a quote from AVEMCO but the coverage will have limited liability.
With the Cirrus being a NEW plane, companies may not want to take the risk until the plane is more “field tested”. I hope that is not the case.
Anybody have any info?
Brian
Harrell
Search to postings earlier this month for a few good answers.
If anyone has additional insurance info we’d all like to hear.
I have found one offer for this 300 hour, private, IFR rated pilot and for only $1,000,000.00.
Has anyone done any better?
I am told that only one company offers coverage. I know some 30 planes are flying around and I can’t imagine only one company has provided all this ocerage.
Can someone help me out with info and advice?
Thanks
Harrell
Here’s your “worst-case scenario”: I’m a student pilot with about 40 hours (when I got the insurance) and no hangar for my Cirrus. I got insurance from Avemco for $8,000/year, minus 10% for joining EAA and a promise of another 10% discount when I get my private certificate. Anyone should be able to do better than that.
P.S. I’m scheduled to solo in 7654T for the first time tomorrow.
I have found one offer for this 300 hour, private, IFR rated pilot and for only $1,000,000.00.
Has anyone done any better?
I am told that only one company offers coverage. I know some 30 planes are flying around and I can’t imagine only one company has provided all this ocerage.
Can someone help me out with info and advice?
Thanks
I also have 300 hrs and the IA rating.
AOPA Insurance Agency got me 2 quotes; AIG and USAIG.
$1 million/100,000, $210K hull value, no deductable (which I will most likely change). AIG $4475
USAIG $2798.
Three other companies refused to quote and 1 is pending though the broker doesn’t think they’ll beat USAIG’s number. Guy at AOPA is Tom Salazar.
The signature at the bottom of my 3rd class medical certificate reads “Brian Turrisi, M.D.”
At the time it was signed, two year ago, this was also my student pilot certificate, since the medical was the main thing standing between me and a solo flight. The main thing standing between me and a 3rd class medical was that I’d never worn reading glasses (since I can read fine with one eye without them), and the test cruelly measured each eye independently. Through a great act of will I got the uncooperative eye to do its job – and since then I’ve gotten the glasses. It’s a nice surprise to have the World O’ Cirrus make this connection. Greetings from the west coast Washington, to an AME in the east coast Washington DC.
Here’s your “worst-case scenario”: I’m a student pilot with about 40 hours (when I got the insurance) and no hangar for my Cirrus. I got insurance from Avemco for $8,000/year, minus 10% for joining EAA and a promise of another 10% discount when I get my private certificate. Anyone should be able to do better than that.
P.S. I’m scheduled to solo in 7654T for the first time tomorrow.
This is what I am afraid is happening. Insurance on a 4 place aircraft with similar performance to the Cirrus in the past would be had for half of that amount or less.
I visited the USAIG booth at the AOPA convention last October and told them a was buying a Cirrus. I have over 1500 hours and an IFR ticket but no hanger and they quoted me a rate of around $3000. Now that was 6 months ago and I hear all the rates are going up. Anybody else have any info?
Brian
I doubt that you can insure any aircraft of similar value and performance for less.
A Skylane insured for the same value with less performance would cost the same and few airplane do better than that.
I suspect that if you loaded up a Skyhawk and insured it for the same amount it would cost as much.
The SR20 rates are probably as good as any and could still go down with good history.
Anyone with a $70,000 car care to tell us what it costs to insure for a year?
Your rate would probably be about the same as mine (similar hours - no IFR - hangered) about $300 liability plus 1.15% of insured value.
Here’s your “worst-case scenario”: I’m a student pilot with about 40 hours (when I got the insurance) and no hangar for my Cirrus. I got insurance from Avemco for $8,000/year, minus 10% for joining EAA and a promise of another 10% discount when I get my private certificate. Anyone should be able to do better than that.
P.S. I’m scheduled to solo in 7654T for the first time tomorrow.
This is what I am afraid is happening. Insurance on a 4 place aircraft with similar performance to the Cirrus in the past would be had for half of that amount or less.
I visited the USAIG booth at the AOPA convention last October and told them a was buying a Cirrus. I have over 1500 hours and an IFR ticket but no hanger and they quoted me a rate of around $3000. Now that was 6 months ago and I hear all the rates are going up. Anybody else have any info?
Brian
The USAIG is quoting Cirrus SR-20’s with Private pilots or better (no students) with 100 total hours and factory school checkout in the SR-20. We feel our rates/premiums are competitive. Our base hull rate on a $200,000 insured value is about 1.45% of insured value, or $2,900, and about 1.25% on an insured value of $240,000, or $3,000. Liability premiums are about $500 for a limit of $1,000,000 Combined Single Limit with no passenger sublimit.
We are excited about the Cirrus SR-20, its technology, ease of handling and the excitement it has brought to the General Aviation marketplace. The only reason the hull rate might be slightly higher than a comparable value new Cessna 172 or 182 is that the aircraft is new and does not have a history. Also, our understanding is that if airframe repairs are needed due to an accident, the aircraft must be shipped to the factory in Duluth since most airframe repair facilities have no expertise in composites. That will increase the repair costs over a metal airframe. However, over time, if the Cirrus develops an excellent safety record, and airframe repair facilities across the country become proficient in Cirrus approved composite repair, then the insurance rates on the Cirrus
SR-20 should approach those of the Cessna line.
David E. Baines
Vice President - General Aviation, USAIG
David, good to see some info from the horse’s mouth here. A question for you; what level of liability cover are people taking on this type of aircraft? $1mil doesn’t seem like a lot, especially if it has to cover claims from more than one dead or injured party.
Unfortunately, don’t try to follow the e-mail link for this gentleman, it gets rejected.
