Every year there are 24 million flight hours logged by general aviation aircraft in the United States, and every aircraft in the skies must carry some form of aircraft insurance. Of course, while many people dream of one day owning their own plane, few people have dreamed about shopping for aircraft insurance. While most vehicles require little more than basic collision insurance, planes often have much more extensive insurance needs.
If you’ve never purchased aviation insurance before, it can be difficult to know where to start. How do you know if a policy covers far more than is strictly necessary, or whether it’s a bare bones plan that exposes you to undue risk? To make the aviation insurance business as simple as possible, we’ve created this short guide to purchasing your first aircraft insurance policy. Unlike most insurance carriers, aircraft and drone insurance is our primary service, and we’ve spent decades in this niche industry. In fact, our entire business is based around one thing: making the aviation insurance experience easier, better, and more affordable.
To make sure that you get the best deal on your aircraft insurance rates in the current market, here are a few things you need to know:
What Are The Different Types of Aircraft Insurance?
First, it’s important for new pilots to understand that there are a variety of different insurance products that you can purchase based on what you will be flying, from experimental aircraft policies to policies designed specifically for a Cessna 180. In addition, your policy will depend on whether you lease or own the aircraft. The three basic types of insurance that are used by owners is aircraft liability, hull, and medical. These cover damages to the passengers, damages to the plane, and any sickness or injuries that occur mid-flight. Most experts will recommend that you purchase a good amount of hull and liability insurance, as they will be the most expensive to you if something were to occur.
How Much Insurance Coverage For Airplanes Do You Really Need?
A comprehensive insurance policy should cover a wide range of circumstances. Of course, the specific policy you choose should be tailored to the type of aircraft you fly and the number of hours you spend in the sky.
To help you understand the kinds of coverage available, here are some benefits from our Cessna 180/185 policy: