Cessna Citation V Insurance Cost

Cessna Citation V Overview:

A business jet built by Cessna, the Cessna Citation V is essentially a stretched version of the Citation II also produced by Cessna. It is piloted by two crew members and can ferry 7 to 8 passengers. It holds a range of around 1,800 nmi depending on the variant flown.

Originally delivered for use in 1987, it saw subsequent variants such as the Ultra in 1994 and Encore in 1998 produced for flight. In total, there were 774 aircraft total among the variants built. Production of the aircraft ceased in 2011. The aircraft found a great deal of utility in the United States Military and was used primarily by the United States Army and the United States Marine Corps.

In total, there have been 20 complete hull-loss incidents involving the Cessna Citation V which have resulted in a total of 35 fatalities. The who most fatal incidents are as follows:

• February 16, 2005 – A Cessna 560 Citation V was flying from Richmond, VA, to Pueblo, CO when it descended for a refueling stop in Columbia, MO. During descent, the left wing made contact with the ground resulting in a crash which then caught fire. All 8 persons on board perished during this incident.
• August 13, 2014 – A Cessna 560XLS+ was destroyed in a crash that occurred in Santos, Brazil. The aircraft was descending in low visibility when it crashed into a residential neighborhood killing all 7 onboard. Notably, a Brazilian candidate for President was among the fatalities.

Cessna Citation V 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 Citation V 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 Citation V 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 Citation V’s in amounts between $1,000,000 and $25,000,000 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 Citation V 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 Citation V 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 Citation V 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 Citation V and requests a quote including hull coverage in the amount of say $1,250,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $1,250,000.
*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 $1,250,000, you would get a straight check for $1,250,000.

Cessna Citation V Insurance Cost Breakdown:

As of January 2021, there are 8 carriers quoting Cessna Citation V insurance in the U.S. We consider qualified pilots to have at least a Commercial License and IFR/MEL ratings, annual school, with 4,000 total hours, 2,000 MEL hours and 250 hours in the make/model.

For an annual policy with $1,000,000 in liability only coverage.
 Premium range for qualified pilots: $1,250-$3,600 per year.

For an annual policy with $1,000,000 in liability coverage and $1,250,000 in hull coverage
 Premium range for qualified pilots: $8,100-$11,600 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 Citation V owners and operators obtain the very best insurance coverage.

BWI offers comprehensive Cessna Citation V insurance policies for personal, business, charter, industrial aid, and commercial aviation uses.

For more information or to get an actual Cessna Citation V insurance quote, please fill out a quote request online here or call us at 800.666.4359