Socata TBM 700 Overview:
The TBM 700 belongs to a family of single-engine pressurized turboprop aircraft that was originally developed as a collaboration between American Mooney Airplane Company and French aircraft manufacturer SOCATA. It is now produced by French industrial conglomerate DAHER.
The TBM 700 was first delivered in 1990 and is still being produced today. As of October 2020, 1,000 TBM 700s had been delivered. With the initial success of the TBM 700, work began on a number of variants and improved models that would go on to incorporate more powerful engines and enhanced avionics. In march of 2014, a refined version of the variant TBM 700N was made available and marketed as the TBM 900.
Between 1991 and October of 2019, the TBM 700 or its variants recorded 44 accidents and incidents of which 19 resulted in a total of 61 fatalities. General Characteristics of the TBM 900 include the following:
- Crew: 1
- Capacity: 4-6
- Wingspan 42 ft 1 in
- Empty Weight: 4,623 lb
- Maximum Speed: 380 mph
- Cruise speed: 290 mph
- Range: 1,784 nmi
- Service Ceiling: 31,000 ft
Socata TBM 700 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.
Socata TBM 700 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.
Socata TBM 700 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 Socata TBM 700’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 Socata TBM 700 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 Socata TBM 700 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 Socata TBM 700 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 Socata TBM 700 and requests a quote including hull coverage in the amount of say $1,300,000. Once an aviation insurance company provides a quote, they are agreeing with you that your aircraft is worth $1,300,000.
*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 $1,300,000, you would get a straight check for $1,300,000.
Socata TBM 700 Insurance Cost Breakdown:
As of January 2021, there are 7 carriers quoting Socata TBM 700 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 $1,300,000 in hull coverage
Premium range for qualified pilots: $12,500-$17,100 per year.
Premium range for less than qualified pilots (low-time/etc): $25,000-$38,000 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 Socata TBM 700 owners and operators obtain the very best insurance coverage.
BWI offers comprehensive Socata TBM 700 insurance policies for personal, business, charter, industrial aid, and commercial aviation uses.
For more information or to get an actual Socata TBM 700 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.