Aviation insurance generally covers physical damage to the aircraft and the responsibility that comes out of its ownership and operation. Major policies are also required to cover the legal liability of airport owners arising out of the operation of hangars or from the sale of aviation products. Check Aircraft insurance company list for best results.
Policies are written to cover the liability of the owner or operator for bodily injury. It is necessary as it can happen with anybody, to passengers or any other employee, staff, or crew, and for damage of property. So get your Aircraft insurance today by checking Aircraft insurance company list for best results.
Does my Aircraft need to be Insured?
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Although there are no federal or union state regulations that compel aircraft insurance, FBOs Fixed Base Operator and Airlines usually require your aircraft to be insured to use their facilities.
Aircraft Insurance Requirements
And, if you are planning to fly across the world, you’ll need additional international liability coverage. The amount of insurance coverage you need depends on the size and type of aircraft that you have. And, it also includes the equipment you have on board. Also you must check Aircraft insurance company list for best results.
The mandatory or necessary requirements with Insurance of an aircraft can be found further.
Insurance Proof is must
A Certificate of Insurance must be carried on board the aircraft. The proof of insurance should include your insurance coverage that meets all the requirements for the aircraft’s size. And, not just size but also its category, the equipment it is carrying, and the flight you’ll be taking.
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Hangar Insurance, definitely!
Hangar insurance is the insurance that belongs to the hangar in which aircraft are stored. The Hangar owners must have hangar insurance.
If you want to rent a space in the future in the hangar, you may need your own hangar insurance. And, it’ll cover any damage that could happen while it is in storage.
International Liability is an extra gem
If you’re planning on flying internationally, you’ll need to make sure your aircraft’s insurance also includes international liability.
While there is Standard worldwide insurance that can cover your aircraft throughout most of the world, some countries may have specific requirements. You might want to check into additional requirements when flying to Italy, Mexico, Hong Kong, Germany, or the EU.
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NOTE: Check that you have all of the required insurance before you leave. It doesn’t matter where you are flying. Landing permits can be denied specifically if you do not have the proper insurance for your destination.
For Aircraft that you do not own : Non-Owned Insurance
If you don’t own your own aircraft, you may still need to have insurance coverage for aircraft. Non-owned aircraft insurance covers individuals and companies that charter aircraft to protect them from any responsibilities in the event of an accident. Non-owned aircraft insurance is also called Aircraft Rental Insurance.
Aviation Insurance, What does it include?
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There are different types of aviation insurance. Some of these cover the physical aircraft, any damage it could cause to property, aircraft crew, and passengers.
In-Flight Insurance
In-flight insurance covers any damage to the aircraft’s body or structure. It is the result of an accident or other events that occur while the aircraft is in the air. Check Aircraft insurance company list for best results.
Passenger Liability Insurance
As its name suggests, passenger liability insurance covers any harm that may come to passengers.
Public Liability Insurance
Aircraft owners need to account for insurance called Public liability insurance. It is generally required by law in their case.
This is the type of insurance that covers damages to external property or people. However, it doesn’t include coverage for passengers or damage to the aircraft itself.
Combined Single Limit (CSI)
Combined single limit insurance is a combination of public liability and passenger liability insurance.
Aircraft Hull Insurance
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Aircraft hull insurance covers any physical damage to the aircraft itself while it is on the ground. It is of two different types – motion and non-motion.
Motion hull insurance covers:
- Damage occurred during takeoff
- Damage sustained during landing
Non-motion coverage insures against:
- Damage as a result of vandalism (deliberately made faults)
- Accidents with uninsured vehicles
- Damage from weather and climate
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Crew Coverage
Aircraft crew members are typically insured by the company they work for. The pilot and cabin crew would have their own insurance through their company’s workers’ compensation and don’t need to be covered under your aircraft insurance.
Get your insurance. A few insurance companies have been listed:
- Falcon Aviation Insurance
- Starr Aviation Insurance
- USSIC Aviation
- Global Aerospace
- Aerospace Insurance Managers
How Much Does it Cost to Insure an Aircraft?
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The cost of your insurance policy does vary depending on the category and size of aircraft you own. And, it also depends upon the coverage your policy provides.
Insurance for small aircraft usually costs between $1,200 and $2,000 annually. To get best rate check out Best Aircraft insurance company list on the internet.
Coverage Amount
The amount of coverage depends on your policy.
Having gone for a cheaper policy may not be good enough in the event of an accident. What the insurance company pays may not be enough to fully cover the repairs, leaving you with the balance.
