Piper M500 Insurance Cost

Piper M500 Overview:

The Piper M500 derives from a family of American made light aircraft manufactured in Vero Beach, Florida, by the Piper Aircraft company. It is a single engine plane with the capacity for one pilot and 5 passengers. With production starting in 1979, the Piper M500 was originally present as the Malibu Meridian. The M500 is essentially an updated version of the Meridian.

It features the GArmin G1000 NXi Flight system which includes automatic wings-level function and control override to prevent exceeding the plane’s flight envelope. The result is a safe and stable flight in the case that the pilot suffers disorientation or incapacitation. Since 2002, over 500 Piper M500s have been delivered.

Among the many variants of the PA-46 line, there have been 225 accidents which include 106 hull-loss incidents that have resulted in a total of 219 fatalities.

General characteristics of the M500 include the following:

• Crew: 1 pilot
• Capacity: 5 passengers
• Wingspan: 43 ft
• Engine: Pratt & Whitney PT6A-42A
• Power: 500 hp
• Maximum Cruise Speed: 482 km/h
• Range: 1,000 nmi

Piper M500 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.

Piper M500 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.

Piper M500 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 Piper M500’s at $1,000,000 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 Piper M500 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 Piper M500 may be available to qualified pilots with experience in the make and model and a minimum Private License/IFR rating.

The second coverage on a Piper M500 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 Piper M500 and requests a quote including hull coverage in the amount of say $850,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $850,000.
*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 $850,000, you would get a straight check for $850,000.

Piper M500 Insurance Cost Breakdown:

As of January 2021, there are 7 carriers quoting Piper M500 insurance in the U.S. We consider qualified pilots to have at least a Private License and IFR Rating, with 1,000 total hours, 500 Turbo and RG hours, 100 hours in make and model and ground and flight training within 24 months of the flight.

For an annual policy with $1,000,000 in liability only coverage.
 Premium range for qualified pilots: $750-$900 per year.
 Premium range for less than qualified pilots (low-time/etc): $975-$1,250 per year.

For an annual policy with $1,000,000 in liability coverage and $850,000 in hull coverage
 Premium range for qualified pilots: $12,500-$17,100 per year.
 Premium range for less than qualified pilots (low-time/etc): $23,000-$36,000 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 Piper M500 owners and operators obtain the very best insurance coverage.

BWI offers comprehensive Piper M500 insurance policies for personal, business, charter, industrial aid, and commercial aviation uses.

For more information or to get an actual Piper M500 insurance quote, please fill out a quote request online here or call us at 800.666.4359