When obtaining an insurance quote for your aircraft, AOPA’s partner for aviation insurance, AssuredPartners Aerospace, recommends these 3 tips.
- Never rely solely on the application to tell your complete story. Follow-up with a phone call to the insurance broker as a best practices method for getting the best coverage. Especially if you’re a new pilot, insuring a new type of airplane, or plan on flying to new places.
- Make sure the insurer is a good match for you. Include the following questions during your discussion with the broker:
Be a savvy shopper. Once you have covered those questions, here are some more tips for being a savvy shopper.
- Who are the pilots who will be flying the aircraft, even if they’re not going to start flying until later into the policy year? This is important so you don’t choose an insurer that won’t cover the additional pilot downstream (such as a student or transitional pilot).
- Is your use of the aircraft potentially going to change beyond your own personal use? Rental or instruction? Aerial photo work?
- Are you planning a trip outside the U.S. this year? Make sure you mention these details so you avoid insurance surprises later.
- Will you be refinancing this year? Lienholder coverage can vary slightly between carriers, so learn the potential impact on you. Additionally, you will need to update your policy with that information and have a COI sent to the new lienholder.
- Are you adding an aircraft or replacing your current one with something different?
- When requesting your hull coverage, be sure you consider the amount of your lien, if applicable. Sometimes this is the key factor in your hull value decision.
- While liability limits are typically left up to the discretion of the aircraft owner, if you have a hangar lease or other contractual requirement, you need to consider those in addition to your own personal needs.
- If you’ll ever rent an aircraft, another contract to review is the rental agreement. Understand what you’ve agreed to with the FBO and how your insurance policy may or may not protect you.
If you have questions, need advice, or would just like a FREE review of your aviation insurance, please call us at 800.622.2672. We can also be reached by email at [email protected]. Our experienced agents are standing by to help! Located in Frederick, MD, our office is open 8:30-5:00 ET, Monday through Friday. Please visit our website – ap-aerospace.com for more information, anytime.
The insurance industry is filled with multinational conglomerates focused solely on improving their balance sheets. But AssuredPartners is not one of them. Our focus is on relationships. On forging rock solid partnerships with successful regional and local firms who are as fervent as we are about providing clients with best-in-class asset protection and unparalleled service. Partnership. Expertise. Innovation. Passion. Doing the right thing. These aren't traits you typically find in the world's largest insurance firms. But you'll find them with us, because we're invested in your success – now and for the long run.