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TBM Aircraft Insurance – How to get Aircraft insurance

In this article, we will discuss in full detail all you want to know about TBM Aircraft Insurance and others. The TBM 700, 850, and 900 aircraft from Daher-Socata offer jet-like speeds at a lower cost. The pressurized turboprop aircraft with six to eight seats was originally debuted in 1990 and has been in service ever since.

 

TBM Aircraft Insurance

Aircraft insurance

A TBM can soar with the “big dogs” over dangerous weather and fast to a destination at 330 knots of real airspeed thanks to its service ceiling of 31,000 feet. TBM aircraft will make just about any pilot drool, as newer variants are fitted with the latest glass cockpit technology and creature comforts like air conditioning.

TBM 700A — With a Pratt & Whitney PT6A-64 engine, the TBM 700A started it all, cruising at 300 knots true. Increased maximum weight, air conditioning, and other available options were added to the TBM 700B and TBM 700C.

TBM 850 – The TBM 850 gave pilots an extra 25 knots at cruise altitude without changing what made the 700 so successful. The TBM 850 G1000 was the first TBM with the G1000 glass cockpit system, and the Elite model added more cargo space and forward-facing passenger seating.

TBM 900 – 47 TBMs have been ordered thus far in 2014. The TBM 900, dubbed the “ideal personal aircraft,” has a 1,730 nautical mile range, can reach 31,000 feet in 18 minutes, and can land on 2,100′ grass runways without sacrificing comfort. Other enhancements include composite winglets, a five-blade propeller, automated pressurization control, and Garmin V14 software, in addition to the 330-knot maximum cruising speed.

A call to Aviation Insurance Resources benefits experienced TBM owners, prospective TBM owners, and transition pilots alike (AIR). AIR’s aircraft insurance specialists shop all of the main aviation insurance marketplaces to provide you with the best rates and most comprehensive coverages. Since 1999, turboprop pilots who own planes like the TBM 900, Pilatus PC 12, and Cessna Caravan have relied on AIR’s turboprop insurance expertise.

AIR’s agents and pilots can handle everything from pistons to turboprops to jets. You may save time and money by making just one phone call. Please contact Aviation Insurance Resources at 877-247-7767 or visit AIR-PROS.com today to receive an aviation insurance quote for your Daher-Socata TBM aircraft!

TBM Aircraft Insurance

THE INDUSTRY’S LEADERS

The Daher TBM series of single-engine turboprop aircraft is the industry leader in terms of innovation and safety. Because of the combination of safety and a long history of delivering reliable airplanes, we can provide some of the most competitive insurance prices in the business.

The insurability of an aircraft is directly proportional to its capabilities, performance, and safety features. It is critical to understand the aircraft and the customer who is operating the plane when it comes to aviation insurance. The TBM has been insured by Travers and Associates since its establishment. We can negotiate affordable insurance prices by combining the aircraft and its capabilities with our industry experience. Get a quote here

THE PILOT PATHWAY FOR TRANSITION

The dream of newer pilots joining the TBM is becoming a reality sooner than in previous years. Travers and Associates, as one of the industry’s major insurance agencies, has worked closely with a number of insurance firms to administer insurance products for these newer pilots. Insurance should never be a barrier to purchasing a TBM plane. Every year, we transfer more pilots into the TBM than any other company in the business.

PRO PILOTS OR HIGH TIME PILOTS Get at Extreme Low Rate $975-$1,250 per year

Insurance is easily accessible at extremely low rates for pilots who have been flying for years or who have a vocation as a professional pilot. For an insurance firm, insuring the TBM with a high time or pro pilot is a highly desirable risk. Insurance firms can assign competitive premiums to the risk by combining the TBM’s extensive safety systems with a pilot who is familiar with the technology.

