I am considering a used DA42 NG that is a 2006 model. I have around 530 hrs with no multi rating at the moment and only 5 hours of retract time. My instructor who would be named on the policy has over 2000 hours with over 800 in retract time, but no DA 42 time.
I have asked Assured for insurance rates and was told that only one company was willing to quote me at a cost over over $65K for the first year......
Is this normal?
I would have expected a lower rate (maybe around $20K) with a stipulation that the instructor had to be on board for the first 50 hours.
My insurance quite expensive, but I am Puerto Rico based.. so have limited options. I suggest you reach out to Ryan Konrath of Wings Insurance. His company is fantastic, hopefully they can work something out.. https://www.wingsinsurance.com/
I had exact same issue. MSEL/commercial and instrument rated w 700h. I walked away from a DA42 purchase because insurance was completely insane and that was WITH a named multi-instructor on policy and mandatory dual until I had a few hundred hours in type.
It was over $12k for first year !
Consider that I’m paying 1/10th of that now on my XLS !
Adam
CSEL, CMEL, Instrument
N886KC DA40 XLS, G1000 w GFC700
Wow, $65k seems really excessive to me. When I purchased my DA42, I had around 750 hours total with no ME time. However, my instructor had over 100 hours of DA42 time. The premium was $15k in November of 2020, which I thought was exhorbitant at the time. Can you find out from the agent what levers will change the equation? I.e. if you go elsewhere to get your MEL and log 25-30 hours, how would that change the premium?
Thank you everyone and as an apology I just realized I posted in the wrong forum. Unfortunately I don't know how to move this to the DA42 forum.
Chris, I am being given very short answers like "don't expect a major change until 500 hours in type". I really feel like the agent is not shopping it for me.
I did hear from Assured this past year that there were fewer underwriters for this class of airplane. Mine got moved to Starr Aviation this time around.
Percentages of hull value are a better metric than absolute dollars.
Apparently there is some law, or "custom" in the aviation insurance industry that you can't switch agents. My agent requested quotes from the usual companies and they all declined to quote. Pressed, my existing underwriter, Starr, who was insuring my 40NG for about .8%, quoted 4.5%! I tried to switch to Ryan Konrath and he told me he could not quote me.
I went back to my current agent and suggested he contact LAU, who then quoted about 2%. Still high, but tolerable.
Age over 70, is a factor, but I don't know if it was a factor for you.
Wow, $65K for a 2006 DA42NG is ridiculously high. That high a premium might be expected for a low-time or older pilot flying a brand new DA62, not for an older DA42. I'm guessing this quote is because neither you nor your instructor have any DA42 time in type.
Normally you might expect a range of more than 3% hull value with low time in type, down to 1% hull value for experienced pilots with hundreds of hours in the make and model.
Epic Aircraft E1000 GX
Former DA40XLS, DA42-VI, and DA62 owner
ATP, CFI, CFI-I, MEI
I purchased a 2007 DA42-NG last year and I had my instrument/ASEL and about 1500hrs. Only one would quote me and that was LAU. Premium was $13k and I had to get a rider for my instructor as he is a Diamond certified trainer but didn't have the wanted minimum hours of in type aircraft. Nevermind that his combined DA42/62 met the requirement. I had to get my MEI and then fly I believe it was 15hrs solo prior to flying with passengers. Going for renewal now and hope it'll come down now that I have 150hrs in type!
