How To Save Money On Plane Insurance: Coverage Type

One of the easiest ways to save money on plane insurance is by changing coverage during the policy period to accurately reflect your current aircraft’s situation.

If you typically don’t fly the aircraft for 3-6 months during the winter for example and you carry Full Hull Coverage, you are paying extra for coverage you don’t need.

There are 4 standard coverage in the world of plane insurance:

1. Full Flight Hull Coverage
   1. Full coverage for the aircraft on the ground and in the air. Includes some determined amount of hull coverage which covers damage to the aircraft and liability coverage (Property damage, bodily injury and legal defense)
2. Ground In-Motion Coverage
   1. Covers the aircraft while it is on the ground and (in motion) which means the prop is running. This covers your aircraft while running the engine and taxing but coverage ceases as soon as the aircraft is airborne.
   2. This coverage includes liability and hull coverage.
3. Ground Not-in-motion coverage
   1. Covers the aircraft while it is on the ground and (not in-motion) IE just stored in the hangar or tied down.
   2. As soon as the prop spins, coverage ceases.
   3. This coverage includes liability and hull coverage.
4. Liability Only
   1. Covers the aircraft on the ground or in flight, but excludes hull coverage and all damage to the aircraft itself.

All of the above coverages typically include premises liability coverage, which follows the aircraft around (as sort of a bubble around the aircraft)

Premises liability is basically (slip and fall) coverage and is required for hangared aircraft by airports nationwide.

Depending on your aircraft/state/policy/carrier, most aviation insurance companies will allow you to make 2 changes during the annual policy term. This means you can start out the policy at full flight, 3 months later change to Ground Storage for the winter, then go back to full flight during the spring.

Changing from Full Flight to Ground Storage is roughly a 40% savings (per month) while the aircraft is in ground storage.

Many of our insureds leverage this tactic to same money year after year on their plane insurance.

BWI is The Nation’s Leader in plane insurance.

To get a free quote call us today at 800-666-4359 or submit a quote request online by clicking here

 

aircraft insurance, airplane insurance, aviation insurance, plane insurance

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