Bell 505 Helicopter Overview:
Bell Helicopter’s legendary 206 JetRanger had been a staple of helicopter operators around the world since its introduction in the 1960s. In the early 1990s, Bell began exploring a replacement under the program name New Light Aircraft. A modified 206L LongRanger was used as a test bed for what would ultimately become the 505.
The New Light Aircraft would ultimately look very similar to the LongRanger at first glance, but would be 8 inches wider for substantially increased passenger comfort. An uprated version of the 206’s Allison 250 engine allowed higher gross weights and improved performance at high altitudes and hot temperatures. Bell utilized the four-bladed main rotor from the OH-58 Kiowa observation helicopter (itself based on the earlier 206 series), but with composite blades and rotor hub components to improve ride quality and reduce vibrations. The composite components are not life limited, substantially reducing maintenance requirements over the life of the helicopter. The standard seating configuration would be identical to the LongRanger with five seats available in the cabin plus the copilot seat for a total of six passengers.
The 505 was officially certified in early 1996 and deliveries began later that year. Bell briefly considered a 505T twin engine version, but this idea was later scrapped in lieu of the all new Bell 427. By 2010, more than 1000 505s had been delivered. The latest version, the 505GXi, includes a glass cockpit by Garmin including advanced synthetic vision technology.
Like the earlier JetRanger and LongRanger, the 505 found wide usage as a general utility helicopter. Early operators included numerous oilfield and petroleum companies which used the 505 to shuttle personnel and equipment to oil rigs, tankers, and remote drilling locations. Militaries including the Mexican Air Force, United Arab Emirates Air Force, and Iraqi Army utilize the 505 as an armed light reconnaissance helicopter. The large side doors allowed the type to be easily converted for air medical operations, and the largest single operator of the type is United States air medical operator Air Methods, with 75 505s located across the country.
Bell 505 Insurance Cost:
Aviation insurance in general, is a very specialized industry and premiums vary depending on make and model of the aircraft, hull value, use of the aircraft, pilot history and qualifications and aircraft insurance rates even take into account the loss history of each specific make and model and the loss history of the aviation industry as a whole.
Bell 505 insurance, like all aviation insurance, is broken down into 2 specific coverages. The first is Liability Coverage, which is standard on every aircraft insurance policy and the second is optional hull coverage, which covers damage to the aircraft itself.
Bell 505 aviation liability insurance covers damage caused by the aircraft, outside of the aircraft, specifically property damage, bodily injury, and provides for legal defense in the event that the aircraft owner or policyholder is sued.
Aircraft liability insurance is typically offered for Bell 505’s in amounts between $1,000,000 and $20,000,000 per occurrence (per incident) and includes coverage for passengers, but typically limits that amount to between $100,000 and $1,000,000 per passenger. Passenger liability coverage is included within the total liability coverage amount.
A real-world example of how this aviation liability coverage would protect you: If, as a result of operating your Bell 505 you damaged property or caused bodily injury outside of the aircraft, you would have the full amount of total liability coverage to pay for damages that occurred, less the liability amount paid for passengers inside the aircraft. If the aircraft crashed and you had passengers inside the aircraft that were injured, your insurance policy would pay up to the policy passenger limit for each passenger.
This liability coverage also applies as a bubble that follows the aircraft around. If the aircraft is hangered, liability coverage extends throughout your hangar and it is this coverage that airports will typically require you to have. It’s not a separate insurance policy, it is actually coverage built into your standards airplane insurance policy.
Other liability options: Higher liability coverage on the Bell 505 is available to qualified pilots with experience in the make and model and a minimum Commercial/RW/IFR license/Ratings and commercial helicopter uses.
The second coverage on a Bell 505 insurance policy is hull coverage and is an optional coverage. Aircraft hull insurance covers damage to the aircraft itself and is an agreed value, not subject to depreciation. Agreed value is decided during the initial insurance quoting process, the aircraft owner requests an insurance quote for his or her Bell 505 and requests a quote including hull coverage in the amount of say $1,500,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $1,500,000
*Insurance companies may place additional stipulations on quotes to prove the value of your aircraft prior to binding, if your agreed value is higher than bluebook.
Most aviation insurance companies do not offer deductibles higher than $0 deductibles, which means in the event of a total loss, if your aircraft was insured for $1,500,000, you would get a straight check for $1,500,000.
Bell 505 Insurance Cost Breakdown:
As of January 2021, there are 7 carriers quoting Bell 505 insurance in the U.S. We consider qualified pilots to have at least a commercial license, with 2,000 total hours, 1,500 rotor-wing hours and 200 hours in the make/model.
For an annual policy with $1,000,000 in liability only coverage.
Premium range for qualified pilots: $2,500-$3,750 per year.
Premium range for less than qualified pilots (low-time/etc): $3,750-$5,700 per year.
For an annual policy with $1,000,000 in liability coverage and $1,500,000 in hull coverage
Premium range for qualified pilots: $8,000-$18,000 per year.
Premium range for less than qualified pilots (low-time/etc): $12,000-$25,000 per year.
BWI is a family-owned, nationwide insurance brokerage specializing in aviation insurance since 1977. Our dedicated Aviation Insurance Professionals are highly trained, hand-picked and experienced in helping Bell 505 owners and operators obtain the very best insurance coverage.
BWI offers comprehensive Bell 505 insurance policies for personal, business, charter, industrial aid, and commercial helicopter uses.
For more information or to get an actual Bell 505 insurance quote, please fill out a quote request online here or call us at 800.666.4359
BWI | The Future Of Aviation Insurance
Family Owned Since 1977 | Nationwide | Forward Thinking
What makes us different? Our office is open 12 hours a day, our team is hand-picked, well-trained and every single customer has their own dedicated Aviation Insurance Professional.
*Always consult your insurance policy for exact coverage specifications, exclusions and details.