How Much for Insurance?

Having narrowed my decision to a Cirrus SR22 non-turbo, next up was to price insurance.  I called up Cirrus Insurance, and when I heard the estimated rates for my insurance (I’m a new pilot and had 0-time in the Cirrus), I thought the person giving me the rates was insane. So what was the range?  $12,000-$18,000 per year.  She couldn’t tell me where on that range I’d fall until I provided full details and asked for a formal quote.

Checking with other insurance agents, rates were very similar and some insurance companies will not offer insurance for pilots with fewer than 500 hours.  So I had to feel lucky that I could even get insurance in the first place.  The rates for aviation insurance are insane.  If you do the math, it must be a very lucrative business:

  • The range based on experience and certifications is between $6,000 (for an IFR certified pilot with > 1,000 hrs and 100+ hrs time in Cirrus) to $18,000. 
  • There’s generally a $5,000 deductible making the insurance really only for severe incidents
  • If an insurance company could insure 1,000 Cirrus planes at an average of $10K each, that’s $10 million per year in revenue.  It’s unimaginable that 1000 cirrus planes would have more than $1-2 million in claims in any given year or about 10-20% of the premiums.  Even on the high range of that claim estimate, and assuming a 10% commission for the agent, I expect that the insurance companies are netting at least 70%.  Not a bad margin at all!  How does one get into this business?

I ended up with insurance through Cirrus’ agent from London Aviation.  With 70 hrs and a private pilot certificate, my rate came in at over $13K per year (about $1100/month).

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55 responses to “How Much for Insurance?

  1. Wow, I knew there was a reason why I never became a pilot! Couldn’t afford that. But glad all went well!

  2. I bought an OMF Sypmphony. I pay $100 PER MONTH, instead of the $1000 a month they wanted for the cirrus. I am very happy.
    don

  3. Good information. I guess I will stick with my cheap cessna products.

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    • I had a rather hard time chonsiog just one type of physician I would want to work for. So many of them fascinate me, and with me not really going into any medical field other than support, I never gave this any thought in the past. After reading the list, I am more favorable of working for a neonatologist. It is difficult to think about how neonatologist physicians sometimes have the most difficult job in the world, but I can only imagine how amazing it would be to be a part of saving a baby’s life. I had a coworker once whose baby was born at 36 weeks, and her baby had a lot of heart and lung problems. There were concerns about whether or not they would ever fully develop once she had him, but after many months in the NICU, and many scares that happened during it, the doctors were able to save him and he is now a very healthy 5 year old. It is because of that I have a higher interest in the neonatologist field.I hate to say which type of physician I would care less to work for, and it is because I worry that many will take it the wrong way. When I was 16, I used to help my mom at an assisted living home as a caregiver. We would get to work at 7:00 A.M. every morning to prepare breakfast for four of the elderly men and women that we were caring for. We would then make sure that all bedding was changed, rooms were cleaned, meals were prepared, and appointments were handled. We worked 12 hour days, and they were always grueling. The owner of the home made sure that everyone had their medicine and made it to their doctor appointments on time. However, she was more worried about getting paid for her services than actually helping the elderly. She would yell at them if they did something wrong, and even call them terrible names. My mom reported her and we both quit our job, but it has always left a sting in my heart since then. It is because of my experience with that situation that I do not think I could ever work for a gerontologist. I know that the situations would be much different, but ever since my experience with caring for elderly individuals it is very hard for me to think about assisting a physician in geriatrics because I worry that someone else might treat the elderly in the same way the owner of the home did. I am a firm believer that the elderly deserve the ultimate care and comfort when going through any treatment and aging in general, but I do not think I could ever work in that environment again.

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  16. For me this is a relatively easy qesution, but has a pretty complex answer. The specialty I have actually looked forward to working with is OB/GYN. I find that the ability of a woman’s body to produce a child, endure the amount of abuse it takes during a pregnancy, and the amount of pain endured during delivery is amazing. The joy of being able to be present as life enters the world is truly one of the greatest moments in life. To me that would be the best possible option. I also would love working in the operating room with a surgeon. I have experienced the OR quite a few times, and have been on both sides of the table. I have to say I would love to work with any surgeon in the OR except for Orthopedics. The reason behind that is the surgery’s are pretty brutal when it comes to the skeletal system. Having been in the OR with an Orthopedic surgeon and seeing the use of the saws, hammers and other heavy equipment in order to perform the surgery just sends chills up my spine. I know that type of surgery is not for me. I think my favorite surgeries have to be that of the abdominal cavity. The specialties that I would least like to work for are few, and for simple reasons. Pediatrics is not a specialty for me since I have four children of my own. My Aunt is a neonatal nurse practitioner and I followed her in high school and saw the good, the bad, and the ugly so I can honestly say I could not emotionally handle that type of position. Podiatry is also an area I could not see myself working. The reason behind this is pretty silly, but here goes, I very much dislike other peoples feet especially if they are not well kept. I know in the medical field you will encounter feet on a daily basis, but I could not mainly work with feet on an everyday basis. My last specialty is Orthopedics for the reasons I noted above about the barbaric nature of the surgeries and treatments for the musculoskeletal system. Its just not for me.

  17. helen that’s like posting G.P’s are ginivg up their $ 1/2 million dollar medical practices to protest health care insurance legislation. are the GP’s going to join MLB and play for the yankees ? if insurance companies pay a dividend that the share holders are happy with, why would they just close down. no business would close down simply cause they wanted more profits.

  18. Since there is so many fields of sptaicleies that I have a choice of, I still really can’t choose one. So I am going base on my personal experiences. My original goal back in high school and maybe even before that, was to work in a Neonatal ICU! I had a brother that passed before he had his first birthday from heart complications, and that year I spent a lot of time at hospitals with my parents. My goal the first couple of years was to work with babies just like him. That was until I had my own children, I would of still loved to have worked in that career field but the heart ache I would most likely endure when one of those babies did not make it home. I could not have handled!On to more positive experiences, I have worked with the elderly and Geriatrics interests me very much. Being surrounded with people that have lived a fulfilled life is so much more rewarding. Even though at times it is the ending stages of their lives, and it is sad when someone does pass. It’s less of a heartache to know that most of the time they are ready to move on. They are still very dependent on you and when you are able to help them with their needs that’s the most rewarding of all, plus you form a special relationship with the patients and their families.

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