When leasing or buying private aircraft, there are several factors that you need to consider. Some of the main ones are the model, the price, range of the aircraft etc. However, the insurance policy has to be the most important aspect of all regardless of whether you own a private aircraft, or you intend to buy one.
Unfortunately, most individuals do not know the restrictions or basic content in a private aircraft insurance policy. It should be noted that private aircraft insurance can either as the company that it serves or as an individual. The last thing that anybody wants is to purchase an aircraft just to find out later that the liability limits that are available are too low or insurance training needs are untenable. This means that the insurance holder will not have adequate protection.
There are several coverages that are available for private aircraft insurance. Some of the aircrafts covered include:
- Single Engine Piston Aircraft
- Antique Aircraft
- Sport Aircraft
- TurboJet Aircraft
- Personal Jet Aircraft
- Twin Engine Piston Aircraft
- Renters aircraft
- Experimental Aircraft
- Tailwheel Aircraft
The types of aircrafts listed above are not exhaustive as there are others depending on the insurance provider and the policy.
There are providers who classify private aircraft differently. For instance, light sort aircraft and war birds would fall under specialty aircraft.
It should also be noted that different areas are normally covered for different aircrafts.
The following are some of the types available coverages:
1. Excess Hull and Liability Coverage. This is usually for those with high requirements.
2. Liability Limits up to a certain amount. Liability varies on the ground and in the sky.
3. Hull Values up to a certain amount.
All policies have their advantages and disadvantages. This is why flight insurance agents normally take prospective clients through so that they select the most suitable private aircraft insurance policy.
There are several benefits that are associated with using a private aircraft insurance, the notable ones are:
• There are a wide rage of liability limits and training requirements to consider. This heavily depends on the pilot’s qualifications and the aircraft that is being purchased.
• Insurance will employ their underwriting expertise as well as experience in providing an overview of pros and cons of all options when selecting between various aircrafts. This is usually from an insurance perspective.
• They relieve the stress of having to review private aircraft insurance policies that is time consuming. Furthermore, the details may be confusing.
There are many other benefits of having a private aircraft insurance.
The above insightful information clearly indicates that private aviation insurance greatly differs from auto insurance or personal home insurance, but aircraft insurance experts can simplify the process. Aircraft owners should pay a lot of attention to insurance coverage as to other aspects of acquisition transaction.
Contact us today at S.T Good Insurance of Florida for a quote at (772) 287-3625.