Buying Seneca iii, lower time pilot. Insurance cost?

Travis Schaefer

Travis Schaefer

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Apr 22, 2017
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Troy,Texas
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TexasStormChaser
Hello everyone,
I have a little over 230 hours(over 160 complex) with HP time and I own a Beech Sierra c24r that I'm selling at the moment) 0 multi logged and non-IFR but plan on finishing that in the next few months. I have been looking into a twin and have narrowed it down to a specific Seneca iii w/FIKI I like and have placed a deposit on. I need some feedback on what the rates will be when I get insurance for the first year? I have two ATP CFI's that can be on the insurance. Any ideas on this cost off-hand with 150k hull avg would be for my first year? My rate right now with my 78 c172n and c24r is $3800 80k hulls .
Thanks for the feedback!
 
The insurance is usually quoted to the least qualified or largest risk. Even with the two ATP CFI’s on your insurance it will still be high because you’re the biggest risk.

You may want to call for an insurance quote while you can and still get your deposit back.


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I got a Seneca 3 with 3 other pilots. IF you can even get insurance I bet it’s over 10k for a while. Once you cross 50 multi it might get better. I think 100 in type will get you back down closer to 5k

that’s my educated WAG
 
placed a deposit on a twin with 0 twin hours and no idea what insurance will cost. really at a loss for words, other than good luck to ya.
 
Oh and you aren’t IFR rated? Good chance you won’t get insurance at all then. But you are def above $10k for a twin…
 
Got quoted for 6k. But the aircraft didn't pass the prebuy inspection. So still shoppingm

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Travis Schaefer said:
Got quoted for 6k. But the aircraft didn't pass the prebuy inspection. So still shoppingm

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Where did you get your quote from? That is actually pretty reasonable given the scenario you painted.
 
I would also guesstimate approximately $10k/yr. assuming all other things being equal (nominal hull value, etc.)
 
eman1200 said:
placed a deposit on a twin with 0 twin hours and no idea what insurance will cost. really at a loss for words, other than good luck to ya.
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Do you think he's sat in one?
 
Travis Schaefer said:
didn't pass the prebuy inspection
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What was wrong with it?

Keep in mind most planes you will be looking to buy will have something going on. After all, most of the fleet is what, probably average 40 years old? That's a lot of history and potentials for a gear up, hangar rash, etc., at some point in the past
 
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