Vans Aircraft are fantastic experimental aircraft with a low-wing, aerobatic design and a 200 mph average cruise speed. Considered one of the most successful experiment aircraft with over 10,500 aircraft built. Vans Aircraft are easy and fun to handle, and can get you from point A. to B. quickly and efficiently.
We specialize in Vans Aircraft Insurance and have insured hundreds of Vans Aircraft. These are out top 5 tips on how to save money when insuring your Vans Aircraft:
1. Insure the right model!
- As a Vans Aircraft Owner, you are probably familiar with all the different RV kit variations but your insurance agent might not be. Vans Aircraft come in either tricycle gear or tailwheel configurations and the difference in insurance cost, between the two, could be as much as 40%.
- Tailwheel aircraft are almost always more expensive to insure due to a higher opportunity for loss, IE ground loops and increased exposure, IE landing off-airport.
- Make sure that if you have a tricycle gear Vans RV, your insurance agent has quoted the correct model.
2. Build time in make and model or type
- If you are transitioning into a Tailwheel Vans RV, make sure you have built tailwheel hours before you transition. Time in type will help lower your insurance cost and reduce transition training requirements
- Whether you have a Tailwheel or Tricycle Vans RV, the single most important factor affecting insurance cost, is how many hours you have in that Make and Model. Build hours in that aircraft when possible.
- Some insurance companies will allow you to combine make/model hours from similar RV models. Contact an experienced Vans Aircraft Insurance broker like BWI for further information.
3. Get all the discounts
- Hangared discount. Most insurance companies will offer a 5% discount if the aircraft is hangared
- AOPA discount. If you are an active AOPA member, our insurance companies may offer a 5% discount.
- Multi-Aircraft discount. If you have multiple aircraft insured with one insurance company, you may be eligible for a 5% or 10% multi-aircraft discount.
- EAA member benefits. Some insurance companies will offer discounts or extra benefits like $10,000 medical vs $5,000 standard medical coverage per person, if you are an EAA member.
4. Trust your broker, but verify
- At BWI, at 90 days prior to renewal, we reach out and get all updated pilot hours and qualifications. We then perform a complete policy review and shop every aviation insurance market to ensure our customers always have the best coverages at the lowest rates.
- Other brokers may simply quote your renewal with the same insurance company that you had last year and send you renewal terms at your current premium or higher.
- Many times it makes sense to stay with your current company and build a relationship, but sometimes the better option is to move and save money. Your broker can’t advise you correctly if they aren’t shopping the market, every year.
5. After a claim, stay with your current company
- The point of aviation insurance is, in the event of a catastrophic and unpredictable loss, you are made whole again, IE you can replace your aircraft and pay for any bodily injury or liability claims.
- After you have a claim, your insurance company will pay to make you whole again, within the limits of the policy. Due to the loss, your insurance premiums may rise for the next 3-5 years but will gradually decrease as the years go on.
- The number one mistake we see is insureds switching to other companies after a claim, and paying higher premiums and breaking a multi-year relationship with your insurance company. After a claim, stay with your insurance company, it will pay off and save you money in the long run.