I recently did a Diamond Aircraft Insurance Guide for 2022, estimating rates for each type of operation and actual quotes we have been providing Diamond clients. We work a lot with the Premier Aircraft and brokers when their clients are taking delivery. So far in 2022 we have seen rates come down, as compared to 2021.
An easy way to estimate or visualize the premium for a Diamond Aircraft is: 1%, 2%, and 3%
1% of the hull value for pilots with a Private and Instrument rating and non-commercial flight operations
2% of the hull value for pilots with just a Private and working on an Instrument and Multi-Engine license
3% of the hull value for Student Pilots working on a Private Pilot License, also Commercial flight operations like flight schools
This information is incredibly helpful ... transparency in the GA insurance markets is sorely lacking and this helps a lot! Much appreciated. Of course- rates move around, each pilot's situation is slightly different, so one size won't fit all ... but even so, this kind of thing makes planning for ones purchase and operating budgets a lot simpler. Many thanks!
VickersPilot wrote: ↑Fri Sep 02, 2022 1:05 pm
Ben - two questions:
1/ what is the lowest % of hull value quoted across your client base.
2/ what are the minimum requirements to qualify for that lowest rate?
Vickers,
1. The lowest I've seen for Diamond aircraft is 0.8% of the hull value for a DA62. Rates are a sliding scale so the higher the hull value the lower the rate and the lower the value the higher the rate.
2. COMM INST ME 2,000 Total Time, 200 Make and Model
I wish US companies would insure non-US planes. Here in Canada, with an IFR PPL and 1500 hours almost all on the DA40 and no claim history, I'm at about 2.5% of hull value.
Based on this it seems we're overpaying by about 1 AMU for two private instrument rated pilots on a DA40. Last bill was just over $3500 for $260k hull and $1mm smooth. That's a nice chunk of change. Thanks for sharing.
