Everyone has insurance. Planes included.
The key difference is making sure this insurance covers all the basics at all times. It’s all too common for people to be unsure just where their benefits begin and end, not at all made easy by companies constantly put in the position of putting out new models to keep up with changing times. When it comes to aerospace insurance the best thing you can do is stay informed. This means learning about the state of commercial aviation insurance across the board as well as additional details, such as seaplane insurance or drone insurance should they apply. Seem like a lot to keep track of?
Aircraft insurance companies are out there. It’s up to you to not just find them, but help them help you.
The United States is a large country with a very large aviation network. As you can imagine, aircraft insurance companies more than have their work cut out for them when it comes to keep everyone covered. There were nearly 585,000 active pilots back in 2016, with every year the general aviation aircraft logging over 24 million flight hours. The amount of trips taken for domestic or leisure purposes is on the rise, which is nothing to say of companies eager to change their shipping methods to air travel in order to save on time.
How much is a lot? Studies provided by the International Air Transport Association saw over three billion people flying safely across 37 million flights back in 2015. The same year saw the Cessna CE-172S Skyhawk SP being the number one best selling fixed-wing general aviation aircraft model. The Cessna 180 is a standard four-to-six seat general aviation airplane, while the Cessna 185 Skywagon (similar to the Cessna 180 with a strengthened fuselage) is a six-seat general aviation light aircraft.
As of today the United States boasts the largest and most diverse general aviation community worldwide. There are well over 220,000 different forms of aircraft, including (but not limited to) amateur-built aircraft models, rotorcraft and even balloons. Highly sophisticated turbojets have enjoyed steady prominence for both their sleek design and incredible speeds, though none of these would get quite so far without the benefits of aircraft liability insurance. Before you reach out for plane insurance make sure you’re getting the type that best suits your needs.
This can mean going through a rigorous rating system to make sure you qualify. Earning a seaplane rating, for example, requires one demonstrate this proficiency to a certified FAA examiner. Although there is no specific level of experience required for the rating, anywhere from six to eight flight hours will generally be enough time for the majority of pilots. The aviation industry is seeing $4 billion collected out of gross estimated worldwide premiums, with 50% paid by general aviation and the rest to either airlines or aerospace companies. Aircraft insurance companies will keep you in the clear when it comes to organizing all these details for your own unique plan.
The basics of aviation insurance involve coverage for potential passenger injuries as well as any environmental damage that can be gathered during a flight. Examples of the former include injuries sustained while on the plain, while examples of the latter include weather-based phenomenon or cracked glass from a flock of birds. Without aircraft insurance companies to (for lack of a better word) weather these unknown elements alongside you there would be much more to pay for at the end of the year. Just like car insurance or life insurance, aircraft insurance rates are there to smooth things over.
Would you rather fly safe or fly smart? With plane insurance you can make sure you have both.