If you’re in the market for insurance solutions for your private jet, you know that it can be a frustrating and time-consuming effort to find the best aviation insurance coverage for your needs.
Are you a pilot looking for the best insurance rates for your private aircraft? Or maybe you’re a businessman who owns a small fleet of private jets and you’re looking to insure them all at the best possible rate.
No matter what type of aviation-related insurance coverage options you’re looking for, Sky Aviation Insurance Services is here to help! In this blog post, we’ll share some tips and tricks for getting the best possible rates on private aircraft insurance coverage no matter your aircraft use.
Don’t just go with the first insurance company you find. Get quotes from multiple companies or aviation insurance professionals and compare rates.
A higher deductible will result in a lower premium, but make sure you can afford to pay the deductible if you need to make a claim.
Choosing an aviation insurance company with a good reputation for paying claims promptly and fairly is very important.
Otherwise, you could be left high and dry if you have an issue with a claim.
No two pilots or businesses are alike, so make sure you’re getting the best insurance coverage for your needs.
Depending on what you use your aircraft for and how often you use it, you may need a different type of coverage than someone else.
Also, be sure the aviation insurance brokers you speak to understand the industry and aren’t just quoting you a package deal.
If you can store your plane in a secure hangar, you’ll likely get a better rate on your insurance.
Because it’s less likely to get physical damage from the elements or stolen when it’s kept in a safe place insurance carriers will usually give better rates on an aircraft owner’s policy.
Installing security devices on your private jet can help to deter thieves and vandals, which can save you money on your insurance premium.
The more time you or your pilot has in the air, the better rate you’ll get on insurance policies. Insurers see it as a lower risk when you’re a more experienced pilot.
A clean flying record will help you get a better rate on your aviation insurance. Be sure to check with the National Transportation Safety Board (NTSB) to make sure there are no accidents or incidents on your record.
Some insurers offer discounts to members of aviation associations such as AOPA members (Aircraft Owners and Pilots Association) or the National Business Aviation Association (NBAA). If you’re not already a member of one of these organizations, it may be worth joining just for the discount on insurance.
Many insurers offer discounts for pilots who complete safety courses or have specific type ratings. Be sure to ask about any available discounts when you’re shopping around for aviation insurance.
Sometimes package deals including home and auto insurance, for example, can be cheaper than buying insurance separately. If you have other types of insurance with an insurer, be sure to ask if they offer any discounts for bundling your aircraft into the package to give you more affordable rates.
Make sure your aviation insurance policy still meets your needs on an annual basis.
You may need to adjust your coverage as your flying habits change or as your plane gets older.
“Mission creep” is when pilots allow their aircraft to be used for purposes outside of what was originally intended, such as carrying cargo or passengers for hire. This can void your insurance policy, so it’s important to check with your insurer before allowing any unauthorized use of your aircraft.
Your insurance policy will have liability insurance limits, which is the maximum amount the insurer will pay for damages you’re responsible for. Ask your insurance broker for details about your aviation coverage and make sure you understand what your policy covers and doesn’t cover to avoid any nasty surprises down the line.
Insurance rates for private jets or planes can vary depending on multiple factors, including the type of plane, its age, value, where it's kept, how often it's flown, and the pilot's experience level.
Yes, private individuals can self-insure their airplanes. However, it's generally not recommended as it's a high-risk proposition and even though it seems to save you money now, it could cost you a lot more if an accident were to occur.
In most states there is no legal requirement to have private aircraft insurance if you only fly recreationally, but it is highly recommended. Without insurance, you would be responsible for any damages or injuries that you or your plane may cause.
It is always best to check with your local insurance carrier to get the facts on insurance requirements in your state.
If you’re not sure how to navigate the world of private aircraft insurance, it’s worth it to consult with an expert who can help you find the best aircraft insurance policy at the best rate for your needs.
No matter if you fly very light jets, or vintage aircraft, at Sky Aviation Insurance Services we have the industry experience and specialize in helping our clients find the right policy at the right price for aircraft owners. So don’t hesitate to give us a call today!
We’re aviation insurance specialists with proven industry knowledge that are here to help you find the best aviation coverage!