Insurance

Guest Discussion
1

I am a student pilot looking to purchase a SR-20 either new or used in the next few months. My goal is to finish my training and earn my wings in this airplane.

My question deals with insurance for the airplane. I have been quoted around $10,500 for the first year and am wondering if this is normal?.

Does anyone have similiar experience with this? If so, could you refer me to a broker you worked with.

Thanks in advance!!!

2

In reply to:

I am a student pilot looking to purchase a SR-20 either new or used in the next few months. My goal is to finish my training and earn my wings in this airplane.

My question deals with insurance for the airplane. I have been quoted around $10,500 for the first year and am wondering if this is normal?.

Yes it is. The opinions about whether this is a good or bad thing varies extensively on these forums.

While most will agree the airplane is very easy to fly, it is still fairly slick and can get away from an inattentive pilot. Furthermore, the complexity and sophistication of the avionics can either lead pilots to distraction or to mistake the airplane’s potential for their own skills. In any of these cases, the results can be disasterous, and from an insurance company’s perspective, expensive.

However, the most important things you can do for your future insurance rates are:

  1. Get a very good broker, one that is very familiar with the Cirrus insurance markets. Many have used JT Helms (jhelms@nationair.com) with very positive results.

  2. Take the CPPP or other CSIP training regularly.

  3. Get as much training in the Cirrus as possible.

  4. Join COPA. $50 is pretty cheap for all of the info you will get from the Forums. The “Members Forum” is far more informative than the “Public Forum.”

  5. Use the Search button above to look for insurance discussion. It is one of the most commonly discussed issues.

  6. Be a very responsible pilot. The accidents you avoid will help your and everyone else’s rates.

Good luck

3

All good points and I will most definately join COPA.

I have already spoken with someone from Nation air. Any other ideas out there.

Thanks

4

As another who bought a Cirrus after very few hours and did my instrument training in it, I echo Marty’s sage advice. Here are two more:

  1. budget for lots of flying time early to build experience.

I realized that my insurance was going to be expensive until I got an IFR ticket and several hundred hours of time-in-type. So I planned to fly a lot in my first year. Lots of cross-country flights with lots of different experiences. When I got my IFR ticket and passed 200 hours, I called my insurance broker and they asked and got a reduction! May not happen ever again, but no harm in asking. Renewal was even lower with more experience.

  1. expect your instructors to limit your endorsements to what you can handle safely

For this, you need to carefully consider your instructor’s approach to you in this high-performance aircraft. It’s not a trainer, but then again, it’s possible to handle with restrictions. My instructors all gave me limitations on my endorsements – no solo in marginal VFR, no solo in Class B except designated routes that I’d flown with instructor, high performance with no crosswind landings over 10 knots and no Class B without flight following. My solo limitations were removed by my PPL examiner, my high performance limitations were removed by my IFR examiner. I thought this was business as usual so I was surprised to learn that not the case. Choose your instructors carefully, ensure that they teach you how to use the whole plane – albeit a bit at a time – but avoid instructors who won’t let you use the autopilot for IFR training (it has it’s place) or some other cavalier or simplistic approach to flight training in a Cirrus.

Good luck! Have a great Cirrus day.

Cheers
Rick

5

In reply to:

I have already spoken with someone from Nation air. Any other ideas out there.

Flybye,

Give Justin Wulf a call at Aircraft & Marine Insurance in Minnesota. The phone number is 800-747-1124, and the link to their website is here. I have really enjoyed working with Justin, so see what he can do to help you out.

Also, like the other guys said, definitely get your instrument rating. This will go a long way toward making you more insurable in a Cirrus.

6

Flybye

Your experience with quotes for low time pilots is pretty typical.

Marty’s suggestions for making yourself as good an insurance risk as possible are good ones.

One thing you want to watch, however. Don’t try and shop your quote thru a number of brokers. The underwriters set the rates and they DON’T like quoting the same pilot more than once - and will often refuse to do so.

So, find yourself a good broker and stick with him. He’ll make the rounds of the underwriters on your behalf.

And, welcome to COPA.

7

OOPS. Rick is right on one more count: Get an instrument rating as soon as possible.

8

Andy:

I appreciate the recommendation. Justin is very knowledgeable regarding the Cirrus and I look forward to seeing what he can put together.

I agree with you regarding the instrument. I plan to begin working on it immediately.

Thanks again for your input and thanks to all who contributed.

9

In reply to:

I appreciate the recommendation. Justin is very knowledgeable regarding the Cirrus and I look forward to seeing what he can put together.

Flybye,

No problem. I’m glad to hear Justin is going to give you a quote. I definitely like working with him.

In reply to:

I agree with you regarding the instrument. I plan to begin working on it immediately.

That is great to hear as well. Having the instrument rating makes it easier to get insured, and also goes a long way toward increasing pilot proficiency.