What can you do as a consumer to help get the best value for your aviation insurance dollar?
In today’s environment, with rising rates and tighter underwriting restrictions, it’s easy to view aviation insurance as a commodity and look for the lowest priced policy. And the value of that commodity may seem misconnected to price. We all know intrinsically that the lowest price does not always equal the best value, but it is sometimes hard to accept when we’re the ones writing the check!
We recommend pondering the value of your aviation insurance by first making an honest assessment of your coverage needs. Then determine what is important to you.
Insurance policies generally share similarities in hull (physical damage to the aircraft itself) and liability (payment to others for damage, injury, etc.). However, many insurance carriers have add-on coverage that may make a significant difference in your coverage. The good news is that these “add-on” coverages are typically offered for little or no charge! Some examples of add-on coverages include:
These are just a few examples of coverage that can be offered from competing insurance companies.
Isn’t it worth your time to think about what kind of flying you do, where you fly, and what you would like protected? Of course it is, and it’s also very important. The next step is to allow your agent to compare the differences and related premiums.
Sometimes taking the lowest cost policy could leave something important exposed. Remember, insurance’s true value is to make you whole in the event of a covered loss. And that can only occur if we think about our true coverage needs, and not only the price. Sometimes saving just a few dollars to omit a coverage can end up being expensive if something were to occur.
As your broker, AssuredPartners Aerospace is pleased to work for you. We have the knowledge to discuss differences in policies, coverage, and price. We are dedicated to shopping the market for you. And, as your trusted advisor, we make sure you have the right coverage for the right price to fit your aviation insurance needs. Visit ap-aerospace.com/own or call us at 800.622.2672 today!