Hello. I am a new private pilot with 70 hours in a Cessna 182 and have purchased a 2017 SR22T which I am taking delivery on in a few weeks. I will be completing transition training with a CISP and will be starting on my instrument rating in the Cirrus once it arrives. I wanted to reach out to get some advice on insurance. I have contacted a broker about running some quotes, and we have now received responses from several stating either that they will not write the policy and we have one quote back where they wrote it at a $700k hull value (I requested it at $900k), and the policy came in at $19k. My broker is telling me that this is likely my only option, and in my opinion it seems rather high.
Is this a common experience? Has anyone had any luck with a specific broker or carrier? Any other advice or feedback you could give me?
Thank you in advance!
A Broker is needed for all companies other than AVEMCO. I suggest you find a broker who is experienced in Cirrus Aircraft.
The broker goes to numerous underwriters to see which are willing to insure you and for how much. An experienced broker is truly necessary. Given the value of your plane and your low hours and lack of an instrument rating, it will be expensive for a while, but should rapidly come down as you gain hours.
I use Ryan Konrath, a COPA member and CPPP Instructor at Wings Insurance.
You can reach him at https://www.ryankonrath.com/
Jerry gave you good advice, shop around and have a broker familiar with Cirri. You can expect this no instrument rating, no time in type and low TT to be considered a fairly risky pilot to insure. No offense meant, just how they will view it.
Fly the wings off it this year and get an instrument rating. Your insurance will come down amazingly.
Best of luck.
I bought an SR20 G3 while I was still taking lessons for my private. So, a much more modest aircraft but much less experience. At the time, I had only 30 hours in a 172 and no hours in a Cirrus. I went through AOPA and they got me 7 quotes within a matter of minutes. The best quote was for around $3k, but had good terms and was from an excellent insurance company. You're not going to get as favorable of a quote for a much more expensive aircraft, but given my experience you might consider joining AOPA and seeing what they can get for quotes.
While I would third the recommendation to find a Cirrus-centric brokerage (hint, Ryan Konrath and team at Wings Insurance) I would also say that this is a tough year for aviation insurance in general with lots of losses, several $100 million per-incident judgments and multiple underwriters or reinsurers exiting the market altogether. I had over ten quotes last year and four this year; several of my declined-to-quote were along the lines of "owner flown hull value too high."
For that type of hull value, 70 hours total time and no instrument rating, I would take that $19k policy in a nanosecond. I was insuring about half that hull value in a Cessna 206 with the same total time and no IR and my first year was close to $16k.
Get that IR and 100 hours in type and renew early. You'll see something approaching 1/3 of your premium.
Misha NossikFor the last 15+ years of owning a Cirrus I only paid for the mandatory liability coverage,
Not sure what state you are in, but most states do not have any requirement for mandatory aircraft liability coverage. Certainly not a good idea to go bare, but some pilots do...
Not looking to start any arguments, but I don't buy insurance to protect me from paying out of pocket expenses. I buy insurance to protect me from people I injure getting into my pockets...
If I damage the plane, that sucks, but I'll fix it. If I damage someone's property or (god forbid) a person themselves, it's going to cost significantly more than simply writing a check for the damage. This is what insurance is for.
Nic, congrats on your journey to become a pilot. Why would you buy a newer 2017 SR22, because you can. The insurance rate is small considering the risk with your limited experience. IMO I would by a 10 year old SR22 with a new Chute Pack, much cheaper to insure and a great plane for you to gain the experience that you need.. Then next year trade up..
BTW, this is what I did, however I haven't traded up yet, I love my 2005 SR22...
+1 for Ryan Konrath. He'll do the best he can for you and advise you of your options. He did a great job for me when I bought my Cirrus last year. Good luck, Nic, with your training and having fun. The Cirrus is an AWESOME machine. Cheers, Chuck
Nic PetersonI am a new private pilot with 70 hours in a Cessna 182
Why not start and finish your IFR rating in the 182?
You know how to fly it, you know the instruments, it flies slow (perfect for IFR training) and is cheap. You could bang it out in a month or two easy - if you get after it.
Reschedule the Cirrus pickup and get the IFR done.
At least you won't be like a dog looking at a TV set in the Cirrus. There is a real reason for those high insurance rates.....
Nic. I am also a new pilot (150 hours) and received a quote on a new SR22T. The best rate came from Wings and I talked to RYAN. The quote from Travers which Cirrus recommended was almost twice as much. Talk to RYAN.
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