How to stretch your aircraft insurance buck
Employ multiple strategies to lower your premium
Top of the list: Commit yourself to ongoing training. Regular recurrent training beyond FAA-mandated minimums, such as FAA Wings, Air Safety Foundation programs, and others, can earn you significant discounts. Additionally, underwriters structure rate discounts around total flight experience and make and model time, so you’ll want to keep your logbook accurate and up to date. In fact, an experienced and current pilot represents the lowest risk to insurance companies, so be a “frequent flier” and log recent flight hours to qualify for the best possible rates.
Talk to your broker before you go shopping for a new aircraft
Stepping up to your dream aircraft and obtaining insurance coverage is possible for most pilots. However, meeting underwriter requirements, such as type-specific training and solo hours, takes some planning. Set aside time to consult with your broker and develop an acceptable transition plan well in advance of your actual purchase or commitment to a sales contract.
Maintain optimal coverage at any age
Secure coverage for as long as you intend to pilot an aircraft with senior pilot strategies. For example, it’s a good idea to establish a long-term relationship with one insurance company now, as all companies have an age limit beyond which they will not provide quotes for new business. Plus, underwriting guidelines for aircraft are always subject to change. Finally, while it’s vital to keep your medical and biennial current, it’s also important to keep your aircraft “current” with regular scheduled maintenance. This not only keeps your airplane airworthy, it also keeps your insurance coverage renewable.
Work with a broker you trust
Working with a knowledgeable broker is paramount to ensuring you’re never left at risk. As the only agency entrusted to carry the AOPA name, you can rely on the AOPA Insurance Agency to deliver member quality service and general aviation expertise. The AOPA Insurance Agency is also dedicated to keeping you updated on key insurance issues. Contact us today to find out how you can leverage the power and expertise of AOPA to take control of your aircraft insurance.
AOPA Insurance Agency makes it easy to get affordable, comprehensive coverage. And, renter’s insurance gives you and your passengers peace of mind. Contact the AOPA Insurance Agency for a free quote at 800/622-AOPA (2672) or e-mail.
As with all AOPA-endorsed products, a portion of the AOPA Insurance Agency’s proceeds go directly to AOPA to help protect your flying privileges—we make sure of it.
January 29, 2008