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How can I lower the cost of my aircraft insurance?
Make yourself the kind of pilot underwriters want to insure. Insurance companies, of course, want to insure pilots whom they feel are less likely to have an accident. And since a well-trained pilot is less likely to have an accident, pilots who obtain regular recurrent training are more likely to obtain the best rate. A commitment to training also allows your insurance broker to present you as a potential customer to more insurance companies, increasing the coverage options that may be open to you. Many underwriters also have additional discounts for advanced certificates and ratings. Advanced ratings and regular recurrent training beyond FAA-mandated minimums—such as FAA Wings, Air Safety Foundation programs, and others—can help set you, and your insurance rate, apart from the rest of the pack.
Stay current, fly regularly, and keep your pilot logbook accurate and up-to-date. Each year on your insurance renewal application, you’re asked to provide your insurance company with your logged flight hours. Total time, time in type, specific make and model time, as well as hours flown in the past 12 months and 90 days help the underwriter “paint a picture” of your flying skills. Nearly every underwriter structures rate discounts around total flight experience and make and model time, but did you know that many also look closely at the recency of your flight time as well? An experienced, current pilot presents the best possible risk to the insurance companies. So be a “frequent flier.” Higher total hours, as well as recent flight hours, will provide you with the best possible rating.
Make sure your aircraft is insured for the proper value. Your physical damage premium is driven by the insured value you request for your aircraft. Since this premium accounts for about 70 percent of your total premium, ensuring that your aircraft is not over- or undervalued is a great way to make the most of your premium dollar. Check several sources, like AOPA Online Aircraft Valuation Service, and recent sales ads for your make and model and allow for engine time and equipment. Your goal is to be able to replace your aircraft with one of like kind and quality without overinsuring.
Partner with a strong aviation insurance brokerage who specializes in owner-flown aircraft. As pilots, we carefully select and rely on the special skills of our CFIs and A&Ps to help keep us flying safely. Selecting the right brokerage for your insurance needs is just as important. At the AOPA Insurance Agency, personal aircraft insurance is our specialty. We know the aviation insurance market and the factors that drive it—our representatives are well equipped to advise pilots on a wide range of insurance issues. We’ll get your quotes from multiple “A”-rated underwriters so you can choose the policy—at the right price—that’s best for you. Get a free a quote online, or for faster service, call toll-free at 800/622-2672 for your customized aircraft insurance quote today.
April 28, 2008
April 28, 2008
