Insurance

Any DA62 related topics

Moderators: Rick, Lance Murray

User avatar
OneCirrusPilot
1 Diamond Member
1 Diamond Member
FIRST NAME: Mario
Aircraft: DA62
Registration: N1615W
Airport: KFXE

Posts: 1
Joined: Mon Apr 13, 2020 3:13 am
Been thanked: 1 time

Re: Insurance

Post by OneCirrusPilot »

Try AOPA.

i own a 2018 DA62, 7 pax config, 1.2M hull value, paid $11k for the premium.
I have >1000hrs, Multi/Com/Instruments

Good luck!

MP
MackAttack
2 Diamonds Member
2 Diamonds Member
FIRST NAME: Joel
Aircraft: OTHER
Registration: N79LG
Airport: KTME

Posts: 37
Joined: Thu Jan 23, 2020 6:20 pm
Been thanked: 9 times

Re: Insurance

Post by MackAttack »

Any updates on the DA62/BasicMed insurance interface? Thanks!
User avatar
Jroseund
2 Diamonds Member
2 Diamonds Member
FIRST NAME: Jonathan
Aircraft: OTHER
Registration: N6381L
Airport: KBFF

Posts: 29
Joined: Wed Jan 08, 2020 2:38 am
Has thanked: 14 times
Been thanked: 5 times

Re: Insurance

Post by Jroseund »

Evening Mack,

Not sure if this would contribute at all but here’s the contact info of the broker that I’m using. He might be able to look into this and point you a certain way. FYI I have a medical and don’t use BasicMed so I’m not too knowledgeable with that part.

Ryan Horst
Managing Director - Aviation, NFP P&C
8201 North Hayden Road | Scottsdale, AZ 85258
P: 480.947.3556| ryan.horst@nfp.com
MackAttack
2 Diamonds Member
2 Diamonds Member
FIRST NAME: Joel
Aircraft: OTHER
Registration: N79LG
Airport: KTME

Posts: 37
Joined: Thu Jan 23, 2020 6:20 pm
Been thanked: 9 times

Re: Insurance

Post by MackAttack »

Thanks - I have a good broker in whom I have confidence. I may have to deal with some Class 3 medical issues and considering possibly transitioning to BasicMed as an alternative; I wanted to get the experience of this forum and have any relevant examples before discussing all my options with my broker. I should have more visibility on these issues in a month or two. Would appreciate any data from other owners (if any) who have been able to insure a 5-seat 62 in the US with BasicMed.
User avatar
CFIDave
5 Diamonds Member
5 Diamonds Member
FIRST NAME: Dave
Aircraft: DA62
Registration: N62DV
Airport: KJYO

Posts: 2179
Joined: Wed Nov 07, 2012 3:40 pm
Has thanked: 144 times
Been thanked: 954 times

Re: Insurance

Post by CFIDave »

We have multiple US DA62 customers who bought 5-seaters precisely so they could get insured under Basic Med. It can be done.
N62DV DA62 62.056
N42DA DA42-VI 42.N117 (sold)
N811ET DA40 XLS 40.874 (sold)
KJYO Leesburg, Virginia
Linda
1 Diamond Member
1 Diamond Member
FIRST NAME: Linda
Aircraft: DA40
Registration: N239DC
Airport: KUNV/KCOI

Posts: 6
Joined: Sat Dec 25, 2010 1:30 am

Re: Insurance

Post by Linda »

It would actually be nice for someone to say that they do have Basic Med insurance for a DA62 and with what company and broker. Do not buy a DA62 and look for insurance afterwards. BIG mistake!

We looked for insurance for over a month. We were quoted $17,500 but Basic Med was not acceptable. Then, for the fun of it, we asked insurance for a DA42. Basic Med was acceptable for a DA42 at a premium of $12,500 and with only a CFI sign off. GO FIGURE.

Our insurance is around 5k for our SR22T and we are paying $250 a month for a hangar. With a 42 or 62, we will need a larger corporate hangar at $1,300 a month. So, 12k extra for insurance and 12k extra for a hangar equals 24k per year more for the previledge to fly a DA62 and not to mention that there are really not any in the used market.

It's safe to say that we are now happy having a Cirrus.

Dean & Linda
User avatar
CFIDave
5 Diamonds Member
5 Diamonds Member
FIRST NAME: Dave
Aircraft: DA62
Registration: N62DV
Airport: KJYO

Posts: 2179
Joined: Wed Nov 07, 2012 3:40 pm
Has thanked: 144 times
Been thanked: 954 times

Re: Insurance

Post by CFIDave »

I agree that:
1. There really aren't any DA62s in the used market right now (at least in North America). This isn't just a DA62 issue; other used Diamond models are also harder to find than in previous years -- with demand far exceeding supply, and rising prices.
2. There's no question that it's more difficult to find hangar space for an aircraft with a 48 foot wingspan like a DA62. If space is available, it's typically either a "corporate hangar," or shared space in a big hangar where you need to call the FBO to pull your plane out before flying. These options are far more expensive than a typical T-hangar. (We're fortunate to rent a rare end-unit T-hangar with a 53-foot door for about $650/month for our DA62 -- although the door sticks and pops a breaker when it's really cold, and our hangar floods during heavy rains!)

As for finding insurance (including flying a DA62 under BasicMed) it's all about working with a Diamond-specialist sales or insurance broker, who should be able to work on your behalf to get you quotes from underwriters who understand these aircraft. (Sorry if I can't provide any names here without my post likely being deleted.)
N62DV DA62 62.056
N42DA DA42-VI 42.N117 (sold)
N811ET DA40 XLS 40.874 (sold)
KJYO Leesburg, Virginia
Post Reply