POLICIES THAT ARE BETTER And Affordable at the Rate of  $12,500-$17,100 per year

We exclusively work with A-rated insurance companies at Travers and Associates. Every major insurance provider that insures the TBM is represented by us. Insuring high-value aircraft with TBM capabilities necessitates an insurance provider and agent that are familiar with the client’s purpose. At Travers and Associates, we take the time to get to know each of our clients and do our best to match you with one of our top insurance companies.

DISCOUNTS ON AIRCRAFT POLICY / $975-$1,250 per year

While each company offers different types of TBM discounts, here are a couple that is currently accessible in the industry.

Discount on Technologically Advanced Aircraft

Discount on Pilot Training

Discounted Hangared

Free of Charge Discount

Discounts for Aviation Members (TBMOPA, AOPA, EAA)

Discount on Instrument Proficiency Check

Discounts on Wings Programs

Overview of the Socata TBM 700:

The TBM 700 is part of a family of single-engine pressurized turboprop aircraft developed in collaboration with Mooney Airplane Company and SOCATA, a French aircraft manufacturer. DAHER, a French industrial company, presently produces it.

The TBM 700 was introduced in 1990 and continues to be manufactured today. 1,000 TBM 700s had been delivered as of October 2020. Following the TBM 700’s initial success, work on a variety of variations and better versions began, including more powerful engines and improved avionics. The TBM 900 is a revised version of the variant TBM 700N that was released in March of 2014.

Between 1991 and October of this year, the TBM 700 or its variations were involved in 44 accidents and incidents, 19 of which resulted in 61 deaths. The TBM 900 has the following general characteristics:

1 person in the crew

Capacity: 4-6 people

42 ft 1 in wingspan

Weight when empty: 4,623 lb

Maximum Speed: 380 miles per hour

290 mph is the cruise speed.

The range is 1,784 nmi.

31,000 ft. service ceiling

TBM Aircraft Insurance:

Cost of insurance for a Socata TBM 700- $100,000 to $1,000,000 per passenger

Aviation insurance, in general, is a highly specialized industry, with premiums varying depending on the aircraft’s make and model, hull value, use, pilot history and qualifications, and even the loss history of each specific make and model as well as the loss history of the aviation industry as a whole.

The Socata TBM 700 insurance, like other aviation insurance, is divided into two halves. The first is normal liability coverage, which covers damage to the aircraft, and the second is optional hull coverage, which covers damage to the aircraft itself.

Socata TBM 700 aviation liability insurance provides legal protection in the event that the aircraft owner or policyholder is sued for damage caused by the aircraft outside of the aircraft, including property damage and physical harm.

Aircraft liability insurance for Socata TBM 700s is normally available at $1,000,000 per occurrence (per incident) and includes coverage for passengers, however it is typically limited to $100,000 to $1,000,000 per passenger. The overall liability coverage amount includes passenger liability coverage.

An illustration of how this aircraft liability coverage would protect you in the real world: If you caused property damage or physical harm outside of the aircraft while operating your Socata TBM 700, you would have the full amount of total liability coverage to pay for the damages, less the responsibility amount paid for passengers within the aircraft. If the plane crashes and there are injured passengers on board, your insurance policy will pay up to the policy passenger limit for each passenger.

This liability coverage also acts as a trailing bubble surrounding the aircraft. Liability coverage extends throughout your hangar if the aircraft is hangered, and most airports will require you to carry this coverage. It’s not a separate insurance policy; rather, it’s a feature of your ordinary aviation insurance policy.

Other liability options: Qualified pilots with expertise in the make and model and a minimum Private License/IFR rating may be eligible for higher liability coverage on the Socata TBM 700.

Hull coverage cost about $1,300,000.

Hull coverage is the second coverage on a Socata TBM 700 insurance policy, and it is an optional coverage. Aircraft hull insurance protects the aircraft from damage and is based on an agreed-upon value that does not depreciate. The agreed value is determined during the initial insurance quoting procedure, when the aircraft owner gets an insurance quote for his or her Socata TBM 700, with hull coverage of $1,300,000. When you get a quote from an aviation insurance company, it means they agree with you that your plane is worth $1,300,000.

