Overview:
The Piper PA-46 Malibu is a single-engine-turboprop, six-seat, low-wing, retractable gear aircraft built by Piper Aircraft.. Production started in 1979 and over 1,200 PA-46’s have been built. The Malibu is one of the most successful turboprops ever built and is often compared to and competes with many different jet aircraft models.
The Piper Malibu is fast, cruising at nearly 235 miles per hour. This speed combined with a range of about 1,450 nautical miles makes the Malibu perfect for both personal and Commercial transportation. The Malibu excels at VIP travel and corporate executive transportation.
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.
Piper Malibu insurance, like all airplane 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 Malibu aviation liability insurance covers damage caused by the aircraft, outside of the aircraft, specifically property damage and bodily injury. Aircraft liability insurance is typically offered for Piper Malibu aircraft between $1,000,000-$5,000,000 per occurrence (per incident. This total liability limit depends on primarily on the use of the aircraft, IE Industrial Aid vs commercial vs personal use. Liability also includes coverage for passengers but sets limits typically at around $100,000 per passenger. The passenger liability limits also depend on the aircraft use, pilot qualifications, etc. Passenger liability limits are included within the total liability limit.
A real-world example of how this aviation liability coverage would protect you: If while flying your Piper Malibu and damaged property or caused bodily injury outside of the aircraft, you would have the full $1,000,000-$5,000,000 in coverage to pay for damages that occurred. If the airplane crashed and you had passengers inside the aircraft that were injured, your insurance policy would pay up to $100,000 for each passenger (depending on limits). The Piper Malibu typically holds 5 passengers, so $500,000 of your total $1,000,000 liability limit, could be used to pay for passenger liabilities, leaving you with the remaining coverage for other damage outside of the aircraft.
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.
The second coverage on a Piper Malibu aircraft 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 Malibu 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.
Piper Malibu Insurance Cost Breakdown:
As of February 2020, there are 6 carriers quoting Piper Malibu insurance in the U.S. We consider qualified pilots to have at least a Private license/IFR rating, with 3,000 total hours, 1,500 TRB/RG hours, and 100 hours in the make/model, including annual ground and flight training in the make and model.
For an annual policy with $1,000,000 in liability only coverage.
Premium range for qualified pilots: $7,300-$14,200 per year.
For an annual policy with $1,000,000 in liability coverage and $850,000 in hull coverage
Premium range for less than qualified pilots (low-time/etc): $12,500-$34,000 per year.
For more information or to get an actual Piper Malibu aircraft insurance quote, please fill out a quote request online here or call us at 800.666.4359
-The BWI Team
