Cessna 414 Chancellor Overview:
The Cessna 414 is a pressurized, low-wing, light twin-engine aircraft built from 1968 until 1985. In 1973, the cabin length was increased 16 inches and a fifth side window was added. In 1976, electronic prop synchrophasors were introduced to reduce cabin noise. Aircraft produced from 1978 were marketed as the 414A Chancellor and features an increased-span wing and an extended nose to permit more baggage space.
The 400 series of “light twins” were larger than the 300 series. The 414 was intended to be an “economic” upgrade to pressurization for owners of unpressurized aircraft. By the end of production in 1985, 1,070 had been produced, including 516 of the original variant and 554 414A Chancellors. Original production aircraft had numerous avionics packages and seating arrangements available. The 414 has been operated by the Lebanese Air Force and the Royal Bahamas Defense Force.
The 414 was created essentially using borrowed components from other 400 series aircraft. The aircraft had the cabin of the Cessna 421, and the wings and engines of the 401 (Continental Model TSIO-520-J engines rated at 310 horsepower each). The later produced 414A Chancellor had Continental Model TSIO-520-NB engines. Propellers are three-blade McCauleys.
You can easily recognize the earlier 414 by its large wing-tip fuel tanks which hold 50 US gallons each. The aircraft also has two smaller fuel tanks in the wings and optional “wing locker” fuel tanks behind the engines. Griggs Aircraft holds a supplemental type certificate (STC) for 414 wing locker tanks. Other STCs allow engine and aerodynamic modifications to improve performance. A turboprop conversion of the 414, built by American Jet Industries, was made available in 1974.
The AOPA Air Safety Foundation reported 46 accidents involving 414s from 1983 to 1993, with the pilot responsible in almost every case. The relatively low power output of the engines, along with the huge rudder, reduces the likelihood of VMC rollover. One fatal incident involved American gospel singer Keith Green who died in a 414 crash on July 28, 1982. The NTSB reported the probable cause of the crash was the airplane being overloaded. Four adults and 8 children were on board, despite the aircraft having only 7 seats.
- October 8, 2020, in West Palm Beach, Florida (N8132A)
- August 30, 2020, in Macomb County, Michigan (N698D)
- August 5, 2018, in Santa Ana, California (N727RP)
- April 5, 2013, in Atlantic County, New Jersey (N37480)
Cessna 414 Chancellor Insurance Cost:
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 aviation industry as a whole.
Cessna 414 Chancellor insurance, like all aviation 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 414 Chancellor aviation liability insurance covers damage caused by the aircraft, outside of the aircraft, specifically property damage, bodily injury, and provides for legal defense in the event that the aircraft owner or policyholder is sued.
Aircraft liability insurance is typically offered for Cessna 414 Chancellor’s in amounts between $1,000,000 and $3,000,000 per occurrence (per incident) and includes coverage for passengers, but typically limits that amount to between $100,000 and $1,000,000 per passenger. Passenger liability coverage is included within the total liability coverage amount.
A real-world example of how this aviation liability coverage would protect you: If, as a result of operating your Cessna 414 Chancellor you damaged property or caused bodily injury outside of the aircraft, you would have the full amount of total liability coverage to pay for damages that occurred, less the liability amount paid for passengers inside the aircraft. If the aircraft crashed and you had passengers inside the aircraft that were injured, your insurance policy would pay up to the policy passenger limit for each passenger.
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 414 Chancellor is available to qualified pilots with experience in the make and model and a minimum Commercial/MEL/IFR license/ratings.
The second coverage on a Cessna 414 Chancellor 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 414 Chancellor and requests a quote including hull coverage in the amount of say $225,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $225,000.
*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 $225,000, you would get a straight check for $225,000.
Cessna 414 Chancellor Insurance Cost Breakdown:
As of January 2021, there are 8 carriers quoting Cessna 414 Chancellor insurance in the U.S. We consider qualified pilots to have at least a Private License and IFR/MEL ratings, with 1,500 total hours, 500 MEL 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: $850-$1,400 per year.
Premium range for less than qualified pilots (low-time/etc): $1,100-$1,600 per year.
For an annual policy with $1,000,000 in liability coverage and $225,000 in hull coverage
Premium range for qualified pilots: $4,400-$5,800 per year.
Premium range for less than qualified pilots (low-time/etc): $5,700-$12,000 per year.
BWI is a family-owned, nationwide insurance brokerage specializing in aviation insurance since 1977. Our dedicated Aviation Insurance Professionals are highly trained, hand-picked and experienced in helping Cessna 414 Chancellor owners and operators obtain the very best insurance coverage.
BWI offers comprehensive Cessna 414 Chancellor insurance policies for personal, business, charter, industrial aid, and commercial aviation uses.
For more information or to get an actual Cessna 414 Chancellor insurance quote, please fill out a quote request online here or call us at 800.666.4359
BWI | The Future Of Aviation Insurance
Family Owned Since 1977 | Nationwide | Forward Thinking
What makes us different? Our office is open 12 hours a day, our team is hand-picked, well-trained and every single customer has their own dedicated Aviation Insurance Professional.
*Always consult your insurance policy for exact coverage specifications, exclusions and details.