Here at BWI Aviation Insurance, we’ve got over 40-years in the industry as a family and veteran-owned business. 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.
Owing an airplane can be a liberating yet expensive experience and one of those ownership costs is aircraft insurance. Aircraft insurance 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.
Buying a Plane Isn’t Cheap but It Is Affordable
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 of 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 pretty penny and if you have the will to purchase, make sure that you get a full aircraft insurance quote prior to shopping, to avoid any surprises.
Licensing, Operation, Maintenance, and Storage of Aircraft
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. Fueling the aircraft is another necessary expense and one of the highest costs in owing an aircraft. Aviation fuel may average around $5 dollars per gallon and the average small plane will burn 5 to 10 gallons per hour.
Next there are maintenance and inspections costs where the maintenance costs can vary wildly and required annual inspections range between $600 to $1,200 dollars. 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.
Get a Quick Quote on Insurance Costs
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. 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. Despite the costs of owning an aircraft, I’ve also rarely seen a pilot enjoying the freedom of the skies who regrets it. With that in mind, we’d be honored to be a part of your aviation journey.
BWI | The Nation’s Leader In Aviation Insurance
Family Owned | Nationwide | Since 1977
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.