Even though you’ll likely end your flying career without being involved in an aircraft accident or incident, you must carry airplane insurance in the rare chance an accident happens. But the cost of aircraft insurance can quickly add up and eat into your bottom line, especially if underwriters profile you as a risky insured.
The good news is there are ways to lower airplane insurance premiums and get a better bang for your hard-earned bucks. You may not be wrong if you feel you’re overpaying your insurance premiums or you reckon you can get better rates than your current one. Here’s how to get better airplane insurance premiums:
Rack Up Your Pilot-in-Command (PIC) Hours
The more you fly, the more you polish your pilot handling skills like the circling approach, missed approach, visual approach, and instrument approach. Perfecting your flying skills makes you a better pilot and prepares you for adverse flying and landing conditions you may experience at some point in your career.
That’s why insurance underwriters consider your PIC time when determining insurance premium rates. The more PIC time you have, the lesser your chances of committing pilot errors that cause an aviation accident. Thus, your airplane insurance provider will reward you with lower premiums since you pose less risk.
Upskill and Accumulate Multiple Type Ratings
In the U.S., you must have type rating to be a PIC of any aircraft above the maximum takeoff weight (MTOW) of 12500 pounds, and when flying all turbojet-powered aircraft. Type ratings are not only regulatory but can also help you get lower airplane insurance quotes.
Especially if you’re insuring several aircraft, you can leverage your type ratings to get better aircraft insurance quotes. Type ratings prove to underwriters you have the right training and experience to operate different aircraft types, making you a low-risk insurance applicant.
Besides acquiring additional type ratings, you may want to undertake recurrent training to keep your flying skills sharp and updated. Inquire from your insurance company if there are specific training programs they recommend and prioritize them for your upskilling. Going through insurance-recommended training programs may get you more discounted rates as the insurance company can authenticate your skills without doubts.
Review Your Coverage as Risks and Other Dynamics Change
The aviation industry was one of the most hard-hit sectors during the pandemic. Partial and total closure of airspaces meant most pilots and aircraft owners had to review the specifics of their airplane coverages to embrace the new operational changes.
For instance, if you were carrying a Full Flight Hull coverage before the pandemic, it made sense to switch to Ground Not In Motion or Liability Only coverage, if the COVID-induced restrictions forced you to ground your aircraft temporarily.
But you shouldn’t wait for unprecedented conditions like pandemics to reevaluate your risk factors. Ideally, you should review your airplane insurance policy annually and make necessary adjustments so you only pay for the coverage you need. Risk reassessment can go either way — it lower or increase your premium amounts.
For example, if you scale down your passenger-carrying capacity, you should renegotiate with your airplane insurance provider to get lower premiums. Conversely, if you plan to increase your current passenger capacity, you should step up your coverage accordingly.
Consider Hangar Protection
Hangaring your aircraft keeps it safe from the elements, adverse weather conditions, and other types of damage and liability. If you don’t secure your aircraft in a well-maintained hangar, it may be exposed to direct sunlight, which can burn its avionics. Or, hail can damage your airplane’s paint job or crack its windscreens.
All these undesirable conditions accelerate your plane’s wear and tear and can precipitate an aviation accident in a worst-case scenario. For instance, if direct sunlight damages a section of your plane’s avionics, there’s no telling what controls can fail mid-air if you don’t fix the damage in time.
Because a hangar helps you keep your aircraft in pristine condition, you run less risk of experiencing accidents due to equipment errors. This is a big plus when shopping for airplane insurance. When choosing a hangar to secure your aircraft, ensure the owners carry hangar insurance, so you know you’re storing your airplane in safe hands.
Join a Flying Club and Touchbase Often
By associating with fellow pilots and aviation enthusiasts, there’s a big likelihood of bumping into aviation underwriters. You can use such meet-ups to build rapport and pick their thoughts on insurance issues.
Even if you don’t substantially interact with aviation insurance professionals, your can consult your peers and find out where they get the most affordable insurance premiums. Additionally, joining a flying club is a good opportunity to refresh or update your flying skills because you benefit from member programs such as cost-sharing training expenses.
Leverage Discount Offers
To lower airplane insurance premiums for insureds who qualify, aviation insurance companies offer discounts such as:
- Multi-aircraft discounts when you insure more than one plane using one policy
- Aircraft Owners and Pilots Association (AOPA) member discount
- Instrument Flight Rules (IFR) rating discount
- Aircraft hangered discounts
Consult your airplane insurance provider and find out the discounts they’re offering. If you qualify for such discounts, you can enjoy lower airplane insurance premiums without much effort.
Work With an Experienced Aviation Insurance Broker
Understandably, shopping and comparing insurance quotes to get the best offers is not as fun as flying. You would rather have a seasoned aviation insurance professional do the legwork for you and find you the most competitive airplane insurance quotes.
Working with an established airplane insurance company like BWI will eliminate the hassle of searching for the most affordable aircraft insurance premiums year after year. When you trust us to secure your airplane insurance, you can rest assured we’ll find you the best coverage at the best prices.
At BWI, we work hard to give our clients the best service in the industry and the lowest nationwide rates for aircraft insurance. We insure many types of aircraft, including Seaplane and Rotor Wing, at affordable rates.
Contact us today, and let’s find you the most comprehensive and affordable airplane insurance premiums.