Complete Aircraft Ownership Cost Guide: Insurance, Maintenance & More
Here at BWI Aviation Insurance, we’ve got over 40 years in the industry as a family and veteran-owned business serving pilots nationwide. During that time, we’ve seen just about every scenario known to man regarding aircraft ownership that can take place in either the sky or on the ground. Understanding all aircraft ownership costs—from aviation insurance to maintenance and storage—is crucial for making informed decisions about your aviation investment.
rance costs have risen dramatically over the past few years as the market has hardened, which means certain consideration should be paid to aircraft insurance costs prior to pursuing an aircraft.
Aircraft Purchase Costs: From $15,000 Ultralights to $500,000 Multi-Engine Aircraft
First and foremost, if you want to own a plane you need to buy a plane. Buying a plane is not a cheap venture, but nor do you need to be a millionaire to pull it off. You can pick up an ultralight aircraft or single-engine plane from around $15,000 to $30,000 depending on how much wear and tear you want on the plane.
This comes as a surprise to many as it seems illogical that you can get an aircraft for around the cost of a new car. Yet, if you think about it, both modes of transportation are essentially engines wrapped in metal bodies. One is shaped like a car to travel well on the ground, while the other is shaped like a plane so as to achieve lift.
Now, truthfully it is not uncommon to spend around $100,000 on an aircraft and you can go as high as $500,000 for a multi-engine plane with all the bells and whistles. You can find any deal anywhere in between, but people who buy a plane will either finance it or buy it outright like any other vehicle. It’s a significant investment, and if you have the will to purchase, make sure that you get a comprehensive aircraft insurance quote prior to shopping to avoid any surprises.
Ongoing Aircraft Operating Costs: Licensing, Fuel, Maintenance & Hangar Storage
Well now you’ve got a plane and the only thing you need now is someone to actually fly it. In most cases, the owner of small recreational aircraft is also the pilot. Depending on whether or not you want a recreational pilot’s license or a private pilot’s license, you are going to drop another $6,000 to $10,000 to get there.
Aviation Fuel Costs
Fueling the aircraft is another necessary expense and one of the highest costs in owning an aircraft. Aviation fuel may average around $5 per gallon and the average small plane will burn 5 to 10 gallons per hour, making fuel costs a significant ongoing expense.
Aircraft Maintenance and Inspection Requirements
Next there are maintenance and inspection costs where the maintenance costs can vary wildly and required annual inspections range between $600 to $1,200. There is also a good chance that you are going to want a place to store your plane which adds a hangar cost of around a few hundred dollars a month. All this to say, the decision to purchase a plane is a big decision and it is indeed one where you will want to count the costs first, including securing proper hangar insurance coverage.
Get Competitive Aircraft Insurance Quotes from Experienced Aviation Specialists
There are a variety of factors which can determine your aviation insurance rates down to the size and scope of the plane itself as well as the ratings and experience of the pilot. Aircraft type, pilot experience, intended use, and coverage limits all impact your premium costs. Hands down, the best way to get the best deal on aviation insurance is to reach out to a respected broker in the industry.
At BWI, we work hard to find you the best rates and the proper coverage as we understand that when we give a quote, it is not only our business’ name on the line. Our family name is on the line with every customer interaction and we act accordingly. We specialize in coverage for experimental aircraft, private jets, and general aviation aircraft of all types.
BWI Aviation Insurance: America’s Trusted Aviation Insurance Leader Since 1977
Family Owned | Nationwide Coverage | Veteran-Owned Business
What makes us different? Our office is open 12 hours a day, our team is hand-picked, well-trained and every single customer has their own dedicated Aviation Insurance Professional. With over 40 years of experience serving pilots nationwide, we understand the unique insurance needs of aircraft owners, from weekend recreational flyers to commercial aviation operations.
What makes us different? Our office is open 12 hours a day, our team is hand-picked, well-trained and every single customer has their own dedicated Aviation Insurance Professional.
Free Aircraft Insurance Quotes Available 12 Hours Daily
Get a no-obligation, free aircraft insurance quote at www.bwifly.com or call 800.296.8595. Our experienced aviation insurance professionals are available 12 hours daily to discuss your coverage needs and provide competitive quotes for aircraft liability, hull coverage, and comprehensive aviation insurance protection.
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