“Aviation in itself is not inherently dangerous,” said Captain A. G. Lamplugh, chief underwriter and principal surveyor of British Aviation Insurance Company in 1931. “But to an even greater degree than the sea, it is terribly unforgiving of any carelessness, incapacity, or neglect.”
Because of the unforgiving sky, it’s important that every pilot in the U.S. get the right kind of aircraft liability insurance. Considering that there were approximately 584,362 active pilots in the United States in 2016 alone, there’s a lot of insurance to be handled.
Of the gross estimated worldwide premiums collected by the aviation insurance industry ($4.6 billion), in 2015, roughly 51% of that was paid by general aviation, 34% by airlines, and 15% by aerospace companies. Here are a few factors to keep in mind that will affect the type of aircraft liability insurance you get.
Your experience as a pilot
Obviously, if you’re flying for the very first time, it’s going to be difficult for you to get a truly amazing insurance rate. You have to start somewhere though, so it’s important to at least show that you are knowledgeable on aviation and demonstrate an ability to learn quickly.
The type of aircraft you are flying and insuring
There are a number of different types of aircrafts that you can get insured. Know that your insurance company will take whatever kind of plane you’re flying, from turboprop planes to full-sized jets, into consideration.
Your actual deductible amount
It’s important not to opt for an extremely high deductible because it might be difficult to come up with the payments. Work with your insurance broker to find a good balance of a deductible and premium rate.
The number of passengers you’ll be carrying
The amount of passengers you’ll be flying will certainly affect your aircraft liability insurance. Also, the amount of passengers your aircraft can physically carry plays a role in determining fair and balanced aircraft insurance rates.
Be sure to consult with experienced aircraft insurance brokers in order to get quality insurance and be careful during each and every flight. To find to find out more about aircraft insurance rates, contact Bill White Insurance today.