SR22 Insurance

I’ve been trying to find a “reasonable” cost insurance for a new or late model SR22 with TKS. I’m C182T owner and pay $3,200/yr based on my Private-IFR 500 hours of experience. The lowest I’ve been able to find for a newer SR22 is $9,400, and the $1,000,000 “smooth” coverage seems out of the question.

The “story” I get from the insurance folks is that the SR22 currently has a bad risk record so rates are high.

It’s really my next plane of choice, but the insurance costs are really a turnoff.

Any tips or techniques to acquire insurance at a rate more in the hull rate range of the C182 would be greatly appreciated.

Phoenix insurance just entered the race and I am sure your will find a rate much lower with them right now. The rates literally change by the month. There have been no fatal accidents in an SR22 in almost a year now which is bringing a few more companies back into the game. It will only get better as the months go by.

Not sure, but you may want to consider the SR20. I’m paying $5700/yr, but I’ve got 1500 hrs Multi/Inst/Commercial.

But then again I’ve only got about 60 hours in-type.

SR20, $180M hull value (self-insuring balance), 800 total hours, 400 in type. Instrument rated. $6500 for $3 million smooth. Renewed last April, which was a peak cost time. Used JT Helms (my neighbor) at Nationair.

Andy

/I just renewed 11-27-03 with Phoenix Aviation $4,787.00 american dollars. 1,000,000 smooth SR22 Hull $367,000, IFR rated, 350 hrs in type, and 1,300 total time.

I was with AOPA for 3 years but shopped tru Falcon Insurance Agency of Houston.

Hope this helps
Jim Awalt

i have 400hrs TT, most in a high performance plane (182S). instrument rated. i was quoted $8500 for a new sr22. need to do factory training. i asked for $1mm smooth and got laughed at. . . though they did say that above 500TT and 100hrs in type i’d be eligible for it and at “reasonable” rates.

fyi, i pay sub $4k today . . gotta love the cessnas for that. . .

In reply to:


It will only get better as the months go by


As long as we all continue to foy smart and safe!!!

Mason

Might be a good time to cancel our 6 month old policy, and renew with Phoenix. Anybody know if this can be done?

In reply to:


As long as we all continue to foy smart and safe!!!


Probably, but it would definitely be good if we fly well, too… [;)]

  • Mike.

Agreed!!!

just moved to a 22 from 20. 250 in type. 20 hrs count as 22 in-type. $6K/yr

Jerry;
You might want to check with AOPA. I am paying 2400 for my sr20 based upon hull value of 205

Already did. About 2 months ago. I’m insured for $280 plus I probably have less time in type than you.

ok, maybe this was sales scare tactic… but i asked something similar to “self insuring some of the hull” and the warning i got was:

if insured for hull of 180 and value is 250 and damage is 200 (and who knows how that could happen)… if the insurance pays for the hull amount insured they own it according to language in most policies… can this be?

In reply to:


ok, maybe this was sales scare tactic… but i asked something similar to “self insuring some of the hull” and the warning i got was:

if insured for hull of 180 and value is 250 and damage is 200 (and who knows how that could happen)… if the insurance pays for the hull amount insured they own it according to language in most policies… can this be?


I’m not an insurance expert but I think that’s right – if you insure the hull for $180k, the insurance company can “total” the aircraft, write you a check for $180k and they own the plane. Obviously they’d only do that for extremely high damage, like your example.

But I think that’s what “self insuring some of the hull” is all about - if there’s more damage than the $180k insured value then you are taking responsibility for anything above the $180k.

Your example is unusual in that you’re saying the plane could be repaired for something between the insured value ($180k) and the real value of the plane ($250k). But, let’s face it, it’s pretty hard to (a) have more than $180k damage, (b) not have damage which requires the plane to be replaced, and © still be alive.

Just my $0.02 - again, I don’t know that much about insurance!

Another thing to consider with self insuring is that you might be considered a “co-insurer” of the airplane at the percentage you have self-insured for.

For instance, you insure your plane for $180,000 and decide to “self-insure” $70,000 for a total hull value of $250,000. You are in effect insuring 28% of the value of the aircraft yourself. If you get in accident that costs $100,000 to repair you may find your insurer only willing to insure $72,000 of the claim (72% in this example) with you picking up the rest since you are a “co-insurer”.

Check your policy to be sure or ask your agent.

Mark

Steve,

I think in most planes you’d probably be right. But if you pull the chute in the cirrus, I think that could be a different story.

I believe that the insurance companies won’t allow such a differential between the actual value and the insured value. My differential is about $20,000 as I recall.

Candidly, it amazes me that people that can afford a $200M - $400M airplane worry about $20,000 risk, yet they expose themselves to millions of liability with sublimits. Personally, I’ll take the $20,000 chance to have adequate liability coverage. One risk comes upon my continued flying, whereas the money I save goes to protect my family from the after-effects from the awful awful.

Andy

James; what are the requirements of the policy as far as recurrent training is concerned?

Brian, the policy states"ALL PILOTS TO HAVE COMPLETED INITIAL CIRRUS TRAINING AND ANNUAL RECURRENT TRAINING FROM AN APPROVED CIRRUS CERTIFIED FLIGHT INSTRUCTOR THERAFTER."