Lee
The USAIG is quoting Cirrus SR-20’s with Private pilots or better (no students) with 100 total hours and factory school checkout in the SR-20. We feel our rates/premiums are competitive. Our base hull rate on a $200,000 insured value is about 1.45% of insured value, or $2,900, and about 1.25% on an insured value of $240,000, or $3,000. Liability premiums are about $500 for a limit of $1,000,000 Combined Single Limit with no passenger sublimit.
We are excited about the Cirrus SR-20, its technology, ease of handling and the excitement it has brought to the General Aviation marketplace. The only reason the hull rate might be slightly higher than a comparable value new Cessna 172 or 182 is that the aircraft is new and does not have a history. Also, our understanding is that if airframe repairs are needed due to an accident, the aircraft must be shipped to the factory in Duluth since most airframe repair facilities have no expertise in composites. That will increase the repair costs over a metal airframe. However, over time, if the Cirrus develops an excellent safety record, and airframe repair facilities across the country become proficient in Cirrus approved composite repair, then the insurance rates on the Cirrus
SR-20 should approach those of the Cessna line.
David E. Baines
Vice President - General Aviation, USAIG
Brian could you please post some contact info? Thanks…ED
The USAIG is quoting Cirrus SR-20’s with Private pilots or better (no students) with 100 total hours and factory school checkout in the SR-20. We feel our rates/premiums are competitive. Our base hull rate on a $200,000 insured value is about 1.45% of insured value, or $2,900, and about 1.25% on an insured value of $240,000, or $3,000. Liability premiums are about $500 for a limit of $1,000,000 Combined Single Limit with no passenger sublimit.
We are excited about the Cirrus SR-20, its technology, ease of handling and the excitement it has brought to the General Aviation marketplace. The only reason the hull rate might be slightly higher than a comparable value new Cessna 172 or 182 is that the aircraft is new and does not have a history. Also, our understanding is that if airframe repairs are needed due to an accident, the aircraft must be shipped to the factory in Duluth since most airframe repair facilities have no expertise in composites. That will increase the repair costs over a metal airframe. However, over time, if the Cirrus develops an excellent safety record, and airframe repair facilities across the country become proficient in Cirrus approved composite repair, then the insurance rates on the Cirrus
SR-20 should approach those of the Cessna line.
David E. Baines
Vice President - General Aviation, USAIG
David, good to see some info from the horse’s mouth here. A question for you; what level of liability cover are people taking on this type of aircraft? $1mil doesn’t seem like a lot, especially if it has to cover claims from more than one dead or injured party.
At the present time the most limit we’ll usually offer is $1,000,000 Combined Single Limit. We’ll also offer passenger sublimits of $100,000 or $200,000 each passenger. However, I’d recommend the smooth $1,000,000 single limit without any passenger sublimit limitations.
With an extremely high time pilot who holds an Instrument rating, has over 1,000 total hours, and commits to annual refresher training at the Cirrus factory or with a flight school/FBO with factory trained SR-20 CFII’s we might offer $2 million limits. The cost for $2 million would be in the $1,800 - $2,000 area, compared with $500 or less for $1,000,000.
David, good to see some info from the horse’s mouth here. A question for you; what level of liability cover are people taking on this type of aircraft? $1mil doesn’t seem like a lot, especially if it has to cover claims from more than one dead or injured party.
At the present time the most limit we’ll usually offer is $1,000,000 Combined Single Limit. We’ll also offer passenger sublimits of $100,000 or $200,000 each passenger. However, I’d recommend the smooth $1,000,000 single limit without any passenger sublimit limitations.
With an extremely high time pilot who holds an Instrument rating, has over 1,000 total hours, and commits to annual refresher training at the Cirrus factory or with a flight school/FBO with factory trained SR-20 CFII’s we might offer $2 million limits. The cost for $2 million would be in the $1,800 - $2,000 area, compared with $500 or less for $1,000,000.
David E. Baines
Vice President, USAIG
I have found one offer for this 300 hour, private, IFR rated pilot and for only $1,000,000.00.
Has anyone done any better?
I am told that only one company offers coverage. I know some 30 planes are flying around and I can’t imagine only one company has provided all this ocerage.
Can someone help me out with info and advice?
Thanks
I also have 300 hrs and the IA rating.
AOPA Insurance Agency got me 2 quotes; AIG and USAIG.
$1 million/100,000, $210K hull value, no deductable (which I will most likely change). AIG $4475
USAIG $2798.
Three other companies refused to quote and 1 is pending though the broker doesn’t think they’ll beat USAIG’s number. Guy at AOPA is Tom Salazar.
I have found one offer for this 300 hour, private, IFR rated pilot and for only $1,000,000.00.
Has anyone done any better?
I am told that only one company offers coverage. I know some 30 planes are flying around and I can’t imagine only one company has provided all this ocerage.
Can someone help me out with info and advice?
Thanks
Ok. thanks a lot. I’ll follow it up.
Harrell
I also have 300 hrs and the IA rating.
AOPA Insurance Agency got me 2 quotes; AIG and USAIG.
$1 million/100,000, $210K hull value, no deductable (which I will most likely change). AIG $4475
USAIG $2798.
Three other companies refused to quote and 1 is pending though the broker doesn’t think they’ll beat USAIG’s number. Guy at AOPA is Tom Salazar.
$1 million/100,000, $210K hull value,
Doesn’t that mean $ 1,000,000 per incident but only $100,000 PER SEAT coverage? You want $1,000,000 per incident, NO SUB LIMIT per seat ( I think they call it $1million smooth?).
No lawyer I’m aware of is going to settle for only $100,000 if there was injuries. Guess where the rest of the money comes from!