Whether you own an airplane or borrow one, it is important to have the right kind of Aircraft insurance coverage. There are different kinds of insurance solutions available. You can buy insurance if you own an aircraft or if you rent or borrow one, if you are a certified flight instructor, or if you are a member of a Flying club. As a pilot, you may even opt to purchase supplementary Hangar or Term Life insurance, thereby providing complete insurance coverage.
Buy Now or Pay Later
Insurance of any type is designed to protect. Whether you drive a car, insurance is mandatory by law, or if you’ve purchased a home, insurance is necessary to protect your investment. If you are own or operate an aircraft, you need airplane insurance to protect your finances.
When buying airplane insurance, there’s a lot to consider. You need liability insurance to cover bodily injury and property damage for the passengers in your aircraft. Most states require a minimum amount of liability that needs to be carried and the amount varies from state to state.
Property coverage covers the hull, instruments, radios, autopilots, and miscellaneous equipment. These items can be expensive to repair or replace so you want to make sure that you’ve including some sort of protection in your policy to cover those costs.
Owning and operating an aircraft is a major undertaking and comes with a large price tag. If anything happens to your airplane and you don’t have insurance, then you will likely lose your investment.
Similar to cars, if you finance the purchase of an airplane, insurance may be mandatory from your lender. Your lender may require you to buy enough coverage to cover the value of your aircraft throughout the entire length of your financing contract.
What Type of Aircraft Insurance Is Right for Me?
Balloons, gliders, helicopters, gyroplanes, and traditional fixed-wing aircraft all fall under the aircraft umbrella. The terminology of these policies is often very specific to the aircraft industry. A consultation with one of our experienced agents can be instrumental in your decision and will ensure that you take on the proper coverage to meet your needs.
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