Insurance
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- CFIDave
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Re: Insurance
There's very little difference between Private vs. Commercial in getting your Multi-Engine Land license. So you might as well go for the Commercial.
Epic Aircraft E1000 GX
Former DA40XLS, DA42-VI, and DA62 owner
ATP, CFI, CFI-I, MEI
Former DA40XLS, DA42-VI, and DA62 owner
ATP, CFI, CFI-I, MEI
- photoSteveZ
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Re: Insurance
A year ago when I insured my 'used/nearly new' 7-seat DA62, Travers insured me for what John assured me was a 'reasonable' premium, based on my 8500 hrs, COMM/INST/AMEL/AMES/CFIG and a Class III medical. Now, even with a fresh 300 hours of time in type and a Class II medical, insuring my factory new 5-seater is going to be significantly more expensive. It's a hard market out there.
- Zebedee
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Re: Insurance
Bringing this older thread to the top.
I have read all the insurance stuff both here, AOPA and others online. There seems to be many issues with getting the best quote and a time frame in which to do it.
Assuming my DA62 shows up at the end of July.
1. When should I request an up to date quote?
2. If I request a quote now, will there still be time to get another prior to delivery or am I locked out from more quotes ?
3. Which insurers are Diamond friendly and give discounts for the safest of the DA62?
4. I plan on only giving my name and not tail number, will that make a difference?
5. I plan on getting approved training prior to delivery and have over 25,000 hours total time.
Thank you in advance
Jim
I have read all the insurance stuff both here, AOPA and others online. There seems to be many issues with getting the best quote and a time frame in which to do it.
Assuming my DA62 shows up at the end of July.
1. When should I request an up to date quote?
2. If I request a quote now, will there still be time to get another prior to delivery or am I locked out from more quotes ?
3. Which insurers are Diamond friendly and give discounts for the safest of the DA62?
4. I plan on only giving my name and not tail number, will that make a difference?
5. I plan on getting approved training prior to delivery and have over 25,000 hours total time.
Thank you in advance
Jim
- Boatguy
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Re: Insurance
1. NowZebedee wrote: ↑Mon May 15, 2023 2:43 pm 1. When should I request an up to date quote?
2. If I request a quote now, will there still be time to get another prior to delivery or am I locked out from more quotes ?
3. Which insurers are Diamond friendly and give discounts for the safest of the DA62?
4. I plan on only giving my name and not tail number, will that make a difference?
5. I plan on getting approved training prior to delivery and have over 25,000 hours total time.
2. You're not locked into a quote, but you will be locked into an agent/broker for all your aviation insurance, irrespective of the underwriter. Your agent / broker will probably solicit bids from all the usual underwriters.
3. London Aviation Underwriters gave me the best/only quote (> 70). Starr, with whom I had for four years on my DA40NG, no claims, quoted $80K!
4. I think you'll need to give your pilot history.
5. It looks like you're an active or retired professional so presumably you already have all the ratings. I applied with 30hrs of ME and 14 of dual in a 62. They required 5hrs of dual in the plane I was purchasing. Not the same make/model, but my specific plane. The 5hrs had to be from a CFI with 1,000PIC and 250hrs DA62 PIC. And they required I log 10hrs total in my plane before insuring passengers.
- BenPeterson77
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Re: Insurance
Hi Guys,
Here's my Guide to estimating insurance rates for each type of Diamond. So far in 2023 we have seen rates for renewal relatively flat to small increases, as compared to 2021 - 2022 (some increases for pilots over 70). The Diamonds have slightly higher insurance rates than a Cirrus because of the volume of aircraft that Cirrus has. Good news is there's a few new insurance companies quoting - Beacon and IAT and soon Eiger Aviation in Q4 2023. So we will likely see additional capacity with the Diamond insurance market throughout the year.
There are a total of 10 insurance companies quoting the Diamonds listed numerically (roughly) by marketshare.
1. London Aviation Underwriter - good rates and great for lower time transition pilots, no BasicMed
2. W Brown - good rates and can quote higher liability limits
3. Old Republic - Very good rates but qualified pilot resumes only
4. AIG - good rates in most circumstances
5. Starr - Good rates but qualified pilot resumes only
6. Aerospace Insurance - good quotes but taking on less risk at the moment
7. Great American - will quote anything for a premium; quotes unique situations
8. US Specialty - quotes selectively but good
9. IAT Insurance - new market
10. Beacon - new market
The only insurance company that I've seen reference BasicMed is London Aviation Underwriters.
An easy way to estimate or visualize the premium for a Diamond Aircraft is: 1%, 1.5%, 2% and 3%. I like to estimate rates as a percentage of hull value vs a dollar sign for your premium
-1% of the hull value for experienced pilots, less than 3 named pilots on the policy, no dry leases, no claims, and mid hull value ie) $500,000 DA40 @1% = $5,000; This can also include an experienced pilot in a DA62 ie) $1,600,000 = $16,000
- 1.5% of the hull value for pilots with less than 1,500 total time, dry leases, over 3 named pilots on the policy, high liability limits like $2,000,000, pilots over 70 years old, mid hull value ie) $1,200,000 DA42NG @ 1.5% = $18,000
- 2% of the hull value for pilots transitioning from something like a Cessna fixed gear with less than 400 total time, or over 73 years old, dry leases, over 4 named pilots and lower Diamond hull values ie) $400,000 @ 2% = $8,000
-3% of the hull value for Student Pilots working on a Private ie) DA42 @ $600,000 = $18,000
Hope this helps!
