What You Need To Know About Aviation Insurance


One of the most common questions in the insurance business is "How can I get the best rate on my insurance?". Everyone wants the best coverage at the lowest rate, so here are some tips that can help you reduce your premium on your next renewal.

Annual Training
Annual recurring training is often required for higher coverage limits, pressurized or turbine aircraft. Even if it is not required, some subscribers will offer lower fares or better coverage for pilots who complete this training. Ideally, the recurrent training consists of a simulator program recommended by the manufacturer. For some piston aircraft, aircraft training programs may be approved. This is usually the only option when programs recommended by the manufacturer are not available. This training may include the requirements of the FAA Pilot Competency Program (WINGS), which we highly recommend. Subscribers also favor current and competent pilots. Make sure you have logged at least 20 flight hours in the last 12 months, or you may be asked to obtain additional training.

Pilot Experience and Transition Pilots
Most subscribers agree that experience is the best teacher. One of the biggest challenges in aviation insurance is finding affordable coverage for pilots who make the transition to more advanced aircrafts. Accident reports show that less experienced pilots and pilots in transition are at greater risk, and insurance rates are structured accordingly. This is the reason why pilots in transition should work with their insurance agent to design a transition training program that may include simulators, on-ground and in-flight training. When making the transition to a more advanced aircraft, understand that the first year of insurance may be more expensive, but if you commit to an aggressive training and time creation program, your renewal rate could decrease substantially.

Commercial Plane
Commercial and corporate aviation faces a different challenge. Corporate turbine pilots usually have the certificates, classifications and appropriate hours, but the required recurrent training is much more expensive. The choice of initial or periodic training facilities affects your insurance premium and the total cost of ownership. Well-known full-motion simulator training centers are accepted by virtually all subscribing companies. There are is the alternative, lower cost training programs, but not all subscription companies accept them in the same way. Because training and insurance go hand in hand, you must compare the total cost involved and make an informed decision about your insurance and training options. A higher insurance premium can be offset by lower training costs. This leads to general savings that can make corporate aviation more efficient and profitable.

We hope this information encourages you to work with our agents to set training and experience goals to help control your costs or make the transition to a more complex airplane. Make sure that our agent is aware of your plans and of any training or pilot competition program you have completed. Premiums can be negotiated, and negotiation begins with communication.

Aviation insurance should cover both injuries suffered by passengers and pilots and damage to the entire aircraft, both internal and external. The size of the aircraft, for example, how many passengers it carries, is relevant in aviation insurance. It is important that the insurance covers the damage suffered both on the ground and during the flight. If the plane is used to transport cargo, then insurance is also necessary.

Call us today to learn how S.T. Good Insurance can give you the peace of mind you deserve when it comes to protecting your investments.


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