Overview:
The Cessna 340 is a pressurized, low-wing, twin-engine, retractable gear aircraft manufactured by Cessna. The Cessna 340 was designed as a more advanced version of the Cessna 310. The Cessna 340 has a large, spacious pressurized cabin which was relatively unique for a light twin aircraft. The Cessna 340 is used for VIP travel and by small commercial and flight charter operations.
The Cessna 340 carries 5 passengers, has a cruise speed of 267 mph and a range of 1,618 miles. The Cessna 340 was produced from 1972-1984 and over 1,350 were built. The Cessna 340 is still a very popular business aircraft and is used by companies world-wide.
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 340 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 340 aviation liability insurance covers damage caused by the aircraft, outside of the aircraft, specifically property damage, bodily injury. Aircraft liability insurance is typically offered for Cessna 402 aircraft at $1,000,000 per occurrence (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 340 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 402 typically holds 5 passengers, so you up to $500,000 of your total $1,000,000 insurance policy could be used to pay for passenger liabilities, leaving you with $500,000 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.
Other liability options: Higher liability coverage on the Cessna 340 might be available depending on pilot qualifications and aircraft use.
The second coverage on a Cessna 340 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 340 and requests a quote including hull coverage in the amount of say $250,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $250,000.
*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 $250,000, you would get a straight check for $250,000.
Cessna 340 Insurance Cost Breakdown:
As of February 2020, there are 7 carriers quoting Cessna 340 insurance in the U.S. We consider qualified pilots to have at least a Private license, IFR/MEL rating with 2,000 total hours, 500 Multi-Engine-Land, 500 Retractable gear and 50 hours in the make/model.
For an annual policy with $1,000,000 in liability only coverage.
Premium range for qualified pilots: $850-$1,050 per year.
Premium range for less than qualified pilots (low-time/etc): $1,100-$1,375 per year.
For an annual policy with $1,000,000 in liability coverage and $250,000 in hull coverage
Premium range for qualified pilots: $4,300-$5,815 per year.
Premium range for less than qualified pilots (low-time/etc): $6,135-$7,630 per year.
For more information or to get an actual Cessna 340 aircraft insurance quote, please fill out a quote request online here or call us at 800.666.4359
-The BWI Team
