Aircraft Insurance

Getting aircraft insurance isn't quite as easy as obtaining auto insurance. Aviation insurance is much more complicated and you probably won't be able to get it in "fifteen minutes or less". Most major carriers don't offer insurance for airplanes so you will have to get quotes from specialty insurance providers.

Key tips for when you want to get aircraft insurance:

  • Aviation insurance providers have different aircraft policies available depending on whether you are looking for individual coverage, corporate, or commercial insurance. The rates are also highly dependent on the type of aircraft you will be insuring.
  • Carefully examine the "pilot warranty" on your policy and always be sure to adhere to these policies with respect to pilot and co-pilot qualifications. Missing a required continuing education course could result in claims being denied down the road.
  • Don't overlook the "approved use" clause. Some clauses can be very specific and preclude you from accepting even a thank you gift from a friend for bringing him along on vacation.
  • Find out how much aircraft insurance will cost before you buy an airplane. You need to know how insurance will affect your finances prior to making the commitment of monthly payments and you need to be sure you can protect your investment.
  • The insurance company may require you to have additional flight training before they will cover you as a pilot.
  • Look into the different types of hull coverage and buy what you need. Most companies offer storage/ground, taxi, and in-flight coverage to insure against hull damage in each of those scenarios. You may be able to save money by modifying the level of each coverage and the deductibles if allowed.

Advice on finding the best aircraft insurance:

Aircraft insurance can be difficult to obtain and it pays to do a lot of research. Compare insurance quotes from several providers and only pay for coverage you will use. For example, student pilots can't fly passengers so having liability coverage for passengers doesn't make sense. Also, carrying high limit coverage on a very small plane could be overkill. Shopping around and researching your options for aviation insurance will ensure that you find the coverage you need at a rate you're comfortable with.

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