New owner insurance rates on DA42 NG?

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Jonathan33
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Re: New owner insurance rates on DA42 NG?

Post by Jonathan33 »

I have contacted an insurance agent in our region that specializes in aviation coverage. He was able to find a company that the original broker had no contacted that came back with $33K for the first year. He is still waiting on response from a few other companies.

This whole situation is crazy to me as I am 49 with no medical conditions and no prior “negative marks” of any kind.
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Colin
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Re: New owner insurance rates on DA42 NG?

Post by Colin »

Jonathan,

That quote just seems so far outside the possible ranges. Write to Victoria: vneuville@air-pros.com and tell her you'd like to know WHY the prices are so high, if they come back that high still.

If it is still outrageous, could you drop the hull value? If you have a loan on the plane, that's not an option. But if you bought it outright and can afford some loss on it in the event of something catastrophic, then that might be a way to lower the premiums. Obviously, you are then taking on some of the risk yourself. If a tornado comes through, you'll be out whatever portion of the hull you decided not to insure.

I'd be really curious how many DA42s these companies have had to pay out on. It seems like such a worry-free plane.
Colin Summers, PP Multi-Engine IFR, ~3,000hrs
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Jonathan33
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Re: New owner insurance rates on DA42 NG?

Post by Jonathan33 »

Colin,

Thank you for the suggestion!

Jonathan
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Jonathan33
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Re: New owner insurance rates on DA42 NG?

Post by Jonathan33 »

Acceleration came back with a quote for $19,200.00 this morning so we are at least re-entering the realm of reason. We may have a path forward after all. :)
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Colin
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Re: New owner insurance rates on DA42 NG?

Post by Colin »

It's amazing that if you keep asking, the price keeps getting lower.
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Jonathan33
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Re: New owner insurance rates on DA42 NG?

Post by Jonathan33 »

Good point Colin!
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Re: New owner insurance rates on DA42 NG?

Post by tjmoody »

Boatguy wrote: Tue Aug 22, 2023 6:54 pm I had about 700hrs and 30 of ME/retract/DA62.

Percentages of hull value are a better metric than absolute dollars.

Apparently there is some law, or "custom" in the aviation insurance industry that you can't switch agents. My agent requested quotes from the usual companies and they all declined to quote. Pressed, my existing underwriter, Starr, who was insuring my 40NG for about .8%, quoted 4.5%! I tried to switch to Ryan Konrath and he told me he could not quote me.

I went back to my current agent and suggested he contact LAU, who then quoted about 2%. Still high, but tolerable.

Age over 70, is a factor, but I don't know if it was a factor for you.
Russ's point about %s is important. The way I think about this is what is the premium as a % of hull value. If you are quoted 3% or greater then that is really pricey and the underwriter has some concerns but is still willing to insure your. ~1.5% to 2.5% is still high but getting better. 1% or lower is good. I was able to get just under 1% this year with ~1500 total and a bit over 300 time in type.
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Re: New owner insurance rates on DA42 NG?

Post by Nikandsteve »

We just purchased a new 2023 DA42. It was 22k for the year (a miracle in my opinion)
800+ hours mostly in High performance (SR22T) w IFR/Commercial/ME and some retractable time and high altitude endorsement. I really expected higher because of hull value of 1.2m and pilot is only 19years old. My agent is amazing Stephen Winters EBCO Aviation Insurance Knoxville, TN
c: 949.394.1527 He does our Cirrus as well and came highly recommended.
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Re: New owner insurance rates on DA42 NG?

Post by bdbogle »

Just got my renewal quote and after getting my MEI and over 150hrs of time in type, for the exact same insurance on the aircraft, premium went down 18.2%! Given the current environment, I'll take it and run like I stole it!
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Re: New owner insurance rates on DA42 NG?

Post by troy »

Nikandsteve wrote: Wed Sep 06, 2023 3:45 pm We just purchased a new 2023 DA42. It was 22k for the year (a miracle in my opinion)
800+ hours mostly in High performance (SR22T) w IFR/Commercial/ME and some retractable time and high altitude endorsement. I really expected higher because of hull value of 1.2m and pilot is only 19years old. My agent is amazing Stephen Winters EBCO Aviation Insurance Knoxville, TN
c: 949.394.1527 He does our Cirrus as well and came highly recommended.
Does the 19 yr old pilot have a YouTube channel where he flies around Cali and Oregon in a 22t and now da42? If so I’ve seen his videos - great pilot!
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