The Top 5 Ways To Save Money On Aircraft Insurance

1. Shop every year

2. Give your broker all the info.

3. Get all the discounts.

4. After a claim, stay with your company.

5. Only pay for coverage that you need.

Let’s face it, owning an aircraft is an amazing, yet expensive hobby. We all love flying, but sometimes it feels like the costs just don’t stop.

Aircraft Insurance is one of those necessary evils. We don’t want to spend the money, but the risk to ourselves and our passengers is too great.

Saving money on insurance, or any other aircraft related expense adds up. For every dollar saved, we could spend more time doing what we love, above the clouds.

I’m an insurance broker who specializes in aviation. These are the top 5 ways to save money on aircraft insurance.

1. Shop Every Year

   1. Make sure your broker shops with all the companies, every year at renewal.
      1. There are over a dozen aircraft insurance companies in the US. It’s your brokers job to not only know which companies they should shop, but also to shop each company, every year.
      2. Insurance companies constantly have claims, raise and lower rates, change underwriting guidelines

2. Give your broker all the info

   1. Make sure your broker has all of your updated pilot time, receipts of equipment to justify the hull value, and any schooling or recent instruction.
   2. It might not seem like a lot, but just 10-20 additional make/model hours might make a big difference in your aircraft insurance rate and could save you hundreds of dollars.
   3. Your broker needs updated information from you each year, roughly 90 days prior to renewal.

3. Get all the discounts

   1. Unlike car insurance, there aren’t many discounts for aviation insurance, but take advantage of the few that are offered.
      1. AOPA discount, typically 5%
      2. Aircraft Hangared discount, typically 2.5%-5%
      3. Multi-Aircraft Discount (More than 1 aircraft on a policy)

4. After a claim, stay with your company

   1. If you’ve had a claim or accident, do everything possible to stay with that insurance company for at least 3 years.
   2. It’s important to build a relationship with the company that just paid out thousands for your claim.
   3. Cancelling a policy after a claim and shopping for a lower rate is a red flag for insurance companies. If you get another quote, it will be significantly higher than your current rate.

5. Only pay for the coverage that you need

   1. If your aircraft is stored in a hangar for 6 months, call your broker and switch to Ground Not In Motion Coverage for that time period. This could save you up to 25% a year.
   2. Aviation Insurance Companies will typically allow insureds to change coverage twice during a one year policy period.
   3. This does not usually apply to Aircraft based in Alaska, Commercial policies or seaplane insurance policies.

Save Money on Aircraft Insurance By Switching to BWI

BWI has been specializing in Aircraft Insurance since 1977. We shop for our customers each and every year. Our office is open 12 hours a day and our customer service is legendary. We are licensed in all 50 states and we represent all of the major aviation insurance companies.

Get a Quick Quote Online Today or call us at 800-666-4359.

BWI is the Nation’s Leader in Aviation Insurance with offices in California and Alaska.

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