*If your agreed value is higher than bluebook, insurance firms may add additional restrictions to quotes to prove the value of your aircraft before binding.

Most aviation insurance firms do not offer deductibles higher than $0, which means that if your aircraft was insured for $1,300,000, you would receive a $1,300,000 check in the event of a catastrophic loss.

Insurance Costs for the Socata TBM 700 is $750-$900 per year.

In the United States, there are seven carriers quote Socata TBM 700 insurance as of January 2021. We consider pilots qualified if they hold a Private License and IFR Rating, as well as 1,000 total hours, 500 Turbo and RG hours, 100 hours in make and model, and ground and flight training within 24 months of the flight.

For one-year insurance with a $1,000,000 liability limit.

For certified pilots, the premium range is $750-$900 per year.

For less-than-qualified pilots (low-time/etc), the premium range is $975-$1,250 per year.

An yearly policy with $1,000,000 in liability and $1,300,000 in hull coverage costs $1,300,000.

For qualified pilots, the premium range is $12,500-$17,100 per year.

For less-than-qualified pilots (low-time/etc), the premium range is $25,000-$38,000 per year.

Since 1977, BWI has been a family-owned and operated nationwide insurance company specializing in aviation insurance. Our professional Aviation Insurance Professionals are highly trained, hand-picked, and experienced in assisting owners and operators of Socata TBM 700 aircraft in obtaining the finest insurance coverage.

For personal, business, charter, industrial aid, and commercial aviation, BWI offers complete Socata TBM 700 insurance packages.

Please fill out a quotation request online here or contact us at 877.704.5139 for additional information or to get an actual Socata TBM 700 insurance quote. checkout Transition pilots

BWI | Aviation Insurance’s Future

Since 1977, we’ve been a family-owned business with a national presence and a forward-thinking attitude.

What distinguishes us? Our office is open 24 hours a day, our staff is hand-picked and well-trained, and each customer has their own dedicated Aviation Insurance Specialist.

*For full coverage specifications, exclusions, and specifics, always reference your insurance policy.

Aircraft Insurance at its Finest

BWI Fly is recognized for its low charges and strict policies.

If your work or passions have landed you a seat in the cockpit, the correct airplane insurance will offer you and your passengers with much-needed protection. Even though state or federal agencies do not need aircraft insurance, a simple policy can protect you and your aircraft from the financial consequences of aviation accidents or other sorts of damages. Weather-related damage, vandalism, or property damage, as well as any damage or accidents that may occur in flight or on the ground, are all covered.

A decent airplane insurance policy will give basic liability insurance at a least, with the flexibility to tailor your policy based on your needs, budget, and any relevant conditions or coverage requirements (e.g., flights to Alaska, vintage planes, instructional needs). Continue reading to find out which airplane insurance company is best for you.

TBM Aircraft Insurance:

In 2022, the Best Aircraft Insurance

BWI Fly is the best overall.

USAA is the best option for veterans.

Wings are the best for commercial aviation.

AssuredPartners Aerospace is the best option for renters.

EAA is the best option for vintage aircraft insurance.

Avemco is the best for flying clubs.

TBM Aircraft Insurance:

IN GENERAL, THE BEST BEST OVERALL 

BWI Fly: Worth About $225 –$1 million a year

BWI Fly’s reputation for low prices, dependable customer service, and a diverse policy portfolio makes them a viable alternative for a variety of aircraft insurance policies. Request a quote here

Pros

Rates that are reasonable

Outstanding client service

Several policy options

Cons

In order to operate in D.C., you must have a license.

Some policies aren’t applicable to certain behaviors (e.g. skydiving or aerial photography that required FAA Cert)

BWI Fly is frequently regarded as one of the best aircraft insurance companies, owing to their many policy options, great customer service, and inexpensive coverage that can be tailored to your specific needs.

