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Corona, CA Release January 25th, 2021
Private aviation has witnessed a boost as a result of COVID-19 and trends in aviation technology pose an opportunity to make it affordable for all. BWI Aviation Insurance owner Matt White breaks down the trends on private aviation and the impact on the private aviation insurance market.
At the onset of COVID-19, the commercial aviation industry took a massive hit as families and individuals postponed or cancelled non-essential air travel in large numbers. However, underneath that trend was the fact that private air travel seemed to be the immediate beneficiary. A California based aviation company looks to disrupt that entire market with a private aircraft that can drastically reduce the per hour operating cost of private travel.
BWI Aviation Insurance owner Matt White explained the impact to his customers on their latest blog post. “What Otto Aviation hopes to do with their Celera 500L aircraft really would change the game” said White. The Celera 500L claims to achieve between 18 to 25 miles per gallon whereas similar sized aircraft currently in the skies can only achieve 2 to 3 miles per gallon. This would reduce the operation cost from about $2,100 per hour to around $328 per hour.
“We are seeing more and more interest in plane owners looking to step into the private aviation insurance market” said White, “and as far as insurance goes, more is typically better for most involved.” If the cost of private air travel rivaled that of a commercial airline, it would be an obvious choice as to which a consumer would prefer. However, with such demand there would need to be a drastic increase in the supply of private aircraft in turn.
White encourages any pilots or plane owners considering a step into the private aviation insurance market to reach out to an experienced broker to ensure they are properly covered before they start ferrying passengers. “Many pilots don’t realize that if you use your aircraft for a purpose not previously insured, they could void any coverage they currently have” said White. He clarified that while they work with the most respected aviation insurance providers in the nation, that they are like most insurance companies who are not fond about covering uncovered losses. If the current trends hold, private aviation insurance will be a major part of the future of private aviation in America.
About BWI Aviation Insurance
BWI has been at the forefront of the aviation insurance industry since 1977. Family and veteran-owned, BWI sources aviation insurance solutions for every range of aircraft from gliders, fixed wing, jet aircraft, drones and more. Headquartered in Corona, CA, BWI locates coverage for aircraft owners nationwide along with a satellite office based in Anchorage, AK.
Contact Info:
Name: Matt White
Email: Matt.White@bwifly.com
Organization: BWI Aviation Insurance
Address: Box 847527 Los Angeles, CA, 90084, United States
Phone: +1-800-666-4359
Website: https://bwifly.com
Release ID: 88994906