Buying a plane is a significant investment, and aircraft ownership and aircraft insurance costs can get expensive if you don’t take steps to keep them in check. Buying your aviation staples, such as oil and solvents, in bulk and using your aircraft’s fuel-saving power settings can save you money. However, here are some ways to find the most significant aircraft ownership savings.
Keep Maintenance Costs In Check
Keeping your plane well-maintained is essential for safety and protecting its value, but it can be costly. While a certified mechanic must do some maintenance, there are many tasks most plane owners can perform themselves. Here are some ways to reduce maintenance costs, whether hiring a mechanic or doing the work yourself.
Learn How to Perform Your Own Preventive Maintenance
Like with a car engine, most owners can efficiently perform some maintenance tasks and save a lot of money. First learn to do a basic task like changing the oil or tires or replacing the battery or spark plugs. CFR (Code of Federal Regulations) has a list of tasks most pilots are permitted to do. Having a trusted mechanic check any work you do for the first time can be worth the cost.
Find a Reliable, Affordable Mechanic or Repair Shop
No matter how much you learn about maintaining your plane, sometimes you will need the services of a mechanic or repair shop.
Some mechanics will allow you to buy the parts, and they do the labor. This will save you on the mark-ups some repair shops apply to parts. Get references from other pilots to find a trustworthy mechanic or shop that provides reasonably priced maintenance and repair services.
Only approved parts are legal to use on your plane if your aircraft is certified. If your mechanic tells you otherwise, it might be time to find a new one. Using unapproved parts on a certified plane could also affect any insurance claim you might have.
You can get approved parts through original manufacturers, pilot shops and other suppliers.
Know How to Spot Possible Repairs
Inspect your plane often and learn how to spot potential problems. If you can catch minor issues that could become costly repairs and get them fixed right away, you can save yourself a lot of money and headache.
Share Aircraft Ownership Costs
One of the easiest ways to reduce aircraft ownership costs is to let others cover some of your expenses. Here are a few options to consider. If you pursue these options, check with your aircraft insurer to determine any insurance requirements.
Find a Few Co-Owners of Create a Flying Club
Partnering with one or more pilots to share costs can provide the most significant savings. You can form a Flying Club or enter into a co-ownership agreement.
Before choosing this option, consider all pros and cons, make sure any potential partners or club members have the financial means to pay their share of any costs and choose people who will take the utmost care of the aircraft and the partnership.
Rent Out Your Aircraft
If you do not want to take on a co-owner, consider renting out your plane to named pilots. You keep full ownership of your craft while still letting other pilots foot part of the bill.
Review Aircraft Insurance Costs and Coverage Before Each Renewal
While aircraft insurance premiums don’t come cheap, there is a fine line between having too much coverage and not enough. Either one can cost you money.
The best way to ensure proper insurance coverage is to know the value of your aircraft and work with a trusted broker who can help you evaluate your aircraft insurance needs each year. They can best advise you on any coverage you can potentially drop and the savings and risks in doing so, or coverage you should add, such as to allow for co-owners.
Depending on the trips you have planned any given year, the condition and value of your aircraft and many other factors, you may find your insurance needs change more often than you realize.
Take Steps to Keep Your Aircraft Ownership and Aircraft Insurance Costs In Check
The two most trusted resources an aircraft owner can have in staying safe and saving money are a good mechanic and a knowledgeable aircraft insurance broker. BWI Aviation Insurance can’t help you change your oil, but we can ensure you have the right amount of aircraft insurance coverage at the most competitive rate.
Contact us at 1-800-666-4359 for help evaluating your aircraft insurance needs or click here to get a quote online. We have over 55 years of aviation insurance experience, and our knowledgeable representatives are ready to assist you.
Why choose BWI Aviation Insurance?
Over our 42 year history, BWI has built longstanding relationships with all of the above Aviation Insurance Companies. We work hand in hand with the above companies and leverage our experience to find the best market for your particular airplane insurance risk.
To ensure that you are getting the absolute lowest rate and best coverage with a rock solid A+ rated Aviation Insurance company, get a quote with BWI today. We specialize only in Airplane Insurance and our office is open 12 hours a day. Our agents are friendly and knowledgeable, and most importantly they are agents that you can trust to get you the best coverage for your needs. Aviation Insurance is all that we do and have done for 42 years.
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.