Both personal and commercial demands can be met with BWI’s policy solutions. They also offer a variety of niche or specialty plans for experimental aircraft, seaplanes, flying clubs, commercial drones, private jets, and aircraft charters, among other types of aircraft and aircraft owners. BWI general aviation coverage options include liability, aircraft hull, ground, and flight, not in flight, and not in motion insurance, while coverage varies by policy and policyholder preferences.

For most consumers, BWI’s website gives quick and easy access to online estimates and claims, and their customer service is routinely rated as excellent. This company also includes a multitude of educational tools for both novice and experienced pilots.

Standard BWI aviation insurance premiums start at $225 per year for liability-only coverage up to $1 million, making them a cost-effective solution. However, because pricing can vary significantly depending on your policy needs, experience level, and other common criteria, it’s always advisable to get a customized quote.

MOST SUITABLE FOR VETERANS

USAA: Worth about  $875 a year

 

Active military members, veterans, and their families benefit from USAA’s specialty insurance products and other financial services, and its aviation insurance continues that heritage of committed customer service.

Pros

rates that are competitive

Most types of aircraft are covered.

Commercial, personal, and non-owner coverage are all available.

Cons

You must be a USAA member to participate.

Veterans, active-duty military personnel, and qualifying family members are eligible.

The USAA Insurance agency began in 1922 as an auto insurance firm, but it has since expanded to offer a wide range of services to USAA members and their families.

This is a one-stop-shop for everything from banking and mortgages to house, vehicle, health, and even aviation insurance for veterans. USAA is the best option for veterans looking for aviation insurance since members get specialized attention from expert underwriters and can get competitive annual premiums and other benefits.

Personal and commercial aircraft, as well as aviation and agribusiness firms, are all covered by USAA. They also offer liability insurance for non-owned vehicles. Traditional planes, helicopters, seaplanes, warbirds, and commercial UAVs (drones) are all covered by plans, making it simple to choose the perfect policy for your aviation needs.

Annual premiums are determined by the type of aircraft, the needs of members, and the coverage is chosen. There are certain plans that cost less than $100 per year. You must be a USAA member to be eligible for USAA aviation insurance. Individual estimates can be obtained by entering onto their USAA membership accounts or by calling the company directly.

PERFECT FOR COMMERCIAL FLIGHT

Wings: Worth About  $225 – $1 million

 

Wings offer a diverse range of commercial and corporate insurance products, each with its own set of benefits and initiatives designed to assist business owners to save money.

Pros

A large selection of commercial policies is available.

Coverage for workers’ compensation

Policies that are carefully crafted to match the demands of each customer

Cons

There isn’t an instant online quote available.

There is only a limited amount of information available online.

Since 1984, Wings has specialized in aviation insurance, and they now provide global insurance solutions through a network of providers. All policies are tailored to each client’s exact usage, coverage, and budgetary demands, making them the best option for commercial aviation insurance.

Wing’s insurance cover all of the conventional bases for commercial customers, including aircraft hull and liability, cargo operations liability, pollution and environmental responsibility, products, and finished operations, and property and ocean cargo coverage. Wing’s workers’ compensation and life insurance coverage may set them apart from certain competitors if you’re seeking a really well-rounded insurance provider for your business.

Wings take pride in a genuinely personalized underwriting process, and its goal is to locate the finest coverage for consumers in the United States and around the world. As a result, there are no instant quotes available on the internet. Wings representatives, on the other hand, are quick to respond and knowledgeable about the specific needs of commercial aviation policyholders.

AssuredPartners Aerospace

SUITABLE FOR RENTERS, At a Lower Rate of  $225 a year for up to $1 million in liability

 

Assured partners

This is a company that specializes in the aerospace industry.

For commercial and personal aviation needs, AssuredPartners Aerospace offers a choice of economically cost products, including renters insurance packages for as little as $81 per year. This, combined with different cost reduction opportunities, can make AssuredPartners an excellent alternative for anyone operating rented aircraft, including students and hobbyists.

Pros

AOPA members receive discounts.

