Most Comprehensive Aviation Insurance Options For Pilots (2021)

AeroAvion

Most Comprehensive Aviation Insurance Options For Pilots (2021)

Insurance

Aviation Insurance Options

Are you a new pilot looking for affordable aviation insurance? Or are you wondering how aircraft insurance works? Well, you are in luck as we have prepared this guide to help you navigate through the world of aviation insurance.

Now there are many types of aviation insurance. Renters insurance, Owners insurance, Overhaul insurance, and many more. It’s important to be educated on all types of aviation insurance in order to make sure you select the one that suits you.

It’s vital to be insured in the sky as a small mistake can lead to large expenses. Having an aircraft insured through all stages of flight gives you the peace of mind you need to make the proper decisions.

Best Aviation Insurance providers

Here are a few insurance providers we at AeroAvion recommend for your new aircraft.

  1. AVEMCO – AVEMCO was founded in 1960 and has been serving the aviation community since. This is one of the largest aviation insurance providers in the industry. AVEMCO offers many different types of aviation insurance from CFI to Renter. Find out more at AVEMCO.com
  2. USAA – USAA is commonly a household name for all types of insurance, many are surprised to find out that USAA also services the aviation community. USAA offers personal and business coverage for aircraft of all types. If you are looking to insure a jet or a light-sport aircraft USAA has some of the most variety we have seen in an aircraft insurance provider.
  3. Falcon InsuranceFalcon insurance is a newer insurance provider which specializes in aviation. They have competitive rates that may be attractive to many newer pilots.
  4. Assured Partners – Assured Partners Aerospace is one of the nation’s largest aviation insurance firms – They have the experience, expertise, and resources to cover virtually every aspect of general aviation.
  5. EAA Aircraft Insurance Plan – The Experimental Aircraft Association also offers a plethora of solutions if you are looking for any type of aircraft insurance. A few of their preliminary quotes are as following:
        • $5,000 for personal effects of passengers
        • $10,000 medical payments
        • $25,000 search and rescue
        • $25,000 aircraft recovery for emergency/precautionary off-airport landings
        • $50,000 liability insurance for aircraft hangars and hangar content
  6. Travers and Associates Insurance – Travers is a great alternative for aircraft insurance.

Travers covers:

        • Private Aircraft
        • Corporate Aircraft
        • Life Insurance for Pilots
        • Drone Insurance
        • Hangar Insurance
        • Renter / Non-Owned Insurance
        • CFI Insurance

And a plethora of other options depending on your needs.

Aircraft Insurance

Aircraft insurance is a monthly payment that covers any damage or liabilities incurred from your aircraft. As you will see below there are many different types of aircraft insurance ranging from just passenger insurance to hull insurance. Be sure to check with your insurance provider to find out which of these policies you have or which ones you may need.

Types of Aircraft Insurance

Passenger Liability Insurance

Passenger liability insurance is fairly self-explanatory. This type of aircraft insurance covers any liabilities that revolve around passenger injury. If you often find yourself flying passengers this may be something you will want to consider adding to your policy. Check with your insurance provider for more details.

Public Liability Insurance

If you ever find yourself in an emergency landing situation you will more than likely be landing on public property. Farm lands, highways, any infrastructure that is damaged by your aircraft is subject under Public Liability Insurance. Aircraft Public Liability insurance covers you from damage caused by your aircraft to public property. Even if you land safely, you are still responsible for damages caused, having this added to a policy will protect you in these situations.

In-Flight Insurance

In-flight insurance is fairly self-explanatory as it covers any incidences (mainly collisions) that may happen while in the sky. Now this may seem like an odd thing to cover since one may question the survivability of such an event however it happens in more circumstances than one may think. If you are flying and a bird collides and breaks your window or damages your prop, depending on your coverage, this event may qualify. This is why in addition to Hull insurance, In-flight is essential to your overall safety.

