Each year, American general aviation aircraft log about 24 million hours of flight time. And if you own one of those aircraft, you should consider the best aviation insurance. While aviation insurance is immensely beneficial, it’s important to understand a few things about aircraft insurance policies before you pick the right one for you.
First off, you should understand liability insurance. Furthermore, you should know whether or not you are required to have it where you live. But even if you are not legally required to have it, it may be beneficial to purchase it anyways. If you are involved in an accident that causes injury, death, or property damage, you could face significant legal liability. But if you have liability coverage, you will protect yourself from substantial legal expenses.
Another thing you should know before purchasing an aviation insurance policy is the difference between aviation insurance providers and aviation insurance brokers. An insurance provider is the company who writes the aviation insurance policy and pays if you file a claim. On the other hand, aircraft insurance brokers source and arrange the best coverage and pricing options for their customers. They offer a range of services like confirming insurance coverage and offering insurance advice.
Along with understanding the difference between a provider and a broker, you should know what to look for in an insurance provider. You should choose a well-established provider who understands the requirements and differences in aviation insurance. The security and financial stability of the provider you choose will be a good indication of how well your potential insurance claim will be managed.
When you find an insurance provider or broker you feel comfortable with, it is important to fully understand your options when it comes to insurance for aircraft. Depending on your aircraft, whether you have passengers, and what you’re carrying, your insurance needs will change. Typically, a standard aviation insurance policy will include hull, passenger, and third-party liability coverage. However, additional coverage may be arranged for other damages or to reduce deductibles on standard policies. In addition, there may be insurance policies designed specifically for the type of plane you fly, so look into more boutique options as well.
And lastly, you should be aware of aviation insurance tips. It’s important to have a solid understanding of the aviation insurance industry to know what may or may not impact your policy. Because of this, you should consider shopping around until you feel like you’re getting the absolute best service possible. If you can, take advantage of bulk buying power.
Hopefully, this article provided some guidance on looking into aircraft insurance. As long as you choose a provider who truly has your best interest in mind, you should be covered for any problems that may arise.