On December 17, 1903, the Wright brothers took to the sky and forever changed the course of human history. While this date is well-known to aviation enthusiasts and the general public, another milestone in the history of flight has often gone less noticed. On September 17, 1908, Army First Lieutenant Thomas Selfridge became the first person to die in an airplane crash. The plane responsible was piloted by none other than Orville Wright himself. While Wright survived the crash, his passenger would go on into the aviation history books for all the wrong reasons.
The Wright brothers may have forged the course of aviation history, but it was perhaps Selfridge that set in motion the future of aircraft insurance. Lloyd’s of London wrote the first aircraft insurance policy in 1912 when one could hardly imagine just what the future of aviation would look like. Fast forward to today and the stakes have been raised exponentially. Just as aviation itself has evolved over the past 100 years so will you evolve as a pilot. With history as our guide, let’s walk through that evolution and make sure your aircraft insurance evolves with you.
Aircraft Insurance is a Strategic Bet
For Orville Wright, it was a broken propeller in 1908 that caused aviation’s first airplane death. However, the loss of life is just one thing that can go wrong in the skies above. As aircraft have grown larger and more powerful, the catastrophic consequences when the worst occurs have grown with it. So it only stands to reason that if you are getting ready to take the next step in your evolution as a pilot, you are going to need a little more insurance. Yet, you need to understand that it is not as simple as purchasing a larger plane and then calling your insurance broker for an upgrade.
No one is going to insure you for a larger toy if you have not demonstrated the proper competencies beforehand. Insurance is an industry that is guided and shaped by making strategic bets. From the cost of the coverage to whether or not you get coverage at all, the insurance companies are making a strategic bet on you as a pilot.
That’s why you should really track down and explore the insurance before you even bother to upgrade to a more powerful aircraft. It may be possible to upgrade before you have met the prerequisite hours and qualifications, but you are going to pay dearly for their lack of confidence in you. Think 400% to 500% more dearly. So let us help guide you through this process so that you can keep a little more of that coin in your own pocket.
Getting Approved and Saving Money at the Same Time
If aircraft insurance is a strategic bet on you as the pilot, then the journey to get approved for the additional insurance starts with you. The decision making process is very data driven, but the truth is that optics always plays a role as well. For example, obtaining a commercial rating may not lower the cost of your insurance, but it sure does look good. That small matter may be the difference between a yes or a no. What are you doing right now to polish your image as a professional and responsible pilot?
Another approach would be to invest in training and simulator courses on larger aircraft. Showing those certificates of completion not only increases confidence in you as a pilot, but it also shows that you are willing to put in the work. You see, getting approved is one thing, but underwriters want to believe that you are going to maintain the continuing education needed to stay at the top of your game.
Finally, consider finding a mentor and spend some quality one on one time with them. You could likely draw a person to person teaching timeline from every modern pilot today right back to the Wright brothers themselves. The bottom line is that pilots learn from other pilots. BWI Aviation Insurance has been helping pilots take to the skies with confidence for over 40 years. We can tell who is serious about the art of flying and those who are committed are almost always engaged with their fellow pilots.
Aircraft Insurance Made Easy
That being said, if you are willing to put in the work, then obtaining more aircraft insurance when you upgrade to a larger aircraft should be easy. We’ll actually walk you through the process and even make the necessary suggestions to make the approval process more efficient. There is something fulfilling in our own lives when we see our fellow humans taking to the skies above. It screams progress for humanity as a whole and we are thrilled to be a part of it all. If you allow us, we’d love to be a part of your journey and evolution as a pilot as well. So reach out to us at BWI and take the next step in your evolution as a pilot.
BWI | The Nation’s Leader In Aviation Insurance
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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.
Get a no-obligation, free insurance quote at www.bwifly.com or call 800.296.8595