Whether you are soaring through the clouds in a charter plane full of passengers or just gliding above the seashore in your Cub Piper, flying takes training and skill. And regardless of whether you fly for business or pleasure, you need to protect your plane from certain risks. An airplane insurance policy provides you the risk coverage that helps put your mind at ease so you can enjoy every flight.
An independent agent can help you find the airplane insurance that fits your situation perfectly. One of these local agents can help you compare airplane insurance quotes from several different insurance providers. Contact a Trusted Choice member agent today to get your questions answered and get the coverage you need.
Top Causes of Fatal Commercial Airplane Accidents
- 54% caused by pilot error
- 24% caused by mechanical failure
- 9% caused by sabotage
- 8% caused by weather
Airplane Insurance for Commercial and Private Aircraft
While they are rare, mishaps and accidents can happen when you fly a plane. For this reason, aircraft owners need quality aviation insurance to reduce financial risk.
Your aircraft insurance will provide property damage protection for your airplane, as well as liability insurance that covers negligent acts or errors, if these acts cause bodily injury or property damage to passengers or other third parties. If you rent an airplane, you also need to protect yourself against exposure to liabilities and property damage for the rental plane you are flying.
You can learn everything you need to know about aviation insurance from a local independent agent. Whether you want a quick aircraft insurance quote, or you want answers to all of your questions, a member of the Trusted Choice network can help.
What Does Airplane Insurance Cover?
Aviator insurance for an owned aircraft includes a combination of risk protections, such as public liability, passenger liability and aircraft hull insurance.
- Airplane liability: The public liability coverage protects you if your aircraft damages third party property, such as houses, cars, airport buildings or other aircraft, but it does not cover injury to your passengers.
- Passenger liability: Passenger liability insurance covers the risks involved in transporting passengers in your aircraft. This coverage provides protection if your passengers are injured or killed while riding in your plane. Passenger insurance usually covers you on a cost-per-seat basis and provides a coverage limit for each passenger seat.
- Combined Single Limit (CSI): Another form of liability insurance is known as combined single limit. This policy contains coverage for both public and passenger liability with a single comprehensive claim limit. The limit can be used to pay claims on passenger liability only, or public liability only, or both. For example, if an accident causes injury to passengers but does not damage third party property, the claim would pay just the injured passengers.
What Is Aircraft Hull Insurance?
Aircraft hull insurance covers physical damage to your airplane. It comes in three forms:
- Aircraft hull ground only: Covers property damage to the airplane when it is on the ground and not in motion. This includes fire, weather events, vandalism, theft and other risks pertaining to a grounded plane.
- Aircraft hull while taxiing: Insures against property damage to the airplane while it is on the ground and when it is taxiing. It does not cover damage once the plane takes off. This covers accidents, such as running into another airplane or colliding with a hangar.
- Aircraft all risk: Protects against property damage when the plane is on the ground, taxiing and in flight. The most comprehensive of the coverage options, this coverage is also the most expensive.
To find the specific coverage you need, work with an independent agent in the Trusted Choice network. All pilots are unique, and this specialty coverage is nearly always individually underwritten, based on the pilot's experience, the value of the plane, local hazards and other factors. It is important to work with a knowledgeable agent who can provide the guidance you need to get properly insured.
Do You Need Aircraft Rental Insurance?
If you do not own your aircraft, but fly rental aircraft, it is important that you understand airplane rental insurance. Some pilots are under the assumption that the fixed-based operators (FBO) insurance covers you and the rental plane in the event of an accident. Many times the coverage, if any, is not sufficient for your protection if an accident occurs or a claim is made against you. You need to have your own airplane renters insurance.
Similar to an owner policy, a renter or non-owned aircraft policy provides both liability and property damage coverage. You normally want to carry as much liability insurance as you can afford, but the property damage limits should be determined by the value of the rental plane you fly. An independent agent can walk you through all the details and help you choose the most suitable aircraft renters insurance.
How Much Does Airplane Insurance Cost?
How much is airplane insurance? As you can well imagine, the your aircraft insurance cost will completely depend upon your unique situation, including the type of plane, its value, your experience, training and flying history as a pilot, and the safety record of your aircraft. A rough airplane insurance estimate starts at about $200 per month for a small twin engine plane. If you have a larger plane and take passengers on charter flights, you can expect to pay much more.
Here are a few things you can do to minimize your costs:
- Keep your aircraft in a hangar
- Get an instrument rating
- Increase your flight hours
- Complete pilot proficiency training
Another important step you can take is to work with an independent agent, as these agents can help you review coverage from several airplane insurance companies.
Compare Airplane Insurance Quotes and Discounts
Since no two aviation insurance companies are alike, it is important to shop for the best value for your needs. A local member agent can help to simplify this process by shopping around for you, and finding any discounts that may apply, to make your aircraft insurance rates even more affordable.
Working with a local independent agent means you can quickly review airplane insurance costs and get the coverage you need. Contact a Trusted Choice member today to get started.