Before You Buy Aviation Insurance
Aircraft Liability Insurance, Aircraft Insurance Rates and More
Learn more about aviation insurance. Find out about aircraft liability, aircraft insurance rates, airplane insurance discounts and general aviation insurance companies.
Aviation insurance for corporate or personal aircraft provides important coverage for an airplane. Learn more about insurance policy coverages available including aircraft liability, airplane hull insurance and medical payments before you buy. And get up-to-date information about airplane insurance discounts for corporate aircraft and personal aircraft.
Airplane Insurance Protects the Hull of the Aircraft
The key component of airplane insurance is physical damage coverage, which protects the body of the aircraft. The aviation insurance policy should be based upon the airplane’s current market value. Just like motorcycle insurance, aftermarket add-ons can dramatically increase an airplane’s value. It’s important to make sure that the amount of airplane insurance would be enough to cover its replacement in case of a total loss.
Aircraft Liability Insurance a Necessity while in Flight
Aircraft liability insurance provides protection for property damage or bodily injury to people other than the named insureds. This portion of the airplane insurance policy is not covered under any other liability insurance policy, though this is a common misconception. And unlike auto insurance or watercraft insurance, there are a number of hardcore prerequisites for obtaining increased limits of liability in an aviation insurance policy. In addition to a bump in aircraft insurance rates, an instrument rating and more than 500 hours’ flight time are usually required for increased aircraft liability insurance. Without the experience required for increased amounts of general aviation or personal aircraft insurance, the liability amounts usually rest at $1,000,000 per occurrence and $100,000 per person.
Medical Payments Coverage an Important Part of Aviation Insurance
Medical payments coverage is offered as part of the aviation insurance policy. Medical payments provide coverage for emergency expenses including co-payments and deductibles. In the aviation policy, medical payments cover anyone in the plane, including the pilots, regardless if they are the named insureds. The amounts of medical payments per person can usually be increased up to $10,000. Aircraft insurance rates for medical payments in the airplane insurance policy vary by number of passenger seats on the airplane.
Airplane Insurance Discounts available from General Aviation Insurance Companies
General aviation insurance companies offer a variety of airplane insurance discounts. A good flying record may mean that a 5-10% discount is available at policy renewal. Instrument rated pilots are eligible for airplane insurance discounts from many general aviation insurance companies. Advanced FAA-sponsored training, completing safety courses and increased hours in the air can all result in additional airplane insurance discounts. Discounts off of aircraft insurance rates vary by general aviation insurance companies.
Aircraft Insurance Rates - What to Expect
Aircraft insurance rates vary by type of airplane insured, corporate or personal aircraft insurance policy type, amounts of aircraft liability insurance and applicable airplane insurance discounts. General aviation insurance companies base costs upon the value of airplane. Corporate aircraft insurance rates per $100 may be less than personal aircraft insurance. Expensive corporate aircraft often have newer technology than personal aircraft, resulting in a decrease in insurance rates. Shopping around for the best aircraft insurance rates needs to be done before a policy is purchased, since general aviation insurance companies often charge penalties for early policy cancellation.
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