How much does airplane insurance cost?

[Chris M]

It's a question I've been asked a few times but as I'm not an owner I really don't have a good answer for people. Obviously just like insurance on anything it'll vary hugely depending on everything from type of airplane and pilot experience to what astrological sign was in play at the time and whether the groundhog saw his shadow this year, but could anyone give me a ballpark idea of what the average situation would be?

Say a 150 hour pilot day/night VFR pilot, 100 hours on type, clean record, in a mid '70's plain Jane 172.

Or, if you have a scenario you're willing to share that would be great as well. Like I said, I really have no idea and am just curious what the costs are.

[ScottS]

I am assuming you are thinking full coverage for liability AND hull insurance (in motion). A large portion is going to be driven by the declared hull value. I think we have a hull value of about $30K and it runs about $1100/year for us low timers. It is cheaper than my car, and definitely cheaper than my motorcycle.

[New_PIC]

Less than 100 hours, PPL with day/night VFR, sole pilot of medium condition C172i ('68), more than half the hours on other brands but a recent check out on C172. I'd have to look it up but as I recall it was between $1200~$1300 / yr for full in motion coverage. I'd expect that to start coming down with more hours but I figured I'd get hit hard to start.

[aviatrix444]

I've got a CPL and my aircraft partner is pre PPL, on a mid 70's plain Jane Cherokee... $900 for the year through Magnes

[dirtdr]

When I first got my 172 (120hrs total time), I paid about $800/yr for $1,000,000 liability. Hull insurance was 1.5% of declared value ($600/yr for $40,000) for a total of about $1400.

After a year and another 100 hrs, it went down to $600 libility and 1% hull

[Chris M]

Thanks for the input guys. The general school of thought among my non-aviation friends is that it must be insanely expensive to unsure something that flies but obviously that isn't the case.

and definitely cheaper than my motorcycle.

I hear you there! Even my very tame bike (Boulevard C50) runs me around $1800/yr. Quotes on anything with an R in the name are easily double that.

[Redneck_pilot86]

Really? I pay $400/year for my fz8 and only another $100 for a klr 650.

[AirFrame]

@Redneck, you don't have comprehensive coverage, do you?

[ahramin]

All risks flight and ground $950.

[Redneck_pilot86]

@Redneck, you don't have comprehensive coverage, do you?

I belive I opted for everything but collision. Fire/Theft/Vandalism and liability for sure. In the Yukon, bike insurance is based 100% on displacement. I've got a buddy that pays more for a 1200 Harley, and a buddy who pays less for an R6.

[JasonE]

PA28-140. $1000/yr. 2 low time pilots and 1 student. Liability and not in motion coverage.

[ScottS]

Really? I pay $400/year for my fz8 and only another $100 for a klr 650.

I wish. My 919 cost $650 for 6 months of basic minimum liability and comprehensive. The comprehensive portion was only $100. ICBC.

[Shiny Side Up]

Really? I pay $400/year for my fz8 and only another $100 for a klr 650.

I wish. My 919 cost $650 for 6 months of basic minimum liability and comprehensive. The comprehensive portion was only $100. ICBC.

Bike insurance really depends on what province you live in. Onterrible, as I recall, is one of the worst places in the world to insure a bike. Comprehensive on most bikes just ain't worth it since in two years you pretty much have spent the price on insurance to replace the bike.

As for planes I pay about a $1000/ year on the 172, my bike is about $450/ year.

[boeingboy]

$400 a year - liability only.

[Taiser]

2 grand for me for full coverage. Brand new homebuilt that I had no time in and I had very low hours for the last few years (busy building) so I wasn't considered "current". Should go down 50% or so by next year when I've proven I didn't crater it!

[ghazanhaider]

I pay $250/yr for a Grumman AA1 third party only (listed for sale in the sale section).

The insurance covers Bahamas and Mexico and I've been to both countries and lots of USA as well in the last few years. Not that anyone checks for insurance.

Do you guys know how much a Bonanza liability insuance would cost?

[DSoup]

Sorry for the necro post

How does insurance work if you don't own the plane?

I've been offered block time on a friend's 150 and he said I needed to get my own insurance to include 30K non-owned hull.

