Cirrus aircraft insurance averages $2,624 annually for a qualified pilot with $245,000 in hull coverage.
The Cirrus SR22 has been the world’s best-selling general aviation airplane, every year since 2003.
The SR22 is a single-engine composite, 4-5 seat, low-wing aircraft equipped with a parachute. Over 6,525 Cirrus aircraft have been produced since 2001.
Despite their high cost, Cirrus aircraft are actually one of the easiest aircraft to insure due to their relative safety and the desire for aviation insurance companies to insure newly built aircraft.
The top 2 factors affecting the insurance cost:
- Insured Value
- Insured value or the amount of hull coverage on the insurance policy always makes up most of the premium amount.
- An example: Of the $2,624 annual premium for $245,000 in hull coverage, 12% or $314 of that premium is for the $1,000,000 in liability coverage and $2,310 or 88% of the premium is for the hull coverage.
- Aircraft insurance uses (Agreed Value) instead of (Replacement Cost). How this works is:
- You request a quote from BWI for your Cirrus and you state that it’s worth $245,000.
- BWI sends your quote request to 8-12 of the top Aviation Insurance Companies.
- Those companies that provide quotes including $245,000 in hull coverage are (agreeing) with you that your aircraft is worth that much.
- Some companies may request equipment lists of other hull verification before providing a quote or confirming coverage bound.
- In the event of a total loss, you would get a check for $245,000 less any deductibles.
- Pilot qualifications and experience
- Pilot qualifications are the second most important factor effecting Cirrus Aircraft Insurance Cost.
- Pilot License/Ratings: To get the best rate, we recommend at least a private license with an IFR rating.
- Hours: We recommend total flight hours of at least 500 including make and model hours of at least 100 in Cirrus SR22 Aircraft.
- Pilot qualifications are the second most important factor effecting Cirrus Aircraft Insurance Cost.
- Student Pilots
- Yes, we can insure student pilots in Cirrus Aircraft, but we would highly recommend (to save you money) that you get training, time in the aircraft, dual instruction/etc prior to purchasing a Cirrus Aircraft.
BWI is The Nation’s Leader in insuring Cirrus Aircraft. In January of 2019 we launched our new BWI Cirrus Insurance Program. Our insurance program offers even more policy benefits, the lowest prices backed by the very best A+ rated aviation insurance companies.
To get a free quote call us today at 800-666-4359 or submit a quote request online by clicking here
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