Ben Peterson
CEO - Sunset Aviation Insurance
Ben@sunsetais.com
561-210-0244
Here's my Guide to estimating insurance rates for each type of Diamond. So far in 2023 we have seen rates for renewal relatively flat to small increases, as compared to 2021 - 2022 (some increases for pilots over 70). The Diamonds have slightly higher insurance rates than a Cirrus because of the volume of aircraft that Cirrus has. Good news is there's a few new insurance companies quoting - Beacon and IAT and soon Eiger Aviation in Q4 2023. So we will likely see additional capacity with the Diamond insurance market throughout the year.
There are a total of 10 insurance companies quoting the Diamonds listed numerically (roughly) by marketshare.
1. London Aviation Underwriter - good rates and great for lower time transition pilots, no BasicMed
2. W Brown - good rates and can quote higher liability limits
3. Old Republic - Very good rates but qualified pilot resumes only
4. AIG - good rates in most circumstances
5. Starr - Good rates but qualified pilot resumes only
6. Aerospace Insurance - good quotes but taking on less risk at the moment
7. Great American - will quote anything for a premium; quotes unique situations
8. US Specialty - quotes selectively but good
9. IAT Insurance - new market
10. Beacon - new market
The only insurance company that I've seen reference BasicMed is London Aviation Underwriters.
An easy way to estimate or visualize the premium for a Diamond Aircraft is: 1%, 1.5%, 2% and 3%. I like to estimate rates as a percentage of hull value vs a dollar sign for your premium
-1% of the hull value for experienced pilots, less than 3 named pilots on the policy, no dry leases, no claims, and mid hull value ie) $500,000 DA40 @1% = $5,000; This can also include an experienced pilot in a DA62 ie) $1,600,000 = $16,000
- 1.5% of the hull value for pilots with less than 1,500 total time, dry leases, over 3 named pilots on the policy, high liability limits like $2,000,000, pilots over 70 years old, mid hull value ie) $1,200,000 DA42NG @ 1.5% = $18,000
- 2% of the hull value for pilots transitioning from something like a Cessna fixed gear with less than 400 total time, or over 73 years old, dry leases, over 4 named pilots and lower Diamond hull values ie) $400,000 @ 2% = $8,000
-3% of the hull value for Student Pilots working on a Private ie) DA42 @ $600,000 = $18,000
Hope this helps!
Ben Peterson
CEO - Sunset Aviation Insurance
Ben@sunsetais.com
561-210-0244
Last edited by BenPeterson77 on Fri May 19, 2023 12:34 am, edited 1 time in total.
- BenPeterson77
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Re: Insurance
This is how W Brown's BasicMed Pilot Warranty reads. They are a very good option for BasicMed.
PILOTS: When in flight the aircraft will be piloted only by the following pilots, provided each has a valid pilot's certificate including a current
and valid medical certificate appropriate for the flight and aircraft insured. The term Medical Certificate is defined as any valid First-Class,
Second-Class, Third-Class, or BasicMed compliance. All medical certificates must be appropriate for the intended flight and in compliance
with the FAA’s Codes of Federal Regulations. Pilots operating under BasicMed must be able to provide documentation that demonstrates
complete compliance.
PILOTS: When in flight the aircraft will be piloted only by the following pilots, provided each has a valid pilot's certificate including a current
and valid medical certificate appropriate for the flight and aircraft insured. The term Medical Certificate is defined as any valid First-Class,
Second-Class, Third-Class, or BasicMed compliance. All medical certificates must be appropriate for the intended flight and in compliance
with the FAA’s Codes of Federal Regulations. Pilots operating under BasicMed must be able to provide documentation that demonstrates
complete compliance.
- Boatguy
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Re: Insurance
I'm > 70, first twin/retractable, 700+hrs. I'm paying 2% and must get a new 3rd class every year (even though the 3rd class exam per the FAA is every two years).
- NDCDA62
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Re: Insurance
I would say $16-18k is within the ballpark.
Above all, given the increased values of aircraft today, do not under value your aircraft
Above all, given the increased values of aircraft today, do not under value your aircraft
- Derek
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Re: Insurance
Does anyone self insure? Cost or value for money aside, it seems to remove a big headache for some
- Colin
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Re: Insurance
On Beechtalk I have seen pilot owners who self-insure, particularly those with a bunch of planes. They are only flying one at a time, after all.
Colin Summers, PP Multi-Engine IFR, ~3,000hrs
colin@mightycheese.com * send email rather than PM
http://www.flyingsummers.com
N972RD DA42 G1000 2.0 s/n 42.AC100 (sold!)
N971RD DA40 G1000 s/n 40.508 (traded)
colin@mightycheese.com * send email rather than PM
http://www.flyingsummers.com
N972RD DA42 G1000 2.0 s/n 42.AC100 (sold!)
N971RD DA40 G1000 s/n 40.508 (traded)