Airplane insurance rates are increasing dramatically and the cost of airplane ownership has never been higher. Airplane insurance, which is just one aspect of owning an airplane is one of those costs rising fast. The aviation insurance market has been in going through a 10 year cycle with rates starting to increase at the end of 2018 and expected to continue rising for many years.
With this change in the market, as a new airplane owner, it’s more important than ever before to find a great aviation insurance broker and trust them to get you great coverages at competitive rates. One of the nations top aviation insurance brokers, BWI, has just revealed the 5 best airplane insurance tips for new aircraft owners. This new article offers helpful insight into the world of airplane insurance and it will hopefully save new aircraft owners some stress and uncertainty.
Unlike auto insurance, airplane insurance is in a league of its own as a specialty market. There are over 500 auto insurance companies as opposed to less than 20 airplane insurance companies in the U.S. Airplane insurance is not simply going online, filling out a few quick forms and purchasing an insurance policy. Airplane insurance requires a unique take for every different aircraft, coupled with pilots at different experience and qualification levels. All of this plays into the importance of hiring the right insurance broker and one who specialized only in airplane insurance.
Helpful tips on airplane insurance, as revealed in the article are a godsend to new aircraft owners, looking to protect their families and investments. Airplane insurance offers liability only coverage, protecting the aircraft owner in the event that they cause bodily injury, property damage or need legal defense. Airplane insurance also has an optional hull or physical damage component which covers damage to the aircraft itself.
BWI is one of the nations fastest growing airplane insurance specialty brokers in the country and these tips will be very valuable for new airplane owners.
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