Insurance on Cirrus SR22T

dtbecker

dtbecker

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dtbecker
Just curious, would an insurance company offer insurance on a Cirrus SR22T to a Private Pilot assuming they have 100 hours total time, 10 hours in an SR22T, and a completed Cirrus Transition Course (with high performance endorsement)?

I know typically insurance company's would like to ideally see someone with an instrument rating and 50 hours in the type/model of aircraft being insured because Cirrus turbo aircraft are expensive.

I'm guessing around $6-$10K per year? Is this a realistic estimate?

(And this is for hull/liability insurance)
 
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I figured around $5k for the SR22 non turbo version. I thought a maximum of $10K would be reasonable for the turbo since its faster and insurance companies might be more careful with insuring.
 
Call a broker, get some quotes for a specific airframe. A new 22T with 900k book value is going to cost more than a 10 year old one at half that value.
 
Wow, that’s expensive, but then again I’m used to older 182 rates.
 
That is expensive and more than I would’ve expected, however I suppose if you have pockets deep enough to afford a $750k aircraft, $8k-$10k/yr for insurance isn't going to break you.
 
Ryanb said:
That is expensive and more than I would’ve expected, however I suppose if you have p̶o̶c̶k̶e̶t̶s̶ credit lines deep enough to afford a $750k aircraft, $8k-$10k/yr for insurance isn't going to break you.
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FTFY :D
 
I've seen people quoted up to $18K for one year for an SR22 (non-turbo). This was a new 70 hour Private Pilot, with ZERO time in type/model of aircraft being insured. No instrument rating and no Cirrus Transition Course. Most places that rent the SR22T require instrument rating with 200+ hours total time. Its probably because their insurance rates would be crazy if just private pilots were flying them. But contacting a broker probably is the best bet.
 
Ryanb said:
That is expensive and more than I would’ve expected, however I suppose if you have pockets deep enough to afford a $750k aircraft, $8k-$10k/yr for insurance isn't going to break you.
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Shoot. I just got quoted $7k for the first year for a 40 year old Turbo Lance with just $150k hull. But I have no retract time and no IFR.
 
NealRomeoGolf said:
Shoot. I just got quoted $7k for the first year for a 40 year old Turbo Lance with just $150k hull. But I have no retract time and no IFR.
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That's 4.6% of hull. Ouch. To be fair, things are on the rise for everybody according to the remaining players in the insurance market. I had to switch carriers again due to a YoY almost 50% increase, and lost territorial coverage in doing so. Gazillion hours in type, 2k NASA chase ship IP time (aka T-38) no claims, blah blah. Doesn't matter, 50% markup. I shudder to think what orphan twins are looking like right now on that front.

See if getting a quote for it as a 4 seater does anything to bring that quote down.

One of the things I also realized is for a lot of folks who finance, there's no such thing as opting out of inflight coverage, let alone drop down to liability only. This I think will be a bigger inflection point in resales going forward, since few will bite on the apple with those kinds of hull insurance ratios when they come with the airplane on a compulsory basis, especially since they can't finance insurance (as they shouldn't). According to my broker, this new insurance cost paradigm is here to stay for a while, especially after the Boeing payouts and 2019 wx losses. That's gonna chill the market.
 
hindsight2020 said:
That's 4.6% of hull. Ouch. To be fair, things are on the rise for everybody according to the remaining players in the insurance market. I had to switch carriers again due to a YoY almost 50% increase, and lost territorial coverage in doing so. Gazillion hours in type, 2k NASA chase ship IP time (aka T-38) no claims, blah blah. Doesn't matter, 50% markup. I shudder to think what orphan twins are looking like right now on that front.

See if getting a quote for it as a 4 seater does anything to bring that quote down.

One of the things I also realized is for a lot of folks who finance, there's no such thing as opting out of inflight coverage, let alone drop down to liability only. This I think will be a bigger inflection point in resales going forward, since few will bite on the apple with those kinds of hull insurance ratios when they come with the airplane on a compulsory basis, especially since they can't finance insurance (as they shouldn't). According to my broker, this new insurance cost paradigm is here to stay for a while, especially after the Boeing payouts and 2019 wx losses. That's gonna chill the market.
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My twin and single engine (Husky) coverage keep rising every year by multiples of the official rate of inflation. I wonder if the real issue with the insurance companies is in this chronic low interest rate environment they cannot earn as much risk free income on the premium float?
 
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