Forgiveness program for accidents

Low-cost aircraft renter’s insurance

Cons

The customer service score is lower.

There isn’t an opportunity to get a quote online.

Commercial use is not permitted.

AssuredPartners is a key partner of the Aircraft Owners and Pilots Association and one of the nation’s top aviation insurance providers (AOPA). They provide commercial and personal insurance, as well as renters insurance, which clients can buy and bind online in a matter of minutes. AssuredPartners is our option for airplane renters insurance because of this, as well as their reasonable rates.

The basic liability renters plan from AssuredPartner start at $81 per year, with extra coverage options like property damage and bodily injury for passengers starting at $175 per year. For less than $7 a month, you may buy a second layer of coverage–one that extends beyond the boundaries of the aircraft owner’s insurance.

Discounts from AssuredPartners are available to qualifying policyholders, making coverage even more affordable. For example, AOPA members can save 5% on an aircraft policy. When policyholders go a year without filing a claim, they are eligible for a 10% claims-free flying record discount, as well as accident forgiveness and deductible waiver.

VINTAGE AIRCRAFT INSURANCE AT ITS BEST

EAA: Worth about $5,000- $25,000

For aviation hobbyists around the country, the Experimental Aircraft Association offers a multitude of tools, including insurance alternatives. They provide specific aircraft coverage tailored to the needs of hobbyists who restore, repair, and fly historic planes, making them our top pick for the finest vintage aircraft insurance provider.

Pros

Options for claims repair by the owner

Discounts for multiple planes

Online conversation is quite convenient.

Cons

There are no quotes available on the internet.

The website only gives a limited amount of policy information.

The Experimental Aircraft Association (EAA) is a group of leisure pilots, restorers, and builders, many of whom are passionate about warbirds, antiques, and classic planes. They also offer members a variety of incentives, such as reduced insurance rates for historic planes and warbirds. As a result, we believe that EAA is the ideal alternative for members of the Vintage Aircraft Association (VAA) and Warbirds of America (WOA).

General liability, emergency off-airport landing, use of other aircraft expansion, personal effects and baggage, legal defense, and loss of certification insurance are all covered by EAA insurance, which is provided by the Falcon Insurance Agency. They also offer optional coverage to members who take part in educational or educational activities, sightseeing, or airshows.

EAA offers discounts to policyholders who insure numerous aircraft and “In-motion” deductible credits for every year without a claim to make their policies more reasonable for enthusiasts and others who are passionate about vintage aviation. Because historic aircraft owners may not be in the air as frequently as modern aircraft owners, they also give policyholders the option of suspending in-flight coverage.

FLYING CLUB FAVORITE

Avemco: Worth About $60 – $95 a year

TBM Aircraft Insurance

Avemco provides fantastic discounts and flexible policies that make it simple for flight clubs to join and remove members and develop policies that are tailored to their specific needs.

Pros

  • Discounts for completing a safety program
  • Flexible policies to allow for membership changes.
  • Excellent client service

Cons

  • Coverage and items differ according to the jurisdiction.
  • There are no corporate or commercial policies in place.
  • Multi-engine aircraft are not eligible.

For over 55 years, Avemco has been safeguarding pilots by working directly with aviation insurance specialists to design personalized coverage that meets the needs of each policyholder. Avemco is a wonderful alternative for flying clubs because of its affordable rates, customized programs, and safety-based discounts.

One of the most important features of Avemco flying club insurance is the possibility for each club to engage directly with an Aemco Aviation Insurance Specialist to design a policy that is tailored to their specific needs. Avemco gives policyholders even more power by allowing them to join and drop members at any point during the insurance year without having to contact Avemco or fill out needless paperwork.

Property damage coverage of up to $100 million and bodily injury coverage of up to $100,000 per person are included in Avemco’s flying club insurance policies. Each coverage is tailored to the specific needs of each organization, removing the limitations that frequently come with a one-size-fits-all approach to insurance.

