Cessna 340 insurance cost guide

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 is a cabin-class twin. Seating, performance and operating limits depend on the aircraft’s model, configuration and approved flight manual.

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 commonly includes liability and optional aircraft physical damage coverage. Review the coverages and limits shown in your quote and policy.

Aircraft liability coverage addresses covered claims for bodily injury or property damage arising from aircraft operation. Passenger limits and defense terms should be checked in the policy.

A passenger sublimit may restrict payment for one passenger’s bodily injury within the overall liability limit. A claim must still meet the policy’s coverage terms.

Some aircraft policies include premises coverage. Confirm whether yours meets your hangar or airport agreement.

Other liability options: Ask BWI about available limits and passenger sublimits for your operation. Higher limits are subject to underwriting.

Aircraft physical damage coverage protects the insured aircraft subject to the policy. Discuss an appropriate agreed value and any valuation requirements with BWI before coverage is bound.

Check the deductible and claim-settlement terms in your policy. A covered total-loss payment depends on those terms.

Cessna 340 Insurance Cost Breakdown:

Historical cost examples from February 2020. The figures and pilot categories below are retained from the original guide. They are not current premiums, a list of available insurers or eligibility requirements. Ask BWI for terms based on your current aircraft, pilots and operation.

In the original February 2020 guide, BWI listed 7 carriers quoting Cessna 340 insurance in the U.S. Its historical "qualified pilot" examples assumed 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