Overview:
Cessna 172 Insurance cost is fairly inexpensive and straightforward which reflects the design and nature of this aircraft.
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 industry as a whole.
Cessna 172 Insurance, like all airplane 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.
Cessna 172 aviation liability insurance covers damage caused by the aircraft, outside of the aircraft, specificaly property damage, bodily injury, and provides money for legal defense in the event that the aircraft owner is sued. Aircraft liability insurance is typically offered for Cessna 172’s at $1,000,000 per occurence (per incident) and includes coverage for passengers but limits that amount to $100,000 per passenger, which is included within the total liability of $1,000,000.
A real world example of how this aviation liability coverage would protect you: If while flying your Cessna 172 and damaged property or caused bodily injury outside of the aircraft, you would have the full $1,000,000 in coverage to pay for damages that occured. If the airplane crashed and you had passengers inside the aircraft that were injured, your insurance policy would pay up to $100,000 for each passenger. The Cessna 172 typically holds 3 passengers, so you up to $300,000 of your total $1,000,000 insurance policy could be used to pay for passenger liabilities, leaving you with $700,000 for other damage outside of the aircraft or legal defense.
This liability coverage also applies as a bubble that follows the aircraft around. If the aircraft is hangared, liability coverage extends throughout your hangar and it is this coverage that airports will typically require you to have. It’s not a seperate insurance policy, it’s actually coverage built into your standards airplane insurance policy.
Other liability options: Some companies may offer lower liability at $500,000 but the cost savings typically doesnt make this a viable choice. Higher liability coverage on the Cessna Skyhawk is available to highly qualified pilots (ex: ATP, Instrument rated pilots with several hundred hours in Cessna 172’s) and is typically offered at $1,000,000 total liability, limited to $250,000 per passenger or 1 Mil smooth, which is $1,000,000 total liability with no passenger limit.
The second coverage in a Cessna 172 insurance policy is hull coverage and is an optional coverage. Aircraft hull insurance covers damage to the aicraft itself and is an agreed value, not subject to depreciation. Agreed value is decided during the intial insurance quoting process, the aircraft owner requests an insurance qutoe for his or her Cessna 172 and requests a quote including hull coverage in the amount of say $40,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $40,000.
*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 deductbiles higher than $0 deductibles, which means in the event of a total loss, if your aircraft was insured for $40,000, you would get a straight check for $40,000.
Cessna 172 Insurance Cost Breakdown:
As of November 2019, there are 10 carriers quoting Cessna 172 insurance in the U.S. We consider qualified pilots to have at least a private license, with 300 total hours and 25 hours in the make/model.
For an annual policy with $1,000,000 in liability only coverage.
Premium range for qualified pilots: $150-$250 per year.
Premium range for less than qualified pilots (students/etc): $250-$350 per year.
For an annual policy with $1,000,000 in liability coverage and $50,000 in hull coverage
Premium range for qualified pilots: $450-$1,100 per year
Premium range for less than qualified pilots (students/etc): $848-$1,400 per year.
For more information or to get an actual Cessna 172 insurance quote, please fill out a quote request online here or call us at 800.666.4359
-The BWI Team