Policyholders can also take advantage of a variety of incentives, such as savings for hangaring the club’s planes and flying claim-free. Members can also take advantage of Avemco’s Safety Rewards program, which can save up to 10% on premiums when pilots complete certified flight training.

Compare the Best Aircraft Insurance

Compare the Best Aircraft Insurance

 

 

TBM Aircraft Insurance: The Final Word

Aircraft insurance, like home insurance, is not a one-size-fits-all policy, and the best provider for you is the one that meets your specific requirements. Some carriers, such as BWI Fly, offer a variety of coverage options to meet the demands of a wide spectrum of policyholders. Others, such as EAA, may be better suited to very specific forms of coverage, such as historic planes.

Going straight to the source is the greatest approach to getting the ideal provider for you. Get a quote from the provider’s website and call their customer service staff or agents. This will let you compare costs, coverage, and customer service.

Related Insurance Packages:

What Is Covered By Aircraft Insurance?

Aircraft insurance is a broad phrase that refers to a variety of products, including but not limited to:

  • Planes with only one engine
  • Planes with multiple engines
  • Seaplanes
  • Jets
  • System for Unmanned Aerial Vehicles (drones)
  • Warbirds
  • Planes from the past
  • Planes made by hand
  • Planes that are being tested
  • Aircraft that are not owned by anyone (e.g., rented, borrowed)
  • Aircraft with a tailwheel

Personal and commercial aircraft, as well as activities and equipment associated with aircraft use, such as airports and hangars, are covered by aircraft insurance policies. Though policies vary, most airplane insurance companies provide the following coverage options:

Insurance for Public Liability Costs Over $42 per month

Damage to a third-property party is covered by public liability insurance. If your plane is involved in an accident that destroys someone else’s property, such as a home, automobile, land, or another plane, this coverage will protect you. It doesn’t protect you or your plane in any way.

Liability Insurance for Passengers worth over $1 billion

This insurance covers your passengers in the event that they are injured or killed while riding on your aircraft, as the name implies. The number of people that your aircraft can safely carry is usually the basis for passenger liability insurance.

Hull Insurance for Ground Risk (Not in Motion)

Hull’s Ground Risk Your aircraft is protected while it is not in flight with insurance for planes not in action. As a result, it would cover losses caused by storms, fires, vandalism, and other natural disasters.

In-Flight Coverage

In-flight insurance covers your plane while it’s in the air, landing, or taking off. Many policies also include taxiing, taking off, and landing as part of their in-flight coverage.

What Kind of Aircraft Insurance Do I Need? TBM Aircraft Insurance

There are no state or federal requirements for aviation insurance, unlike home or auto insurance, but it’s a good idea to have enough coverage to cover the cost of your aircraft as well as any accident-related expenditures. Property damage, passenger injury, and aircraft damage are all included.

Because there are no set criteria, it’s also a good idea to think about your budget and the insurance needs of fixed base operators (FBOs) while making coverage options. A knowledgeable airplane insurance company can also assist you in determining your requirements.

How Much Does a Private Aircraft Cost to Insure?  Over $100 – $1000+

The cost of private aircraft insurance varies dramatically, with annual rates ranging from under $100 to hundreds, if not thousands, of dollars.

Your individual rate will be determined by a number of criteria, including:

  • The type of aircraft that needs to be insured
  • Its intended usage, as well as the number of passengers (if any) it can accommodate
  • Your travel history (or that of anyone listed on the policy)
  • Limits and deductibles, as well as the type of coverage you select

Methodology

We looked into 14 airplane insurance companies that provide the most common types of aviation coverage and ranked them according to policy options, prospective costs, client feedback, and web resources (e.g., claim portals, quotes, etc.).

First, we looked at overall ratings to find providers who consistently give good service, reasonable costs, and an overall nice experience. After that, we looked at policy options, discounts, and other distinguishing features to match the remaining pool of providers to audiences based on aircraft kinds, demands, or activities.

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