How much does insurance cost on a Cirrus SR22?

How much does it cost for insurance on a Cirrus SR22?  You’ll probably want to select a good aviation insurance broker and let them get multiple quotes for comparison. Your cost will be based on a number of variables including:

Currency: How many hours in last 90 days and 6 months? What are your total flight hours?

Competency: What’s your total time in the airplane type and model you’re seeking insurance on? Have you completed an acceptable transition training program? Are you a member in an airplane type club?  Membership in Cirrus Owners and Pilots Association provides access to valuable information and discussions specific to the type and model aircraft.  Past statistics have shown active COPA members have fewer incidents than non-COPA members in Cirrus Aircraft.

Certificates: Are you instrument rated? If you’re going to fly a high performance Cirrus airplane be committed to an instrument rating and maintaining your skill. Completing additional certificates can also help reduce your insurance costs.

Aircraft: What is the year and model aircraft you want to insure?  Hull value will be part of the basis in determining insurance cost.  Have you had any insurance claims during the past 5 years?

Examples: In a shared ownership with 3 pilots, all instrument rated with more than 500 hours each the cost was about $3,000 per year for a 2008 Cirrus Perspective SR22TN Turbo.  We’ve seen a Cirrus 2004 SR22-G2, in a shared ownership with 4 pilots, all instrument rated with more than 500 hours each for less than $2,600 per year.  Your cost for insurance may be different.

In a shared aircraft ownership, only two categories of airplane operating expense are typically needed: “fixed expense” and “variable expense.”  The cost of aircraft insurance would be categorized as a “fixed expense.”  Usually, fixed cost would be split equally among members because it’s not calculated into the hourly operating rate and it shouldn’t be.  A fixed expense can be incurred regardless of the number of hours the plane is flow.

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