Airplane Insurance Quote Calculator

This Airplane Insurance Quote Calculator is designed by Travers Aviation Insurance only to show how airplane insurance underwriters calculate premium. Your insurance rates will most likely be different and are based on continually changing market conditions.

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The calculator is designed to help estimate airplane insurance cost.  A professional pilot flying a modern turboprop or jet will typically pay a lower hull rate.  A student pilot flying an expensive aircraft will generally pay a higher hull rate.  Hull rates can range from .0022 or less for a professional crew operating a modern jet like a Gulfstream to .03 or more for a Student or inexperienced pilot learning to fly.
 
Our agents can gather all the necessary pilot information from you to provide an accurate quote, so you won't need to stress about figuring it out yourself.

Click for more general airplane insurance cost information.

What are the key factors aviation insurance companies use to calculate airplane insurance cost?

Hull value and pilot experience are two key factors that go into calculating aircraft insurance cost. The hull value most commonly represents the amount the owner and the insurer decide on at the start of the policy. Most of the time, policies are written with this kind of arrangement. The proficiency of the pilot is the second important element that influences aviation insurance cost. This involves how many flight hours a pilot has accumulated, how much time they have in certain make and models, recent flight activity, ratings, and more.

How do underwriters calculate airplane insurance premium?

Airplane insurance premium is generally calculated using a percentage of the hull value plus a charge for liability and other coverage. If the underwriter is calculating premium for a $500,000 aircraft at a 1% hull rate the hull insurance cost is $5,000. A $1,000,000 liability limit may cost $1,000. The total annual premium would be $6,000. In many cases extra cost is added for options like Medical Payments, extra endorsements, war coverage, and terrorism coverage.
 
Several variables are used to determine the appropriate premium for airplane insurance buyers. Some of the factors include the caliber of pilot, make and model of aircraft, airport used as the home base, use of the aircraft, and market conditions. These are all considered by an underwriter to determine the risk exposure when issuing a policy. That is why it is always best for a pilot to continue developing their skills, training, and consistently practice flying, as a pilot’s background is one of the most influential elements that shape airplane insurance cost.
 
Here is an example of Cessna 172 insurance cost. A Cessna 172 with a hull value of $70,000 and used it for personal use by a pilot with over 1,200 hours in the plane, they might expect to pay $1,000 or less annually in premium. On the other hand, an inexperienced student pilot in the same Cessna 172, with only 50 hours of flight time, could have a premium of $2,000 or more a year.

Click for more Cessna 172 insurance information.

Frequently Asked Questions – Aircraft Insurance Pricing and Costs

Below are some common questions that aircraft owners or pilots have regarding aircraft insurance costs.

What is the typical cost of aircraft insurance?

Pricing varies depending on aircraft value, pilot background, and operating use. Many piston engine aircraft policies fall somewhere between 0.8% and 3% of the airplane value with an additional charge for liability protection.  If an aviation insurance underwriter calculating premium charges a 0.8% hull rate and the hull value is $1,000,000 the hull portion of the premium would be $8,000.  If the underwriter charges $600 for the liability the total annual premium would be $8,600.

What factors affect the price?

• Pilot Background: Total flight hours, time in make and model, recent flight activity, ratings, etc.
• Aircraft Value and Design: The hull value, avionics, and/or any type of aircraft advancements
• Aircraft Use: If you use the aircraft for personal pleasure flying, business, rental, instruction, charter operations, crop spraying, or other uses.
• Storage and Location: Hangared or tied outside and geographical locations
• Loss History: Incidents, past losses, or regulatory actions

Why do insurance companies look so closely at pilot experience?

Most of the time, pilots that have a lot of experience have less chances of being in an accident compared to pilots that are new to flying or are inexperienced. Skilled pilots usually have fewer claims. This benefits their premium rates since underwriters take into consideration their risk factor. Usually, gaining more flying time and extra training in your aircraft model will lead to better airplane insurance cost.

Does the value of the aircraft influence airplane insurance cost?

Yes, the aircraft value influences insurance premium cost. The value of the insured aircraft hull can determine the payout amount. As the value of the aircraft increases, the hull portion of the premium also goes up.

Does installing new avionics change the price?

Sometimes. Installing avionics may increase the aircraft value and in turn increase the premium, but there are other times where installing new avionics will improve the safety of the aircraft and help reduce airplane insurance cost. Reducing the risk factors and increasing the preventability of an accident encourages lower premium rates decided by insurers.  In many cases technically advanced aircraft combined with a pilot training can reduce airplane insurance cost.

Is liability coverage included with most insurance policies?

In most cases, yes. Airplane liability insurance is often included with aviation insurance policies. Airplane liability insurance can help protect the insured if the insured is found liable for covered bodily injury or property damage.  Airplane liability insurance cost can fluctuate with the amount of coverage quoted, pilot experience, use of the aircraft, make and model of aircraft, and more.  Airplane liability insurance can cost a few hundred dollars for a light aircraft to millions for airlines.

Are older aircraft more expensive to insure?

Not always. The age of the aircraft is less of a determining factor compared to current market conditions and the pilot’s experience.  It is important to work with an aviation insurance specialist when getting insurance quotes for older aircraft.  Our specialist brokers can place policies for both new aircraft and antique aircraft. Learn more about Antique Aircraft Insurance.

Can aircraft insurance premium change from year to year?

Yes. The aviation insurance market is constantly evolving and changing. Premium rates can increase or decrease based on how many claims are made in the industry and general underwriting trends.  Competition between insurance companies changes as major insurance companies enter and leave the aviation insurance market.

Will additional training influence airplane insurance costs?

Most of the time, proficiency training and continuing education help pilots qualify for better premium rates and pricing when underwriters review their experience.  Many insurance companies will offer a standard discount for pilots completing recurrent training.

Will keeping my airplane in a hangar help with insurance cost?

Most of the time yes. Aircraft that are protected inside a hangar are often seen as lower risk because they are less exposed to weather related damage.  Insurance companies will typically offer terms for hangered aircraft at a lower airplane insurance cost.

Request an Accurate Aircraft Insurance Quote

The Aircraft Insurance Quote Calculator gives a simplified and general idea of what your insurance premium costs could be like. When requesting a formal quote from our aviation insurance specialists - your pilot experience, aircraft specifications, operating environment, and your desired protection are all carefully reviewed to deliver a more accurate quote. A complete quote review lets underwriters provide accurate pricing based on the current aviation insurance market conditions.

Request an actual aircraft insurance quote.