Insurance for piston, single-engine aircraft is
generally the least expensive and most easily attainable aviation
insurance coverage available. Compared to other types of coverage,
single-engine aircraft insurance rates are extremely low, even lower
than insurance for many automobiles.
Insurance rates will also vary
depending on the value, performance, reparability
and complexity of the aircraft as well as
the experience of the pilot. Experienced pilots will be offered the
best rates and terms. Coverage is available for student and low-time
pilots at lower rates than you may think.
Primary training in a
single-engine aircraft is easy, safe, relatively inexpensive, and a
risk desired by almost all aviation insurance companies in the
industry. Higher-valued and high-performance aircraft are individually
underwritten to determine the best training scenario for you. Insurance
underwriters may require additional training prior to solo flight and
carrying passengers.
How much should I
insure my aircraft for?
A good rule of thumb for determining your aircraft's insured value is
to insure it for the cost of replacing it with another airplane just
like it. With an overinsured aircraft, an insurance company may repair
an aircraft that would have been declared a total loss had it been
properly insured. Consequently, an aircraft that has been repaired
after suffering extensive damage may never be the same, and it may be
difficult to sell at a fair price later on. If an underinsured aircraft
has been declared a total loss, the owner will not have enough money
from the claim settlement to replace the aircraft with one just like
it. For this reason, it is very important for an owner to have the
insured value increased immediately after adding equipment (i.e.,
avionics, conversion kits) or making any improvements to the aircraft
(engine overhaul, new paint or interior). Keep in mind that
the more an aircraft is underinsured, the more likely the insurance
company will declare it a total loss if it is substantially damaged. To
avoid either overinsuring or underinsuring, reevaluate the
aircraft's value each time your policy comes up for renewal.
What can I do to reduce my insurance rates?
Of course, it depends
on your insurance company, but here are some possible methods:
- Obtain an instrument rating
- Keep the aircraft in an enclosed hangar
- Participate in a pilot proficiency program
(i.e., the FAA's Wings program)
- Increase your flight time
- Maintain a claim-free status for a certain
period of time
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