Hull Insurance

Hull insurance is one of the most commonly covered for aviators. This covers the aircraft body or (hull) in this case. There are two types of hull insurance, motion and non-motion for incidences of each type. If the aircraft is in motion on the ground and

  • Motion – Hull insurance that’s covering any incidences when the plane is in motion. Any damage or liabilities incurred while Taxi operations, takeoff, or landing.
  • Non-Motion – Hull insurance that covers any incidences when the plane is not in motion, Tree branches, other aircraft damage, object or vehicular in nature.

International Liability Insurance

Fly internationally? Well, you may need to inquire about International Liability Insurance. Even though insurance should cover you through most of the world, some countries have strict alternate requirements. If you find yourself crossing country lines it’s important to educate yourself on international Insurance requirements.

These are just a few of many aircraft insurance options. Keep in mind that this may vary based on the provider.

The Insurance requirements highly depend on the size, make, and model of your aircraft. Similar to a car different aircraft have different needs based on their service history or requirements. It’s important to understand these fine details when choosing an aircraft to purchase.

If you want to learn more about buying an Aircraft Check out our guide here.

Other Types of Aviation Insurance

Renters Insurance

Renters insurance is fairly self-explanatory, it is for pilots who are renting aircraft from an FBO or in some cases, flight clubs. Renters insurance is meant to cover any liabilities incurred from claims while renting a third-party aircraft. As long as you have the required number of hours and checked out in the aircraft type, you should qualify under this type of insurance. Renters insurance is not required to rent an aircraft however it is highly suggested. Rented aircraft are not in the same condition as most other newer or owned aircraft. This is why it is important to have insurance on rented aircraft as they may have underlying problems.

Hangar Insurance

Hangars just like many other man-built objects are susceptible to storms, weather, hurricanes, and more. This is why it is important to protect your investment with hangar insurance. Most aviation insurance covers the aircraft while it is in use. However, a hangar is essential to keep your insurance costs low. With this cheaper option of aviation insurance, you can addon hangar insurance if you choose to do so. This way you can ensure your aircraft is protected while on the ground and in the air. Hanger insurance is fairly affordable and can often offset with the deduction insurance provides for owning. Usually, you can find Hanger insurance for about $250/month.

What does Aircraft Insurance Cover?

A good aircraft insurance company will make sure your aircraft insures the entire spectrum. This includes hull damage, passengers, and in some cases parts and maintenance. Generally speaking, aviation insurers do not cover environmental, passenger, injuries, or any third-party damage you do to your aircraft. This does come with its downsides. However, it is important you become properly affiliated with all the different tracking opportunities for my devices. Check out a few of our partners below to ensure you can get the most amount of coverage for your aircraft.

What is Aircraft Hull Insurance?

Aircraft hull Insurance covers the external body of the aircraft. This type of insurance is usually separated into two parts, In-motion hull insurance, and non-motion hull insurance.

How Much Does Aircraft Insurance Cost?

Coverage for aircraft insurance varies based on many factors. Primarily the aircraft of choice, your experience overall / experience flying the aircraft type, and location. Small aircraft insurance is fairly affordable at around $1000 – $2000 dollars per year.

Do you need aircraft renter’s insurance?

We always advise that you obtain aircraft renter’s insurance. However, there are no federal or state laws requiring aircraft insurance. The catch is, that most, if not all FBO’s require aircraft insurance if you are operating at their facility.

If you are flying for over 100 hours per year, going on long cross-country flights, or are taking the aircraft for multiple days at a time, it’s always wise to seek insurance on any aircraft you fly. This way you can be protected if anything were to happen in the sky or on the ground. We never think that we need insurance until it’s too late.

With the expensive cost of aircraft repairs, it’s much better to be safer than sorry in rental situations. Keep in mind that the aircraft you rent is used by many other individuals. The previous usage can result in future damage, and being prepared with aircraft insurance keeps you covered over these types of follies

The Bottom Line

There are so many options to aircraft insurance it would be a no-brainer in picking options. Make sure you stay insured because you never know when tragedy might strike. If you are a renter or an aircraft owner, it is always wise to stay protected.

Aviation costs can mount up quickly if you aren’t prepared, insurance providers help you stay protected no matter what happens in the cockpit

Check out our guide on ways to reduce aircraft insurance costs

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