Overview:
The Cessna 208 Caravan is a single-engine-turbine, Eleven-to-Fifteen-seat, high-wing, tricycle gear aircraft built by Cessna. Production started in 1982, the aircraft is still being produced today and over 2,600 Cessna 208’s have been built.
The Cessna 208 is a rugged and reliable utility aircraft, designed to land off airport and carry a lot of cargo or passengers. Cessna 208’s are used for a wide variety of aviation missions including VIP transport, commuter airlines, humanitarian missions, skydiving, sightseeing and passenger or cargo transportation. Due to it’s rugged design and fixed tricycle gear, the Cessna 208 can land at unpaved airports and get in and out of harder to reach strips, enabling. The Cessna 208 is one of the most versatile, utility aircraft every produced and this is why it is still in production today.
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 208 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 208 aviation liability insurance covers damage caused by the aircraft, outside of the aircraft, specifically 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 208 aircraft at $1,000,000 per occurrence (per incident) or higher and includes coverage for passengers but typically limits that amount to $100,000 per passenger, which is included within the total liability of $1,000,000. Higher total liability and passenger liability are available for a Cessna 208 insurance policy if the pilot is well qualified.
A real-world example of how this aviation liability coverage would protect you: If while flying your Cessna 208 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 occurred. 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 208 typically holds 9 passengers, so you up to $900,000 of your total $1,000,000 insurance policy could be used to pay for passenger liabilities, leaving you with $100,000 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 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.
The second coverage on a Cessna 208 aircraft 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 Cessna 208 and requests a quote including hull coverage in the amount of $1,950,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $1,950,000.
*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 $1,950,000, you would get a straight check for $1,950,000.
Cessna 208 Insurance Cost Breakdown:
As of February 2020, there are 7 carriers quoting Cessna 208 insurance in the U.S. We consider qualified pilots to have at least a Commercial license, with 2,000 total hours, 1,000 Turboprop, 150 hours in the make/model and have completed annual schooling within 12 months of acting as pilot in command.
For an annual policy with $1,000,000 in liability only coverage (pleasure or personal use)
Premium range for qualified pilots: $1,500-$2,250 per year.
For an annual policy with $1,000,000 in liability coverage and $1,950,000 in hull coverage (pleasure or personal use)
Premium range for qualified pilots: $15,400-$28,000 per year.
For more information or to get an actual Cessna 208 aircraft insurance quote, please fill out a quote request online here or call us at 800.666.4359
-The BWI Team
