Step 8: Get a quality aircraft insurance policy
When it comes to aviation insurance, ask questions and shop around. A recent customer saved over
$1,200.00/year by shopping around!
Ask at your local airport who covers the local FBO or flight school. Or ask your broker for suggestions on finding an aircraft insurance policy that
meets your needs. When comparing insurance policies, be sure you are looking at policies with similar liablity limits.
Ask your aviation insurance agent questions about what you can do to descrease your rates. Often times, you will receive discounts as your experience/hours increase. Rates also
may decrease as you add additional ratings, so be sure to notify your agent if you get an instrument rating or any other advance certification.
Do you qualify for insurance in the plane you desire?
Your experience level as a pilot greatly determines which types of aircraft you qualify for insurance in, as well as your yearly premiums. It is a good idea to start making contact with an insurance company at this time. A quick conversation with an insurance agent may save you from wasting your time shopping for an airplane you can't get insurance in. Often times, you may qualify for insurance after you meet a minimum requirement such as five hours of instruction in a similar make and model. By knowing these things ahead of time, you can be one step ahead of the game.
For more information on Aircraft Insurance, check out:
AOPA's Pilot's guide to Insurance: Renters, Aircraft Hull and Liability
This article is only available to AOPA members, but it is a great reference. AOPA can also give you an
insurance quote.
Click here for a complete listing of aviation insurance underwriters.
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