5 Tips for Picking the Right Insurance for Your Airplane

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There are a lot of people in the United States who own their own plane or who have their own pilot’s license. In 2016, the country boasted more than 584,360 active pilot licenses. The American aviation community is very diverse. There are at least 22,000 different kinds of aircraft around the nation. That number includes DIY aircraft, hot air balloons, and turbojets. If you are looking at aircraft insurance rates, you may think that getting the right coverage is hard to get. here are some tips to make the process go better:

  1. Just because you get one “no” does not mean you cannot get insurance. When you are talking to aviation insurance brokers, you may be told that you cannot get the aviation insurance policy that you want or you may be told that you cannot get it at all. Do not get discouraged and stop looking around for the policy that you need to do what you want to do. Just because you are told no once, does not mean you cannot get what you need. If at first you do not succeed, try, try and try again.
  2. Pay attention to everything. There are a lot of times when the advice you may get is to “read the fine print.” Never is this more true than when you are looking at aircraft insurance rates and policies. Before you even entertain the idea that you are going to sign any kind of paperwork pertaining to your aircraft or aircraft insurance, you need to be sure that you understand all of the language in your contract. This is too important to how you operate your aircraft to not take the time to know everything about the policy and the company that you are signing with. Any time you spend on this is time well spent.
  3. Look around. The first company that says “yes” may still not be the company you want to go with. When you are looking at aircraft insurance rates and policies and you have been told “no,” it may be tempting to go with the first company that says “yes.” As tempted as you may be to go that way, you should resist the urge and wait. Take your time and talk to more aircraft insurance companies. There is always the chance that you will go with that first yes company but you will feel so much better about your decision if you have spent time talking to different aircraft insurance brokers about your situation.
  4. Remain open to new ideas. When you are looking at aircraft insurance rates, you should be a bit flexible with what you will accept. When you first start looking at policies and plans, you may have an idea of what you think you will want in terms of the policy you pick. The problem is that the idea you have in your head may not translate well into the real world. If you are given a suggestion that may seem to be “outside the box” do not discount it. You may need a different kind of policy.
  5. Find a decent agent and stay with them. Once you have talked to a few aircraft insurance brokers, you should find one that you are going to want to work with and stop looking. Once you have found a broker who knows you and understands your needs, you should stop looking. It is important to have a good relationship with one person and you will not help yourself any if you find one, tell them you are going to work with them and then talk to other people about your insurance needs. If you opt to go that route, the result will be that you end up shooting yourself in the foot. It will poison your relationship with the broker and will make it harder to find a new broker and get the aviation insurance policy that you want and need.

When you are looking at aircraft insurance rates and policies, the process is not really like getting insurance for your car or home. It may take some time and work but you be successful if you try.

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