Insurance on Cirrus SR22T

Discussion in 'Flight Following' started by dtbecker, May 22, 2020 at 11:49 PM.

  1. dtbecker

    dtbecker Filing Flight Plan

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    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)
     
    Last edited: May 22, 2020 at 11:54 PM
  2. bbchien

    bbchien Touchdown! Greaser!

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    Higher if no instrument rating.....
     
  3. dtbecker

    dtbecker Filing Flight Plan

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    But they would most likely offer insurance? Just for a really high price then.
     
  4. Htaylor

    Htaylor Pre-takeoff checklist

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    I have a friend who bought a used SR22 for $265k. Low time, PP, no instrument rating. Pays a bit over $5,000 per year after the Cirrus training. So it can be done.
     
  5. dtbecker

    dtbecker Filing Flight Plan

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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.
     
  6. weilke

    weilke Touchdown! Greaser!

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    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.
     
  7. hindsight2020

    hindsight2020 En-Route

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    Whenever I get frustrated about aspects of my airplane ownership, I read threads like this one and I feel better.
     
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  8. 455 Bravo Uniform

    455 Bravo Uniform En-Route

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    Wow, that’s expensive, but then again I’m used to older 182 rates.
     
  9. Ryanb

    Ryanb Touchdown! Greaser! PoA Supporter

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    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.
     
  10. hindsight2020

    hindsight2020 En-Route

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    FTFY :D
     
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  11. dtbecker

    dtbecker Filing Flight Plan

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    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.
     
  12. Brad Z

    Brad Z Final Approach

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    Wow. Don't feel so bad about the $700/year I spend on my 182, lol.
     
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  13. NoHeat

    NoHeat En-Route

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    Yes.

    Wings Insurance and Gallagher are two broker agencies that see a lot of Cirruses.
     
  14. SixPapaCharlie

    SixPapaCharlie May the force be with you

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  15. GRG55

    GRG55 Final Approach

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    Ya, but you get the Famous Media Person discount. ;)
     
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  16. NealRomeoGolf

    NealRomeoGolf Pattern Altitude

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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.
     
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  17. hindsight2020

    hindsight2020 En-Route

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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.
     
  18. GRG55

    GRG55 Final Approach

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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?