Here’s how much it costs to insure a private jet

No bones about it: A private jet can be one of the most expensive machines you can insure, second only to space shuttles and some long-haul satellites.

For some small aircraft, such as the Beechcraft Bonanza G36, you may get away with paying $1,000 a year for liability and “hull coverage”—the actual aircraft coverage policy. But for larger private jets, you can pay anywhere from $10,000 to hundreds of thousands of dollars. every year in aircraft insurance.

However, the price of aircraft insurance is incidental and will vary based on the type of aircraft you are flying in, how many hours you have flown as a pilot, and where you park it. You might also pay less if you never file an insurance claim — or more if you plan to teach aviation students how to fly.

How much does it cost to insure a private jet?

To give you a rough idea of ​​the cost of insuring a private jet, here are the average premiums for five popular aircraft.

What plane coverage can you buy?

Insurance companies usually divide aircraft insurance into two policies: liability coverage and hull coverage.

The liability covers costs related to bodily injury to pilots, crew and passengers. Typically, companies will offer a minimum liability of $100,000, with a maximum liability of several million.

Hull coverage helps you pay for physical damage to your aircraft, whether caused by accidents, vandalism or weather. Because aircraft are so expensive to repair or replace, aircraft hull coverage takes up the bulk of your premiums.

Of course, insurance companies make money, and as such, they have many policies that you can add on for an additional cost. Some of the most common ones include:

• international responsibility. This is additional insurance to cover you, your crew, and your passengers if you are traveling outside the United States. Some countries, in fact, require you to have an international responsibility to travel within their airspace.
• General liability: This covers any bodily damage or injury to civilians and their property if you are involved in an accident.

What factors affect aircraft insurance premiums?

Much like auto insurance and homeowners insurance, it can be difficult to determine the price of aircraft insurance. Insurance companies typically look at many variables to calculate your premiums, such as:

• your aircraft model. More expensive aircraft will cost more to cover a ship’s hull.
• flight experience. Insurance companies will consider the number of total flying hours. Normally, if you have flown more than 5,000 hours, you are considered an experienced pilot.
• Your insurance history. More accidents or insurance claims will make your premiums more expensive.
• Plane parking. Housing your aircraft in a clothes hanger can lower your insurance costs.
• frequency of use of the aircraft. The more miles you fly on your plane annually, the higher your insurance premiums are likely to be.

Who sells aircraft insurance?

You can buy aircraft insurance for most private jets from BWI Fly, Wings, and USAA. Like other types of insurance, you can also hire an independent insurance agent to help you find the best comprehensive coverage at the lowest rate.

Do you need aircraft insurance?

Yes. If you are going to fly on an airplane, you must have aircraft insurance.

Unlike auto insurance, the federal government does not require pilots to have aircraft insurance. But 12 countries Do It requires you to have a certain amount of liability coverage to travel legally. Currently, these states are California, Connecticut, Hawaii, Indiana, Maryland, Massachusetts, Minnesota, North Dakota, Oregon, Rhode Island, Virginia, and Utah.

Even if your state does not require liability coverage, it is wise to have this policy in place before you travel with other people. If you get into an accident without insurance, you’ll be on the hook for paying passengers’ medical bills out of pocket, not to mention your own.