As a day night PPL with about 200 hours, would the cost be the roughly $1000/yr posted above or more/less since it's non-owned?

[C-GKNT]

Sorry for the necro post

How does insurance work if you don't own the plane?

I've been offered block time on a friend's 150 and he said I needed to get my own insurance to include 30K non-owned hull.

As a day night PPL with about 200 hours, would the cost be the roughly $1000/yr posted above or more/less since it's non-owned?

DSoup,

It might be easier if you get yourself added to his policy and then split the cost of the policy. Likely less expensive for both of you. I have added a few pilots to my policy over the years and the increase in price has been 10-20% depending on their experience.

Glenn

[cgzro]

The Pitts full motion etc. and a million liability started out at 3% of value per year and is now down to about 2%. Thats actually not far off a $30,000 c150 going for $1000/yr.. Of course I only have one seat so cant easily kill a pax.

[AirFrame]

It might be easier if you get yourself added to his policy and then split the cost of the policy. Likely less expensive for both of you. I have added a few pilots to my policy over the years and the increase in price has been 10-20% depending on their experience.

I think the concern is more with the liability exposure, and the future effect on the owner's insurance, if there were a claim. The owner is probably trying to ensure that if there's a problem, the person renting the plane bears all of the costs and won't affect his insurability in future. Also, it's easier if you want to get rid of the renter later for any reason, you just tell him to get lost... You don't have to go get your insurance papers modified to remove him again.

[photofly]

I have a suspicion that insurance companies will not sell you only cover for an aircraft that you don't own, except special AOPA-style renter's insurance.

There's absolutely no need to remove someone from your policy if you want to get rid of them later. Just because a pilot is a named pilot under a policy doesnt oblige you to give them the keys and let them fly. You won't get a refund if you remove them mid-term; remove them at the next renewal date.

[JasonE]

http://www.magnesgroup.com/copa/en/VIPBronze.aspx

Specifically for borrowed or rented. Don't know the specifics though.

[SuperchargedRS]

The Pitts full motion etc. and a million liability started out at 3% of value per year and is now down to about 2%. Thats actually not far off a $30,000 c150 going for $1000/yr.. Of course I only have one seat so cant easily kill a pax.

If you paid $30,000 for a C150, insurance is the least of your problems


Per the OPs question, standard issue 70s 172, 150hr pilot with 172 time, should be under 1k a year for both hull and liability.

Bike insurance, I paid like 400ish a year for my R1, till I realized that a simple thing like a scratch or someone bumping into it wouldn't cost much over 400 a to fix (even with pearlescent paint), plus I'm careful with it... and anything catastrophic I'm going to be dead, thus not care anymore, so I decided as far as the bike was concerned insurance wasn't a good value for me.

[dirtdr]

I once put insurance on a 172 that I didn't own. The owner wasn't using the aircraft, so he didn't have any current policy of his own.

My insurance simply added the owner as "loss payable" for the hull portion of the insurance

I was under 100hrs with fresh PPL at the time. 1mil liability and 40k hull cost me $1150/yr. 3 years ago now

[C-GKNT]

It might be easier if you get yourself added to his policy and then split the cost of the policy. Likely less expensive for both of you. I have added a few pilots to my policy over the years and the increase in price has been 10-20% depending on their experience.

I think the concern is more with the liability exposure, and the future effect on the owner's insurance, if there were a claim. The owner is probably trying to ensure that if there's a problem, the person renting the plane bears all of the costs and won't affect his insurability in future. Also, it's easier if you want to get rid of the renter later for any reason, you just tell him to get lost... You don't have to go get your insurance papers modified to remove him again.

As an owner, I want "control" over the policy. By adding the renter to my policy I know who/what is being covered and that the policy is in force and hasn't been cancelled. As for the effect on my insurance if another pilot on my policy has an accident, its a good question but IMO minor. I'll check with my broker next time we talk.

The BIG question for me is WHO is being insured when multiple policies are in place. Let's say there is a minor mechanical issue followed gross pilot error and then an accident. From a liability perspective is his policy going to cover the renter or myself as the aircraft owner (or both and in what order). Will my policy cover my liability as an owner when a non-named pilot is flying my plane?

A single policy doesn't have these concerns and would be in my experience less expensive anyway.

Glenn