Minimize a new aircraft's impact on your insurance costs
Minimize a new aircraft’s impact on your insurance costs
Talk to an aviation specialist broker before shopping
An experienced broker will be able to advise you what various underwriters will require for minimum pilot qualifications, provide you with common checkout requirements, and give you an estimate of annual insurance costs for various types of aircraft. While you may have the monetary resources to move from a Skyhawk to a Baron 58, without the proper ratings, flight time, and training, you may find that insurance is cost-prohibitive or even impossible to obtain. The time to find this out is now, not after you’ve entered into a sales agreement.
Develop a “transition plan”
Once you’ve established some realistic expectations, it’s now time to create a logical plan for developing your pilot skills to meet the needs of the new aircraft and your insurance company. Your transition plan may include a combination of additional ratings, dual flight instruction, solo time, and even simulator time.
Don’t forget to include your recurrent training plans. Having a comprehensive plan beforehand shows that you’re invested in making a safe, logical transition and that you don’t want to get in over your head. In short, it shows that you’re the kind of pilot companies want to insure.
Know what to expect
Be prepared to pay higher premiums until you complete training and build some time in the new aircraft, perhaps for a couple of years or more. There are some things you can do, however, to keep the initial premiums more reasonable and minimize the period of time your policy is surcharged:
- Accept reasonable changes to your transition plan from the underwriter;
- Forward documentation of your flight training as you complete it;
- If recurrent training is called for, do it when required—avoid asking for extensions of deadlines;
- Fly your new airplane.
A pilot who is current and flies frequently with high make and model time is what every underwriter wants.
Choose an insurance agency you know and trust
Take control of your aircraft insurance today and find out why more AOPA members place their trust in the AOPA Insurance Agency than any other aviation insurance brokerage. We invite you to call us at 800/622-2672 to experience firsthand our special brand of “member service,” and put the power of AOPA to work for you today. Or visit us online for a free quote.
March 25, 2008
March 25, 2008