It’s important to calculate how much insurance you really need in the account of an event of having to repair or replace your aircraft.
Rate goes high after claims
Whether your insurance premium rises after a claim depends entirely on the cause of the claim. If the damage was caused by something like a lightning strike, then the insurance company may be more understanding. But in case, there was an accident or if you or your crew were at fault in any way, the chances are lesser.
Keep the following in mind when purchasing a new aviation insurance policy:
- Purchase liability insurance if it’s necessary for your area or where your aircraft is stored
- Create a list of those who will be operating your aircraft. They will need to be insured through the policy purchased from various Airplane insurance company list.
- Consider the outcome from over-insuring or under-insuring your aircraft
- Look into the insurer’s history of resolving claims. And, also don’t take out a policy with an insurer who has a bad reputation.
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Check and review your existing policy annually to ensure that:
- You have any necessary extensions to your policy
- Your deductibles are reasonable
- All your pilots are covered by your existing policy
- There are no exclusions that would be limitations on the use of your aircraft
Minimize Aircraft Insurance costs
A great way to keep your insurance costs to a minimum is by remaining claim-free. However, that’s not always possible. You don’t know the future.
There are other things you can do to try to keep costs down. These include using a hangar and completing pilot proficiency training. And increasing flight hours can also help to name just a few.
Use a Hangar
The likelihood of damage to your aircraft is lessened with the use of the hangar for aircraft storage purposes. It’s better to park a car in a garage than on the street. Similarly, a hangar is preferable to a tie-down for aircraft upkeep. The aircraft is protected from variable temperatures, the sun, wind, hail, and other weather.
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In addition to lowering your insurance rates on your aircraft, storing your aircraft in a hangar also reduces the maintenance costs of the aircraft.
Pilot Proficiency Training
You may be able to lower your insurance rates through pilot training.
The more training you have, the lower is the risk of an accident. Annual training may be required to maintain coverage.
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- In addition, insurance companies may have specific training programs. They require it in order to lower their premiums.
- It’s important to check with your insurance company to determine their requirements before embarking on any training programs.
Increase flight hours
Having more than 5,000 hours of flight time reduces the risk of a crash by up to 50%.
Insurance companies use the total number of hours as a factor in calculating the risk of insuring aircraft. The more flight hours you have, the lower your rates may be.
Instrument Ratings
Obtaining an instrument rating can not only improve your piloting but can also reduce your insurance payments.
The FAA and DGCA have specific requirements for any pilot that wants to do an instrument rating. Check with your insurance company to see if they have any recommendations or requirements.
Joining a Flying Club
Some clubs and associations may be able to acquire discounted rates for insurance. Most clubs charge a membership fee.
- And, after it only, gets you access to not just a discounted insurance rate, but also access to the club’s fleet of aircraft. It also includes contact with other owners and pilots.
Who Needs this Insurance?
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Any person involved with the flight operation of an aircraft should have some kind of insurance.
Owners
Aircraft owners must have insurance. Their insurance is the most easily available insurance option, needing to cover the aircraft in the hangar, on the ground, and in the air, as well as any passengers onboard the aircraft. There are many Aircraft insurance company in the world.
Part-Owners
Part-owners need to, and all of the owners, have the same insurance as a full owner. The insurance rates may be different for a group of owners rather than one owner.
Renters
Those renting aircraft are required to carry legal liability coverage. This protects them from legal fees in the crisis of an accident. Besides liability protection, renter’s insurance policies can also cover physical damage coverage.
Pilots
Any pilot flying an aircraft that does not own should carry their own insurance. The aircraft owner’s insurance covers passengers and the aircraft itself, but not the pilot. Pilots should have:
- Medical payments coverage
- The Aircraft liability insurance
- Aircraft physical damage coverage
Aircraft is still Uninsured?
If your aircraft is uninsured, you may be barred from using FBOs. Every airport with facilities for general aviation is operated by at least one FBO, which generally requires insurance. Whether you want to fly domestically or internationally, without insurance you may be denied landing permits.
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Where to get my Aircraft Insured?
There are many insurance company / companies that insure aircraft. It’s important to research ahead of time exactly what coverage you need.
This will then help you determine who can provide the best rates for the type of insurance policy you need to purchase. Hope you got the information well.
But, even to keep costs down, it’s important not to have too little coverage because you can not rust your fate.
Also read-FAA fines $65k against Five Passengers violating rules
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