5 Tips for Finding the Best Aviation Insurance Coverage
It has only been a little over a century since humans took to the skies in the machines we know today as airplanes. Now, air travel is a common occurrence with more private individuals owning airplanes than in any time in history. With increased usage comes the increased need for individual and public safety regulations because of the increased risk for accidents.
Aviation insurance is a rare commodity in that a person can spend a lot of money on it while hoping that he or she will never need to use it. The magnitude of cost of owning and maintaining an airplane, along with the magnitude of cost for any potential accidents or damage done by the airplane is much higher than other traditional vehicles. For this reason, every pilot hopes for a clean record but also knows that aviation insurance is absolutely indispensable. These 5 tips can help anyone in the market for aviation insurance.
1. Educate Yourself
This does not only include shopping around for the best rates and protection. This includes attending regular pilot education classes which will not only increase the likelihood that you will respond correctly in an emergency situation but can also lower your monthly premiums if taken at accredited schools.
2. Upgrade your Ratings
By applying for new or upgraded ratings on your plane or instruments, you can knock a few dollars off of your insurance premiums. Sometimes, in the case of commercial aircraft, additional training may be required to qualify for a better rating
3. Rent a Plane
If you fly regularly but not necessarily often, it might be in your best interest to consider renting a plane instead of purchasing one. Insurance for a pilot plus the rental costs of a plane may be considerably cheaper than the cost of owning the plane and insuring it.
4. Maintain a Clean Record
The more hours that you log without an accident, the cheaper your premiums are likely to be and the easier it will be to find a suitable aviation insurance policy. Logging hours can also get you experience which will also lower your payments. Pilots with clean records are much more likely to be approved for a policy or will pay much less for equivalent coverage than a pilot who has accidents on his or her record.
5. Talk to a Qualified Aviation Insurance Agent
By discussing your plane’s specifications and your specific insurance needs with a qualified agent like those at Avion Insurance, you will get the most accurate information regarding applicable policies and coverage. This will ensure that you find the best policy for you and your aircraft.