C340 Insurance

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  • #83316

    I’m interested in how much others have to pay to insure their 340s and if everyone is required to attend an annual sim-training facility.

    To start:

    I pay about $4,400/year.

    Hull value is $300,000. (1982 340a with “all the bells and whistles”)

    I have little time in type (’bout 100 hours), but I’m a professional pilot logging over 300 hours per year.

    Although I agreed to the required refresher this year because it’s been a number of years since I’ve flown a 340 and I think I should (SimCom next week), they still say it’s an annual requirement, even though I attend a part 121 annual recurrent and sim.

    Anybody else?

    -Frank

    #94252
    rwelsh
    Participant

      I only pay $485 a year for liability only, but have many thousands more hours than you. I don’t have to do recurrent training; again because AVEMCO likes 18,000 hour pilots. Until you build lots more time, all insurance companies will want some kind of recurrent training which isn’t a bad thing anyway.

      #94256

      I pay about $6k for a C414 with hull value of $290k. I am required to attend annual sim training as well. I have 1200 total hours, 1000 in multi engine with about 400 hours in the C414.

      I have been to Simcom in Orlando, but the last couple of years I have gone to RTC which is about half the cost and is located near KCMI in Illinois. It is a no frills place but I like their sim better.

      Curtis

      #94271

      I pay $1,716 for Liability – $1 Million/Occurrence and $1 million each passenger and $1000 medical/per. This is a combined single limit.

      The policy can be issued with a $100,000/passenger limit at much less premium. I feel the “smooth” limits worth the extra. $100,000 is pretty low.

      Considering my engines are run out, I have the current hull value at $250,000 and a $100 deductible for all events is $3,880. It is a 1979 C340.

      (I have not explored higher retention and what it would do the the price, but I am going to after writing this.)

      Total cost for the policy just renewed 6/12/2010 – $5597.00

      The company is Illinois National Insurance Co, a subsidiary of CHARTIS

      The company requires annual “approved” training.

      I use: Steve Thibault
      Aviation Enhancements
      6225 47th St SE
      St Cloud, MN 56304
      fltproficiency@cs.com
      Work: 612-508-5539
      Mobile: (612)508-5539

      We train in my plane and a rented Sim for the ugly stuff. Steve is excellent, I highly recommend him.

      I have 5,000 TT, 1,800 ME and around 800 in the insured airplane. The pilot endorsement requires all the usual plus 1,000 TT with 50 make and model and 500 ME.

      6/29/2011 Update –

      I just renewed my expiring policy, all terms the same except I do have new motors but did not change the hull value due to market conditions. The renewal was $397 lower than the expiring policy.

      #94319

      I just renewed my 340 policy in July. The numbers were:

      Liability – $1,000,000 smooth / $30K Medical at $2,283
      Hull – No deductible, premium is 1% of hull value

      I have ~800 hours in the 340. Last year the insurance compay let me take an in-aircraft refresher but said they were unlikely to accept that in the future. They wanted to see systematic training in a simulator.

      I took a look at the premiums over the past few years and noted the following:

      1. Hull insurance in the 2004 – 2007 timeframe was running 1.78% of hull value; that came down in 2008 and has fluctuated between 1% and 1.1%.
      2. Liability was constant from 2004 – 2009 at just under $2,000 for $1M smooth; it increaed 15% this year to ~$2300.
      3. The delta between $1M smooth and $1M / 100K sublimits was quoted as $940.

      #94821

      I received the quote today for insurance for the 2011-2012 year – virtually unchanged from last year at 1% of hull value and $2,283 for $1M smooth liability. This policy is with Starr Aviation through PIM Aviation Insurance.

      I also received a quote from Avemco. Their quote was ~3% of hull value plus $1,500 for $250K sublimits. They also place a pretty low hull value on 340s. Does anyone insure with them and, if so, what kind of rates are you seeing?

      #94846

      OK, well, it’s been a year and I appreciate the updates. I guess my insurance isn’t out of line, but it sure feels expensive.

      Insurance:
      Chartis
      $ 782 Liability ($1M total, $100K per seat — I don’t have enough time in type for smooth coverage)
      $3,531 Hull (1.177% of $300,000 valuation), no deductible
      $ 1 for misc. endorsements
      ————
      $4,294 total

      Required training:
      Formal sim training (SimCom, etc.) every other year and just an IPC in the plane in the off years.

      Airplane:
      1982 C340A, low time, great paint and interior, low time engines and brand new glass panel and avionics (radar, sat wx, traffic, etc.)
      Hangared.

      Me:
      ATP, Pt 121 employed pilot
      6,000+ hours TT
      4,000+ hours ME
      …but less than 100 TT in 340.

      ~~

      I did get a bid from Avemco and it was absurd at over $6K total. They tried to explain that they’re a better company and worth the extra 50%. I don’t know what those folks are smokin’ but I don’t think I want any!

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