According to industry expert and aviation insurance professional, Matt White with BWI Aviation Insurance, the aircraft renters insurance market is heating up with new products and options. Aircraft renters insurance covers pilots who fly aircraft that they do not own and is secondary coverage to the aircraft owners insurance policy. Aircraft renters insurance is typically written as a 1 year annual insurance policy, designed to protect the policyholder when flying non-owned aircraft that fit within the policy guidelines. On May 19th, 2020, Starr Aviation introduced Starr Gate, an app tailored to provide monthly and annual insurance policies for renter pilots. This new product introduced a new way to obtain an aircraft renters insurance policy by an iOS app and also introduced monthly insurance options.
A review of these two options written by Matt White; https://bwifly.com/blog/aircraft-renters-insurance-market-review-for-june-2020/ described a few of the various differences between the companies and also their similarities. According to Matt White; “Both Starr and Global Aerospace are well-known, A+ Rated Aviation Insurance Carriers. Both companies are offering great insurance options at competitive prices. If you are looking for aircraft renters coverage for more than a few months, Global Aerospace is our recommendation. If you are in need of aircraft renters insurance for only a month or two. Starr Gate looks to be a good choice.”
Renting aircraft instead of owning is becoming more popular especially as the cost of owning an aircraft increases. The aviation insurance industry entered a hard market at the end of 2018 which means capacity is limited and rates are increasing significantly. Due to this development, many pilots are opting to sell their aircraft and rent to fly. These new aircraft rental insurance policy options will expand the options available to renter pilots and increase the level of liability protection available in the aviation industry.
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