If you are currently an aircraft owner or are considering purchasing an aircraft, you’re going to need to be properly insured to protect yourself from the liabilities involved with owning and operating your aircraft as well as the investment into the aircraft itself. While the insurance can give you protection from these liabilities, which may be considerable, that doesn’t mean you need to pay high insurance premiums. Solutions are available.
One Easy Step to Get the Best Rates on Aircraft Insurance
The one easy step you need to take is to find an insurance broker who specializes only in aircraft insurance, one that you trust, and ask them to shop the entire market and obtain multiple quotes from all the aircraft insurance companies. step can save you hundreds of dollars per year.
Everything is going up in price, from hangar fees and spare aircraft parts to the fluctuating price of fuel. Insurance isn’t the largest price a pilot has to pay, but it may be one of the few costs in the pilot’s power to lower. Why not try to get the lowest price on insurance possible? The more you save, the more time you can spend doing what you love doing: getting your aircraft in the air.
More Tips To Save Money on Aircraft Insurance
General aircraft log over 25 million flight hours each year in the United States. With that many aircraft in the air and that many flight hours every year, it is imperative to be fully insured in the event of an accident. While flying is safer than driving and the chances of an accident are low, accidents are much more expensive so it pays to be fully insured.
In addition to getting quotes to try to find affordable rates, use the following seven tips when searching for the best aviation insurance.
Fly More
The more you fly, the cheaper the insurance can be. With more hours logged, insurance companies will consider you more experienced and lower risk. Pilots with a flight time between 5,000 and 10,000 hours have a 57% lower risk of crashingthan lesser experienced pilots.
Fly Safer
You can pay lower rates with a safer flying record. If you remain claim-free for a certain amount of time, your insurance provider may offer discounts. Safety and experience can be enough to convince insurance underwriters to give you a lower rate.
Continue Training
Training can make you a more competent and safe pilot, making you less of a risk for the insurance companies. Therefore, you should train as much as possible to increase your skill and experience and for more insurance premium savings. Most insurance companies require training annually for coverage for multi-engine airplanes. Your insurer may even recommend some training programs.
Look For More Discounts
As your situation changes, more discounts can become available to you. Be sure to let your insurance provider know as your flight hours have increased or if you change your aircraft make or model. Membership in trade associations and clubs can qualify you for rate deals. Ask your insurance provider about any other factors that may change your rates or other discounts available.
Shop Each Year
When it comes time to renew your insurance, provide updated pilot hours and information 60-90 days before your renewal date. Your broker should be ready to review and advise the right aircraft insurance shopping strategy for you each year. Your broker may recommend staying with your current company or switching depending on many factors.
Find a Good Broker
One of the best things you can do to find good prices on aircraft insurance is to find a good broker. To purchase insurance, you’ll need a reputable, knowledgeable insurance broker who can find the rates for you so you can compare prices. You’re going to want a broker with decades of experience in not just the insurance business, but the aviation industry, a family-owned operation with 5-star customer service.
BWI Aviation Insurance can help you find the best rates on aircraft insurance. We sell insurance policies for pilots and owners of private, commercial, or charter aircraft. Our policies cover aircraft, hangars, unmanned aerial vehicles, and more. Our insurance professionals are pilots, so they have the knowledge and experience to help you. With our industry expertise, being in business and serving customers since 1977, we can help you find the best rates and the policy for you that can give you the confidence and peace of mind knowing you and your aircraft are covered. Contact us today to get started.
Why Shop for Aircraft Insurance at BWI Aviation Insurance Agency?
There are a lot of variables and factors in obtaining aircraft insurance, 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.
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