So you just bought your first aircraft. Congratulations!
Becoming an aircraft owner is one of the most exciting milestones a pilot can achieve. But with ownership comes responsibility—and one of the most critical (and often confusing) responsibilities is securing the right insurance policy.
Whether you’ve bought a Cessna 172, a Cirrus SR22, or a Piper Arrow, getting your first policy shouldn’t feel like navigating an FAA regulation manual. That’s why we put together this beginner-friendly guide to help you get insured quickly, confidently, and correctly.
Why You Can’t Fly Without Insurance
Let’s clear up a common misconception: you are not covered under the seller’s policy once the aircraft is yours.
Even if the policy is active. Even if you haven’t left the ramp yet. Even if you’re “just flying it home.”
Once the FAA registry reflects your name—or you’ve taken physical delivery—you are the responsible party.
No insurance = no coverage.
That means:
- No hull coverage for damage in transit
- No liability protection for ground incidents
- No coverage for fueling accidents or theft
And if the aircraft is financed, the lender will typically require proof of insurance before they release funds.
The 5 Steps to Insuring Your First Aircraft
1. Start Before You Close
Ideally, contact a broker as soon as you go under contract. This gives you time to:
- Gather quote options
- Understand training requirements
- Time the policy to start the day of delivery
Trying to rush a policy 24 hours before your check clears? That’s when mistakes happen.
2. Have Your Pilot Information Ready
Underwriters will need:
- Total time, time in make and model
- License type and ratings
- Medical certificate status
- Recent flight activity (last 90 days, 12 months)
- Training history (IPC, BFR, sim sessions, etc.)
This helps them assess risk and offer a competitive quote.
3. Understand Your Aircraft’s Profile
Be prepared to provide:
- Year, make, and model
- Hull value (purchase price is a good starting point)
- Storage setup (hangared vs. tied down)
- Airport location and elevation
- Planned use: pleasure, business, or commercial?
The more accurate your submission, the better the quote.
4. Know What Coverages You Need
Standard policies include:
- Hull Coverage (damage to your aircraft)
- Liability Coverage (injury to people/property)
- Medical Payments (to passengers)
We recommend:
- $1M liability with $100K–$250K per passenger
- No sublimits if possible
- Full ground and flight coverage
5. Choose a Broker Who Specializes in Aviation
Some insurance agents sell auto, home, and aviation on the side. But aircraft insurance is a specialized world.
At BWI, aviation is all we do. We quote every major aviation carrier and advocate for first-time owners every step of the way.
Common First-Time Owner Mistakes (And How to Avoid Them)
Mistake #1: Waiting too long to start the quote process.
Insurance can take 24–72 hours depending on the aircraft type and underwriter availability. Give yourself time.
Mistake #2: Underinsuring the aircraft.
Trying to save money by insuring for less than the purchase price can backfire in a total loss claim.
Mistake #3: Failing to meet training requirements.
If you’re stepping up to a more complex aircraft, you may need transition training. Your broker can help you select a program that satisfies the insurer.
Mistake #4: Assuming all policies are the same.
Every underwriter has different appetites and rating models. A Cirrus quote from Carrier A might be $3,500. Carrier B? $2,100.
Mistake #5: Not asking questions.
If you don’t understand a section of your policy—ask. It’s your aircraft. It’s your money. And your protection.
What BWI Does Differently for New Owners
We’ve helped thousands of first-time aircraft owners secure insurance.
Here’s what we bring to the table:
- Speed: We get quotes back fast—often same day
- Market access: We quote every major aviation carrier in the U.S.
- Personalization: We guide you based on your aircraft, training, and goals
- Education: We explain what’s required, what’s optional, and what’s smart
We also work directly with lenders to provide bind confirmations and help keep your closing on schedule.
Final Thoughts: Make Insurance the Easiest Part of Buying Your Aircraft
You’ve just achieved something big. Whether it’s your first plane or a lifelong dream come true, owning an aircraft puts you in an elite group of aviators.
But ownership comes with risk. And your insurance policy is what stands between an unfortunate incident—and a devastating loss.
Let us help you get it right from day one.
[Request a New Owner Aircraft Insurance Quote from BWI Today]
Continue Reading
