Getting Into the World of General Aviation Insurance
It has come to the point where you have accumulated the necessary flight hours and ratings, and you are now looking into purchasing your first aircraft. Congratulations on taking such a significant step in your life, one that most of us have dreamed of doing at some time in our lives. Whatever it was, whether it was owning a private jet to travel through the skies in luxury or your own personal helicopter to escape the rush hour traffic, owning any vehicle that can fly has always been considered hip since the Wright Brothers achieved their maiden flight in 1903.We are aware that you are researching the world of general aviation insurance and that you have a number of questions. Allow us to explain the fundamentals of general aviation so that you may move away from your computer and up in the air, where you belong, without further delay.
Basics of General Aviation Insurance, as well as Brokers
The first step in properly insuring your aircraft is to find a reputable and trustworthy broker to assist you in navigating the complex world of general aviation insurance; ideally, one that specializes solely in aviation insurance and can guide you through the entire aircraft purchasing process as well as your first year as an aircraft owner.You’ll need to understand the fundamentals of general aviation insurance in order to ensure that you have the appropriate coverage. What your broker will do is shop around for the greatest coverage and the best pricing among the dozen insurance companies that provide aircraft hangar insurance in the country.However, what you are actually seeking for is aviation liability coverage as well as hull coverage in each and every situation. If you can have those two fundamentals down pat, you’ll be well on your way to having the appropriate coverage to take to the skies.
Aviation Liability Insurance and Hull Insurance are two types of insurance that are available.
You are effectively protecting two things when you get general aviation insurance. The first type of insurance is aircraft liability coverage. This insurance covers the harm that an airplane can do to other people’s property as well as the passengers who are on board the aircraft. While the cost of liability protection can range from hundreds of dollars to thousands of dollars, it generally provides $1,000,000 in total liability protection with a per-passenger maximum of $100,000.
Following that, we’ll discuss hull coverage. Your aircraft in many ways is no different from the insurance you have on your automobile. Except in this instance, you most certainly spent a lot more money on your aircraft than you did on your vehicle, and you want to make sure your baby is protected. Hull Insurance is the term used to describe this type of coverage. The damage to the aircraft itself is covered by this policy, and you’ll want to consult with your broker to verify you have the appropriate level of coverage. If you have insufficient hull coverage, you may find yourself in a difficult situation in the case of a total loss. According to a number of circumstances, it will cost you between 1.5 percent and 10 percent of the insured worth of your aircraft to get it insured.