Insurance cost

Model Specific Discussions about the Sling TSi.
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kkim1972
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Insurance cost

Post by kkim1972 »

I heard insurance premium is also heavily determined by the history of A/C type as a group in addition to the experience of the pilot. For example, Experimental/RV/RV-10 -->$8000 for relatively inexperienced (ie the term "unqualified") pilot.

Could anyone share insurance cost for Sling Tsi?

Sling insurance cost (not Tsi) according to BWIFly:
As of January 2021, there are 7 carriers quoting Sling Aircraft insurance in the U.S. We consider qualified pilots to have at least a Private License with 500 total hours, 100 tailwheel hours and 25 hours in the make/model.

For an annual policy with $1,000,000 in liability only coverage.
 Premium range for qualified pilots: $550-$650 per year.
 Premium range for less than qualified pilots (low-time/etc): $675-950 per year.

For an annual policy with $1,000,000 in liability coverage and $250,000 in hull coverage
 Premium range for qualified pilots: $4,900-$6,400 per year.
 Premium range for less than qualified pilots (low-time/etc): $4,670-$6,300 per year.


What would lower the insurance premium other than flight hours? Would parachute install reduce the premium?
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ibgarrett
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Re: Insurance cost

Post by ibgarrett »

Everything I have heard up to now about insurance about the Tsi has been rough. I'v heard as high as $12k and as low as $6k. I'm 800hrs and commercial with an instrument rating and if I go with the numbers of $250k hull it's quite likely the insurance would be $8k/yr. I don't know if insurance at this stage care too much about ratings simply because the Tsi still is a reasonably new platform so they have no history to know what it is going to fly like. IMHO it's kinda dumb because all you have to do is look at the Sling2/4 and the number of Slings being flown worldwide... but at the end of the day insurance is going to blame what they are going to blame so they get their pound of flesh out of the deal.

That all being said - I got out of a T210 to build my Tsi and I can tell you that without an instrument rating the 210 would have been a rough haul insurance wise. So at minimum I'd recommend getting your instrument rating as the Tsi definitely has capabilities which you'll likely want to have "some" instrument functionality and it likely will help with the insurance costs.

I'm still about 9 to 10 months away from needing to worry about this part of the plane... so hopefully it'll change? I am not holding my breath though.
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lutorm
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Re: Insurance cost

Post by lutorm »

Something must be wrong with those quotes. Why are less experienced pilots paying less for hull coverage than the experienced ones? And tailwheel? Does a tailwheel Sling 4 even exist?
kkim1972 wrote: Mon Feb 21, 2022 7:17 pm Would parachute install reduce the premium?
Doubt it, they don't pay you for dying, and the airframe will likely be totaled either way. If anything it might be more expensive because if you're coming down in a parachute you're not going to be avoiding anything on the way down, so third party damages might be higher?

I can only think of three things that will lower your premium: getting more experience, shopping around, and lowering your coverage. Most of the premium is for hull coverage and if you can self-insure that, your premiums are much lower. (Of course, the hull coverage premiums are higher for a reason, but being that you built the aircraft in the first place, you can probably repair a lot of minor damage yourself, too. If you have a total loss, though, you'd be buying a new kit yourself... But with those rates, if you can avoid crashing it for 10 years you've made the kit back...)
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Neeraj
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Re: Insurance cost

Post by Neeraj »

For a Sling TSi model, a million-dollar liability cover averages about $800 annually. Hull insurance for $250,000 - which is the replacement value of the TSi, and $1,000,000 liability courage works out to be about $8,000 annually.
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lutorm
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Re: Insurance cost

Post by lutorm »

In Sweden, EAA Sweden has an agreement with an insurer for planes flown by EAA members. $1.5M liability coverage is about $230/year, hull insurance $800/year for $100k coverage with $5k deductible. That seems extremely cheap by US standards. Unfortunately it seems the hull coverage is capped at $100k, which isn't going to cut it for a TSi (or for any other similar class planes) these days.
Blog of various projects: https://blog.familjenjonsson.org/blog/
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ibgarrett
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Re: Insurance cost

Post by ibgarrett »

lutorm wrote: Sat Jun 17, 2023 10:33 pm In Sweden, EAA Sweden has an agreement with an insurer for planes flown by EAA members. $1.5M liability coverage is about $230/year, hull insurance $800/year for $100k coverage with $5k deductible. That seems extremely cheap by US standards. Unfortunately it seems the hull coverage is capped at $100k, which isn't going to cut it for a TSi (or for any other similar class planes) these days.
So you take out two policies then - right? ;)

See - I'm a problem solver. :)
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lutorm
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Re: Insurance cost

Post by lutorm »

ibgarrett wrote: Mon Jul 03, 2023 12:03 pm So you take out two policies then - right? ;)
"No, I really am building two Slings, for one I'm starting with the engine and avionics, for the other I'm starting with the kit"... :D
Blog of various projects: https://blog.familjenjonsson.org/blog/
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