HA-420 Hondajet Overview:
The Honda HA-420 Hondajet is a fairly recent production from the Honda Aircraft Company based in Greensboro, North Carolina. The famed Japanese brand began producing this aircraft in America in December of 2015 and continues to do so to the present. As of March 2020, some 150 jets had been delivered.
The Hondajet is a low-wing monoplane that uses a composite fuselage in addition to an aluminum wing. It is powered by two GE Honda HF 120 turbofans mounted on pylons above the wing. It has a range of 1,400 nmi and can reach a top speed of 780 km/h. This aircraft has received multiple accolades for both its design and innovation.
To date, there have only been two full hull-loss incidents and zero fatalities to report. Those two incidents include:
- September 24, 2018 – A Honda HA-420 Hondajet suffered a runway excursion while landing during a thunderstorm at Cataratas Airport in Brazil. The aircraft fell into a ravine, though all the occupants were unharmed.
- March 3, 2019 – A Honda HA-420 Hondajet was damaged beyond repair when Eufaula-Weedon Field in Alabama was hit by an EF-2 tornado.
HA-420 Hondajet 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.
HA-420 Hondajet 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.
HA-420 Hondajet 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 HA-420 Hondajet’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 HA-420 Hondajet and 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 HA-420 Hondajet 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 HA-420 Hondajet 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 HA-420 Hondajet and requests a quote including hull coverage in the amount of say $4,500,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $4,500,000.
*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 $4,500,000, you would get a straight check for $4,500,000.
HA-420 Hondajet Insurance Cost Breakdown:
As of January 2021, there are 6 carriers quoting HA-420 Hondajet insurance in the U.S. We consider qualified pilots to have at least a commercial license, with 3,000 total hours, 1,000 MEL hours and 50 hours in the make/model.
For an annual policy with $1,000,000 in liability only coverage.
Premium range for qualified pilots: $1,500-$1,750 per year.
Premium range for less than qualified pilots (low-time/etc): $1,800-$2,400 per year.
For an annual policy with $1,000,000 in liability coverage and $4,500,000 in hull coverage
Premium range for qualified pilots: $18,000-$22,700 per year.
Premium range for less than qualified pilots (low-time/etc): $38,000-$46,500 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 HA-420 Hondajet owners and operators obtain the very best insurance coverage.
BWI offers comprehensive HA-420 Hondajet insurance policies for personal, business, charter, industrial aid, and commercial aviation uses.
For more information or to get an actual HA-420 Hondajet insurance quote, please fill out a quote request online here or call us at 800.666.4359
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*Always consult your insurance policy for exact coverage specifications, exclusions and details.