There’s nothing quite like piloting your own aircraft. As the ground pulls away and the engine purrs beneath you, there’s an adrenaline rush that you just can’t get on the ground.
Unfortunately, that adrenaline rush comes with its own risks. Private planes have accidents more often than commercial planes, and about 20% of the time, those accidents are fatal. Even when accidents aren’t fatal, they can result in serious injuries to the pilots, passengers, and people on the ground.
Aviation insurance protects you from liability if something goes wrong. Here’s what you need to know about receiving an aviation insurance quote.
Are you legally required to have aviation insurance?
Currently, there is no federal law in the United States that requires non-commercial pilots to have aviation insurance on their small aircrafts. However, there are a number of states that have insurance requirements.
Commercial carriers are required to have a minimum life insurance policy of $300,000 times the number of passengers on their plane, and a minimum of $300,000 times 75% of the plane’s maximum carrying capacity (even if they never carry that many passengers).
Keep in mind that while personal carriers may not be legally required to have aviation insurance, doing so is still a good idea. Aviation insurance ensures that if there’s an accident, medical and property bills don’t fall on your shoulders or on the shoulders of the accident’s victims.
What factors influence the cost of aviation insurance?
There are a number of factors that go into the cost of aviation insurance.
One of the biggest factors is the experience of the pilot. Pilots with a long, clean aviation history tend to have lower insurance rates. However, pilots who are new to flying and pilots who have had a history of accidents will experience higher insurance rates.
The make and model of the aircraft you’re flying will also impact the cost of insurance. Certain aircrafts have more expensive parts. If you have an accident while flying one of these planes, repairs will be more costly than if you’re flying a plane that has affordable parts. As a result, planes with more expensive parts tend to have more expensive insurance.
The final factor that may impact your insurance costs is the airport base you use. Longer, smoother takeoff and landing locations are easier to navigate your plane on. For this reason, some airlines will receive discounts on their aviation insurance rates because they’re using a safer airport.
How do you receive an aviation insurance quote?
Most people with standard single-engine aircraft and plenty of flight experience, can receive an aviation insurance quote within 24 hours of calling the office. However, if you are transitioning into a new aircraft or looking for a commercial aircraft insurance quote, it may take longer to receive a quote. It’s best to plan ahead of time so you can ensure you have your insurance up-to-date when you need it.
Certain information is needed to receive a quote for aviation insurance. To keep the conversation moving, it’s best if you can have this information on hand before you call the office:
- The make and model of the aircraft you’re trying to get insurance for
- The names, ages, hours and ratings of all pilots who will be flying the aircraft
- Full flying history for all pilots who will be flying the aircraft
Type of quote needed
There are two different types of aviation insurance quotes: quotes for new customers and quotes for existing customers.
If you’re an existing customer and you’re trying to renew your aviation insurance, it’s best to call 90 days before the end of your current contract. This ensures there’s plenty of time for us to help you with the renewal process and that you don’t have a gap in your insurance.
If you’re a new customer, you can call us as soon as you need your insurance. We will help you fill out the necessary documents to request your aviation insurance.
Limit your personal liability with aviation insurance
Nobody wants to think about things going wrong while they’re flying. But, just as you invest in car insurance or homeowner’s insurance, investing in aviation insurance is a smart way to protect yourself, your family, and the people around you. If something goes wrong, you’ll know that the damages won’t fall solely on your shoulders.
Get started today by contacting our customer service representatives. We’ll be happy to put together a quote for you. If you decide to follow through, we’ll walk you through the process to get your insurance on file so you can be safely up in the air in no time.
Why Shop for Aircraft Insurance at BWI Aviation Insurance Agency?
Aircraft insurance can be a sticky topic, particularly when deciding how much coverage fits your bill. Before settling on a best-fit figure, you must select the appropriate aircraft coverage type, factor in your flight hours, aircraft type, and passenger load. This is hectic even when you have time.
At BWI, we understand the complexity of shopping for aircraft insurance, which is why we simplify and streamline the entire process for our customers. When your trust us to provide you with aircraft insurance, you’ll get low rates, fast quotes, and coverage you can always count on.
Call 800.666.4359 today for a free Airplane Insurance Quote or Click Here to submit a quote request online.
BWI is the Nation’s Leader in Aviation Insurance, with offices based in Corona, CA and Anchorage, AK.